ATLANTIC BAY ESTATE
FREQUENTLY ASKED QUESTIONS / TERMS AND CONDITIONS OF PURCHASE
Q1. WHERE IS ATLANTIC BAY ESTATE?
A. ATLANTIC BAY ESTATE is situated behind May Fair Garden, Awoyaya, off Lekki- Epe expressway, Lagos.
Q2. WHO ARE THE OWNERS/ DEVELOPER OF ATLANTIC BAY ESTATE?
A. PWAN HOMES LTD, a Leading Real Estate Company and Folkland Property Development Company (FPDC), a leading player in the Construction sector
of the economy with offices in Lekki, Lagos State.
Q3. WHAT TYPE OF TITLE DOES ATLANTIC BAY ESTATE HAVE ON THE LAND?
A. Deed of Assignment with Land Owners, Registered Survey plan approved by Lagos State Government & Government Excision
Q4. ARE THERE ANY ENCUMBRANCES ON THE LAND?
A. The land is free from every known government acquisition or interest and adverse claims.
Q5. WHAT IS THE PAYMENT STRUCTURE? (Outright and Instalment Payment)
A. (a) Payment of #375,000 monthly instalment for 12 months for 600sqm (#4.5M) & #187,500 monthly instalment for 12 months for 300sqm.
(b) Outright payment attract 10% discounts.
(c) Commercial plots Attract additional 10% of land cost
(d) Corner piece plots Attract additional 10% of land cost
(e) N.B :- Non-payment of the monthly instalments as at when due shall be treated as a fundamental breach of the contract which will result in
termination or revocation of the contract/OR attract default charge of 10% of the month payment.
Q6. WHAT IS THE SIZE OF THE PLOT?
A. 600sqm And 300sqm
Q7. IS THE ROAD TO THE ESTATE MOTORABLE?
A.Yes the road to the estate is motor able.
Q8. WHAT OTHER PAYMENTS DO I MAKE APART FROM THE PAYMENT FOR THE LAND?
(a) Deed of Assignment: N100,000 only per plot for 600sqm & N100,000 only per plot for 300sqm (subject to review)
(b) Provisional Survey plan Fee: N50,000 only per plot for 600sqm & 300sqm (subject to review) Survey plan with Company’s name attract
(c) Development Fee: Will be communicated later (subject to review)
(d) Corner Plot demarcation: N70,000 only per plot (Subject to review)
Q9. WHEN DO I MAKE THE OTHER PAYMENTS?
A. (i) Survey Plan and Deed of Assignment payment can be made before or after the Physical Allocation, (ii) Development Levy will be determined later.
(iii) Corner Plot Demarcation is N70,000 per plot payable after payment for land and before Physical Allocation of plot.
Q10. WHAT DO I GET AFTER THE INITIAL DEPOSIT?
A. Starters pack comprising a letter of acknowledgement of subscription, receipts of payment.
Q11. WHAT DO I GET AFTER COMPLETING PAYMENT FOR THE LAND?
A. (a) Completion Payment Receipt, Contract of Sales & Allocation Notification Letter (a) Deed of Assignment & Survey Plan after Physical Allocation is
Q12. CAN I START CONSTRUCTION OR BUILDING ON THE LAND NOW?
A. You can start building on the land after Physical Allocation, while Fencing will be done in the 2nd year and Other Infrastructures will commence the 3rd
Q13. IS THERE ANY TIME LIMIT TO COMMENCE WORK ON MY LAND AFTER ALLOCATION?
Q 14. IS THERE ANY RESTRICTION REGARDING THE TYPE OF BUILDING I CAN CONSTRUCT IN THE ESTATE?
A. Yes. The estate layout is in sections and you are limited to build houses on each section based on designated use or plan for that section (Commercial or
Residential) i.e Bungalow, Block of Flats, detached houses (duplex). Note “Face-me-I –Face – you” (Tenement Building) and high rise houses will not be
permitted. All building design must conform to the required set back of building control of the estate and such design would be approved by the company
and with LSG afterwards.
Q15. CAN I RE-SELL MY PLOT/PROPERTY?
A. Yes a subscriber who have paid up on their land can re-sell their plot(s). PWAN HOMES would require the seller to furnish the company with details of
B. A Charge of 10% of the land consideration (Covering Transfer Documentation Fee shall be paid to the Company by the buyer.. [
Q16. CAN I PAY CASH TO YOUR AGENT?
A. We strongly advise that cash payments should ONLY be made to PWAN HOMES LTD at its designated Banks. Otherwise, cheque(s) should be
issued in favour of PWAN HOMES Ltd. We shall not accept any responsibility for any liability that may arise as a result of a deviation from the
Q17 What happens if I cannot continue with the payment? Can I get a refund?
A. Yes, you can apply for refund only if you have not been allocated your plot(s). In the event of a Refund, you are required to give the Company
Ninety (90) days notice to process your refund request and a further Sixty (60) days if the process isn’t completed after the first 90 days. The
refund shall be processed and paid less 40% (Administrative Fee and Others).
I hereby confirmed that I have seen the land and ready to go on with the transaction.
THEREFORE, THE INFORMATION PROVIDED, FAQ AND TERMS HEREWITH IS ACCEPTABLE AND CONSENTED BY ME, I ACKNOWLEDGE RECEIVING A COPY OF IT