1. Transfer Agreement

The vendor has agreed to transfer absolutely unto the purchaser all the residue of interest on all that property known and referred to as the 

1. Property Transfer

The vendor has agreed to transfer absolutely unto the purchaser all the residue of interest on all that property known and referred to as the situated and being at Owo-Oluwo Estate – Sheritti District, Kabusa, Abuja.

2. Purchase Price

FOR USER-BUYER: Other payments include:

2b. Other Applicable Fees

• Survey and Legal Fee is 5% of the cost of the land
• Service charge (yet to be decided)

3. Installment Payment Terms

The purchaser shall make the purchase in installments of 6 (Six) or 12 (Twelve) months. There must be a minimum initial deposit of 20% of the total purchase cost.

4. Payment Method

All payment shall be made either by issuing a cheque in favour of the vendor or by cash deposit paid by the purchaser directly into the vendor’s account.

5. Purchase Option

6. Bank Charges

The purchaser covenants to pay bank charges accruing from the purchaser’s dishonored cheque to the vendor, if any.

plot(s) of land to the purchaser only after full payment for the land.

8. Default and Penalties

Where the purchaser defaults in its installment payment for 3 (Three) consecutive months, the purchaser(s) shall have his/her subscription revoked and shall be liable to pay ₦10,000 (Ten Thousand Naira) administration charge and 30% of the overall cost of the land as agency fee to the vendor.

9. Agent Risk Clause

Any agent or marketer engaged by the purchaser on behalf of the vendor shall be at the purchaser’s risk.

10. Preferred Location

Any request for a preferred location of any unit shall be at a premium and subject to availability.

Execution

IN WITNESS WHERE the vendor has hereunto set its common seal and the purchaser has set his/her hand the day and year first above written.