FREQUENTLY ASKED QUESTIONS / TERMS AND CONDITIONS GOLDCITY ESTATE

GOLDCITY ESTATE

FREQUENTLY ASKED QUESTIONS / TERMS AND CONDITIONS

Question: WHERE IS GOLDCITY ESTATE?

Answer: Gold City Estate is located at Okegelu, Lumpa village, Ibeju-Lekki LGA, Lagos

Question: WHO ARE THE OWNERS/DEVELOPERS OF GOLDCITY ESTATE?

Answer: ARC-VIEW INVESTMENTS LIMITED.

Question: WHAT TYPE OF TITLE DOES GOLDCITY ESTATE HAS ON THE LAND?

Answer: EXCISION IN PROGRESS

Question: ARE THERE ANY ENCUMBRANCES ON THE LAND?

Answer: The Land is free from government and adverse claim.

Question: WHAT IS THE PAYMENT STRUCTURE?

a). Outright payment              N1,800,000

b). Initial payment                  N500,000

c). Corner plot attract an additional 10% charge

d). Commercial plot attract an additional 20% charge

e). N.B: After the initial payment, you are expected to pay the balance monthly.

Non-payment as at when due will be regarded as fundamental breach of agreement which can result to 10% at the end of the six month agreed before subsequent payment after another 3 months of non-adherence to the 10% charges.

Question: WHAT IS THE SIZE OF THE PLOT?

Answer: 600sqm.

Question: WHAT OTHER PAYMENTS DO I MAKE APART FROM PAYMENT OF THE LAND?

a). Survey Fee: N600,000

b). Deed of Assignment Fee: N150,000

c). Developmental Levy will be communicated later

Question: WHEN DO I MAKE THE OTHER PAYMENTS

Answer: (a). Survey and Deed of Assignment fees should be paid before physical allocation

(b). Development Levy will be determined later

Question: WHEN DO I GET AFTER INITIAL PAYMENT FOR THE LAND?

Answer: A letter of acknowledgment and receipt and contract of sale.

Question: IS THE ROAD TO THE ESTATE MOTOR ABLE?

Answer: Yes, the road to the estate is motor able.

Question: WHAT TYPE OF INFRASTRUCTURE WILL THE DEVELOPER PROVIDE?

Answer: Perimeter Fencing, Electricity, Road Network, Water, Security, Drainage.

Question: WHAT IS THE DEVELOPMENT TIMELINE?

Answer: Development timeline is between 6months-2years.

Question: WHEN WILL MY PLOT(S) BE ALLOCATED TO ME?

Answer: Immediately after 100% payment has been made, alongside the Survey fee and Deed of Agreement

Question: WHAT DO I  GET AFTER COMPLETION OF PAYMENT FOR THE LAND?

Answer:  Receipt. Acknowledgement Letter, Deed of Assignment and Contract of Sale

Question: CAN I START CONSTRUCTION OF BUILDING IMMEDIATELY?

Answer: You can start construction once physical allocation has been made.

Question: IS THERE ANY TIME LIMIT TO COMMENCE WORK ON MY LAND AFTER ALLOCATION?

Answer: No, there is no time limit to commence work on your plot(s) after allocation.

Question: IS THERE ANY RESTRICTIONS REGARDING THE TYPE OF BUILDING I CAN CONSTRUCT IN THE ESTATE?

Answer: Yes, the estate layout is in sections and you are limited to build houses on each section based on the (duplex). Note, “face-me-i-face-you (tenement building) and high-rise houses houses will not be permitted. All building designs must conform to the required set back of building control of the estate and such design would be approved by the company and LSG afterwards.

Question: CAN I RESELL MY PLO/PROPERTY?

Answer: Yes, a subscriber who has paid up on their land can resell their plot. ARCVIEW INVESTMENT LIMITED would require the seller to furnish the company with details of the buyer.

Question: CAN I PAY CASH TO YOUR AGENT?

Answer: We strongly advise that cash payments should be made to ARC-VIEW INVESTMENTS LIMITED at its designated banks. Otherwise, cheque(s) should be issued in favor of ARC-VIEW INVESTMENT LIMITED. We shall not accept any responsibility for any liability that may arise, as result of deviation from the above instruction

Question: IS THERE ANY LIMIT TO COMMENCE WORK ON MY PLOT AFTER ALLOCATION?

Answer: No, there is no limit

Question: IF I PAID OUTRIGHT FOR MY PLOT(S) AND CANNOT COMPLETE THE PAYMENT ON OTHER STIPULATED FEES, CAN I GET A REFUND?

Answer: There is 180 days deadline after payment for plots to complete payment on survey/allocation and land agreement fees to avoid loss of allocation or being relocated to another estate

Question: WHAT HAPPENS IF I CANNOT CONTINUE WITH THE PAYMENT?

Answer: Yes, you can apply for refund only if you have not been allotted your plot(s). In the event of refund, you are required to give the company 90days notice to process your refund and further 60 days if the process isn’t complete after the 90 days. The refund shall be processed and paid 30% (Administrative fee and others)

Question: CAN I HAVE A SURVEY COVER FOR MORE THAN ON (1) PLOT?

Answer: Yes, but you will have to pay for it differently.

 

THEREFORE, THE INFORMATION PROVIDED, FAQ AND TERMS HEREWITH IS ACCEPTABLE AND CONSENTED BY ME. I ACKNOWLEDGE RECEIVING A COPY OF IT.

 

Subscriber’s Name:………………………………Signature:………………………. Date:..…………………………..