1. Property Transfer

The vendor agrees to transfer absolutely unto the purchaser all the residue of interest on the said structure and land referred to as:
Meadows Palace – 413, George Crescent, Agbalajobi Estate, Wemco, Ogba, Lagos.

2. Purchase Price

3 Bedroom Terrace Duplex

• Outright – ₦185 Million
• 6 Months Payment – ₦190 Million
• 12 Months Payment – ₦200 Million

3. Payment Execution

The vendor shall execute the entire offer by issuing a cheque in favour of the vendor to be properly deducted into the vendor’s account.

4. Title Document Entitlement

Upon execution of agreement documents, the purchaser shall be entitled to his title documents upon completion of the property, which shall be at a time and period to be mutually agreed upon by both parties.

5. Final Payment & Handover

Upon receipt of the full and final payment for the property and all other fees under the outright and installment payment plan, the purchaser shall be entitled to the full title documents. The keys shall be handed over to the purchaser and are to be mutually agreed upon by both parties.
Note: Infrastructure Fee to be agreed upon with the stakeholders.

6. Ancillary Fees

• Service Charge – Yet to be determined
• Survey and Legal – 5%
• Infrastructure Fee – Not applicable

7. Bank Charges

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

6. Withdrawal by Purchaser

Any default or withdrawal on the part of the purchaser at any stage of the subscription shall lead to forfeiture of the subscription and a refund of all sums paid, minus ₦50,000 administrative charges and 20% of the total sum paid.

7. Default by Vendor

Upon default by the vendor, the purchaser may elect to treat this agreement as terminated and be entitled to the refund of all sums paid and the prevailing interest applicable at that point of refund.

8. Agent Risk Clause

Any cash given to any agent or marketer by the purchaser on behalf of the vendor shall be at the purchaser’s risk.

9. Preferred Location

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

10. 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.