Sale contract for 3 bedrooms Apartment at Aize Residence
OFF-PLAN AGREEMENT OF SALE
AFRIHOOD DEVELOPMENT COMPANY LIMITED
(Registration Number: 1814937)
(hereinafter referred to as “the Developer”)
(hereinafter referred to as “the Subscriber”)
In respect of the proposed scheme to be known as Aize Palmgrove
SCHEDULE OF PARTICULARS
1.1 DEVELOPER’S NAME
AFRIHOOD DEVELOPMENT COMPANY
7th Floor, Mulliner Towers
39 Alfred Rewane Road
Ikoyi - Lagos
1.2 SUBSCRIBER NAME
2. SECTION AND EXCLUSIVE USE AREA/S (“THE SUBJECT MATTER”)
No of Unit(s) Purchased
2 Parking lot per unit
Stair Ways, Elevator, Swimming Pool, Gymnasium, Refuse Chamber Room, Roof Top Lounge
3. FINANCIAL ARRANGEMENTS
4. ESTIMATED OCCUPATION AND TRANSFER DATE
1. Estimated Occupation Date:
2. Estimated Transfer Date:
Bank Account Details to make Payments
Afrihood Development Company Limited
Account No: 0044442234
Bank Name: Stanbic IBTC Bank
Sort Code: 221150072
Reference: Aize Residence
6. MONTHLY SERVICE CHARGE PAYABLE TO DEVELOPER
To be determined
STANDARD TERMS AND CONDITIONS
1.1 For the purpose of this Agreement, unless the context indicates otherwise
1.2 Unless the context indicates otherwise, words in this Agreement importing any one gender shall include the other two, and words importing the singular shall include the plural and vice-versa.
1.3 The headings to the clauses in this Agreement are inserted for reference purposes only and shall not affect the interpretation of any of the provisions to which they
1.4 The Subscriber confirms that English has been chosen as the preferred language of this
1.5 If any provision of this Agreement is in conflict or inconsistent with law, the invalidity of any such provision shall not affect the validity of the remainder of the provisions
1.6 Where figures are referred to in words and in numerals, if there is any conflict between the two, the words shall
1.7 When any number of days is prescribed in this Agreement, the same shall be reckoned exclusively of the first and inclusively of the last day unless the last day falls on a Saturday, Sunday or proclaimed public holiday in the Republic of Nigeria, in which event the last day will be the next succeeding day which is not a Saturday, Sunday or public Unless the context indicates otherwise, wherever a number of days is indicated, this shall be calendar days.
2.1 The Developer hereby sells and the Subscriber purchases the Subject Matter in accordance with the terms and conditions set out in the Schedule of Particulars and the Terms and Conditions in this
3.1 The purchase price for the Subject Matter shall be the amount specified in clause 3 of the Schedule of
3.2 The payment plan and rate increase in purchase price based on the payment plan shall be as specified in clause 3 of the Schedule of Particulars where
3.3 Upon signing this Agreement, the Subscriber shall pay an Initial Deposit as specified in clause 3.3 of the Schedule of Particulars and thereafter redeem the balance on installment as specified in clause 3.4 of the Schedule of Particulars where applicable
3.4 All amounts payable by the Subscriber in terms of this Agreement shall be paid to the Developer’s Bank Account as specified in clause 5 of the Schedule of Particulars either through Cash Deposit, Direct Transfer or Cheque
4.1 Transfer of the Unit, and cession or allocation of the exclusive use areas (as the case may be) be effected through a Deed of Sublease by the Attorneys and shall be given and taken as soon as possible and as close as possible to the Estimated Transfer All risk and benefit in the Subject Matter shall pass to the Subscriber on the Transfer Date.
4.2 Within thirty working days of being requested to do so by the Attorneys, the Subscriber shall sign all such documents and furnish the Attorneys with all such documents as may be necessary or requisite for the purposes of drafting and registration of Deed of Sublease of the Subject
4.3 The Subscriber shall upon request of the Attorneys pay all costs of the drafting and registration of Deed of Sublease (plus VAT on such costs), conveyancing fees, bond fees, costs of all necessary affidavits and all other costs which have to be incurred in order to comply with statutes or other enactments or regulations relating to the Deed of Sublease
4.4 The Subscriber acknowledges and accepts that the Subscriber has purchased property in a development, where transfer to the Subscriber may take place simultaneously with transfer to other Subscribers in the development, as a result of which transfer and cession of the Subject Matter to the Subscriber may be delayed. The Subscriber shall, despite a delay in transfer, be obliged to pay service charge provided for in clause 7 of the Schedule of
5.1 The Developer shall use its best endeavors to procure that the Subject Matter is available for occupation by the Estimated Occupation Date specified in clause 4 of the Schedule of The Developer shall, after consultation with the Architect, give the Subscriber at least 30 days written notice of the Occupation Date.
5.2 The Developer shall give and the Subscriber shall take vacant occupation of the Subject Matter on the Occupation Date. The failure on the part of the Subscriber to take physical occupation of the Section (whether personally or by delegation contracted to Developer’s asset managers) shall not affect the Occupation Date which shall remain as
5.3 If the Developer is able to make the Subject Matter available to the Subscriber on a date prior to the Estimated Occupation Date, the Developer shall be entitled to bring forward the Occupation Date, provided that the earlier Occupation Date is less than 120 days prior to the Estimated Occupation Date and that the Developer has provided the Subscriber with 30 days written notice of the earlier Occupation
5.4 If the Developer is unable to make the Subject Matter available to the Subscriber on the Estimated Occupation Date, the Developer shall be entitled to postpone the Occupation Date by a period not more than 150 additional days (or such extended period as may be agreed to between the parties) on written notice to the Subscriber, which notice will be delivered at least 30 days prior to the Estimated Occupation Date and the Subscriber shall have no claim of whatsoever nature against the
5.5 The Subscriber warrants that the Property shall be maintained in the same condition from the Occupation Date to the Transfer
5.6 From the Occupation Date going forward and pro rata in respect of any portion of a month, the Subscriber or the Subscribers tenant shall be liable for:
(i) Service charge payable to the Developer in the amount set out in clause 7 of the Schedule of Particulars, which service charge shall be paid monthly in advanceto the Developer;
(ii)All electricity, gas and water consumed in or on the Unit and levies in terms of clause
5.7 The Developer and/or the Developer's duly authorized agent shall be entitled to inspect the Unit at all reasonable times where damages in subscriber’s unit may pose threat and inconvenience to the development and other subscribers
5.8 Should the Subscriber be in occupation of the Unit and/or the Exclusive Use Areas prior to the date of transfer and should the Subscriber:
6.1The Subscriber acknowledges that this agreement is governed by the Afrihood Home Owners Association Bylaws and that the Subscriber is aware of and shall be bound by the Rules, Regulations, conditions and servitudes of whatever nature pertaining to the sale, ownership and use of the Subject Matter.
6.2The Subscriber acknowledges that the Sectional Plan has not yet been approved and the extent of the Unit on the final Sectional Plan will be measured by the Land Surveyor in line with Lagos State town planning regulations.
6.3The Subscriber shall not be entitled to claim cancellation of this Agreement or any reduction in the purchase price by reason of a decrease in the extent of the Unit of not greater than 5% of the extent reflected in clause 2 of the Schedule of Particulars. The Subscriber undertakes to accept transfer of the Unit as may be re-defined and re-numbered in the Sectional Plan approved by the relevant local authority and the Surveyor General.
6.4The Subscriber shall, subject to the Rules of the Scheme, be entitled to the exclusive use and enjoyment of the Exclusive Use Areas.
7.1 The Subject Matter shall be built substantially in accordance with the Specifications and Finishes attached hereto provided that the Developer shall be entitled to:
7.2 The Developer may vary the apartment and electrical layout contained in the Unit Layout Plan, should the Architect consider same necessary for technical or aesthetic reasons provided that the Developer shall be obliged to give the Subscriber reasonable notice of any material variations
8.1The Development has not been completed and the Developer shall construct the Development substantially as depicted in the Annexures.
8.2The Developer shall be entitled to vary the details set out in the annexures to such extent as may be reasonably necessary to:
8.3 The Developer shall not be required to indicate the position of the beacons or pegs on the Property.
9.1 By virtue of its ownership of the Unit the Subscriber shall automatically become and remain a member of Afrihood Home Owners Association and as such shall be bound by the Management and Conduct rules of the Body Corporate as formulated from time to time in terms of the Bylaws;
9.2 The Subscriber shall not be entitled to sell, donate, grant an option or pre-emptive right in respect of, or alienate or transfer or in any other way deal with the Unit without first obtaining a Levy Clearance Certificate from the Association;
9.3 For the purposes of this Agreement, alienate, sell, donate, grant and/or transfer shall, when the Unit is owned by a Trust, Close Corporation, Company or entity other than a natural person, mean the alienation, sale, donation, grant and/or transfer of any of the shares and/or interest in the Company or Close Corporation or where the beneficiaries and/or Trustees are changed.
10.1 The Subscriber shall be liable from the Occupation Date for:
10.2 Pending the determination of the actual amount of such levies, the Subscriber shall from the Occupation Date pay on account of such levies an amount as shall be certified by the Developer as being its bona fide estimate of such monthly levies. Upon the determination of the actual monthly levies so payable any amount unpaid or overpaid shall forthwith be paid or reimbursed by one Party to the other.
10.3 Such levies shall be paid to the Developer or its appointed agent until registration of transfer and thereafter to the Association, monthly in advance on the first day of each and every calendar month commencing from the Occupation Date provided that if the Occupation Date falls on any day other than the first day of a calendar month, then the Subscriber shall be obliged on the Occupation Date to pay a pro rata share of the levies due for the calendar month on which the Occupation Date occurs.
11.1 With effect from the Occupation Date of the Unit and pending registration of transfer of the Unit and cession and allocation of the exclusive use rights forming part of the Subject Matter, the following conditions shall apply:
11.2 Pending the establishment of the Association:
12.1 On or before the Occupation Date, the Subscriber shall, together with the Developer’s representative, prepare a list of patent (visible) defects found in the Unit which shall be signed off by both Parties (the “Patent Defect List”), which patent defects will be rectified by the Developer, at the Developer’s cost, within a reasonable period.
12.2 If the Subscriber requires the Architect to take hand over of the Subscriber’s behalf, the Subscriber hereby authorises the Architect to prepare the required Patent Defect List. It is recorded that the Subscriber shall not be precluded from exercising his/her rights in terms of Consumer Protection Act in so far as they may be applicable.
12.3 The Developer shall only be responsible to repair defects specified in the Patent Defect List which defects are caused by faulty materials and/or workmanship and the Developer shall under no circumstances be liable for any consequential loss or damage and the Subscriber hereby waives any such claim.
12.4 In relation to the Patent Defect List, a certificate issued by the Architect to the effect that any defects has been rectified shall be final and binding on both Parties and shall relieve the Developer from any further obligation in respect of such defect.
12.5 The Subscriber acknowledges and agrees that the Subscriber shall have no claim against the Developer in respect of defects, whether latent, patent or otherwise in the Common Areas or the Unit/s save for defects of which the Subscriber shall have notified the Developer pursuant to clause 13.1 and 13.2..
12.6 The Common Areas shall on the establishment of the Body Corporate, be inspected by the Architect and when approved by the Architect the Developer shall be deemed to have fulfilled the Developer's obligations to the owners and the Association and neither the owners nor the Association shall have any claim against the Developer in respect of the Common Property.
12.7 The Developer shall, within a reasonable time, remedy any material latent (non-visual) defects in the Unit which manifests within one (1) year after the Occupation Date, provided that the Subscriber notifies the Developer in writing within the said period of one (1) year of any such defects, failing which the Subscriber shall be deemed to have accepted the Unit in the condition in which the same is as at the Occupation Date.
12.8 Notwithstanding the provisions of this clause 13, the Developer shall not be liable for any defects of the Property and / or the Subject Matter beyond the Occupation Date in respect of the following:
12.9 In addition, the Subscriber shall not have any claim of any nature against the Developer for any loss, damage or injury which the Subscriber, his agents and/or invitees may directly or indirectly suffer by reason of any latent or patent defects in the Unit or any part thereof being in a defective condition or state of disrepair or arising out of vis major or casus fortuitus or any other cause either wholly or partly beyond the Developer’s control or arising out of any act or omission by any other Subscriber of a Unit in the Development.
12.10 The Developer will not be responsible for any defects arising from work / variations done to the Subject Matter by the Subscriber or the Subscriber’s representatives.
12.11 All warranties and undertakings hereby given to the Subscriber in terms of this Agreement are personal to the Subscriber and cannot be alienated or disposed of by the Subscriber in any way.
12.12 The Subscriber shall not be entitled to withhold, set-off or retain any amounts owing by the Subscriber to the Developer nor shall the Subscriber be entitled to withhold or abate payment of any amount due to the Developer in terms of the Agreement, regardless of whether any defects as identified herein have not yet been rectified.
12.13 Any dispute between the Subscriber and the Developer regarding rectification of defects in terms of this clause 13 will be determined by the Architect acting as an expert.
13.1 Should the Developer or the Subscriber, as the case may be (“the defaulting Party”):
then and in of these events, the aggrieved Party shall forthwith be entitled (but not obliged) any without prejudice to any other rights or remedies which the aggrieved Party may have in law, including the right to claim reasonable damages
14.1 Each of the Parties chooses domicilium citandi et executandi (“domicilium”) for the purposes of the giving of any notice, the payment of any sum, the serving of any process and for any other purposes arising from this Agreement at their respective addresses set forth in clause 1 of the Schedule of Particulars.
14.2 Each of the Parties shall be entitled to change its domicilum in writing to any other address within the Republic of Nigeria and provided that it consists of or includes a physical address at which process can be served or any notice given.
14.3 Any notice given and any payment made by a Party to any of the others (“the addressee”) which:
14.4 Where, in terms of this Agreement communication of any nature is required the term "notice" and/or the term "writing" shall include communications by fax or e-mail and shall be deemed to have been received by the addressee 1 (one) hour after the time of transmission of such communication.
14.5 Notwithstanding anything to the contrary herein contained a written notice or communication actually received by a party shall be an adequate written notice or communication to it notwithstanding that it was not sent to or delivered at its chosen domicilium.
Should this Agreement be signed by more than 1 (one) person as Subscriber the obligations and liability of all the said signatories shall be joint and several.
If this Agreement is signed as Subscriber by a person purporting to act for and on behalf of a company a company to be formed, a close corporation or trust, the Subscriber shall be deemed to warrant that the Subscriber is duly authorised so to sign this Agreement and shall by signature hereto be bound in favour of the Developer as surety and co-principal debtor in solidum with such company, company to be formed, close corporation or trust under renunciation of the benefits of division, excussion and cession of action, for the due performance of all the obligations of the said company, close corporation or trust in terms of or arising out of this Agreement or any cancellation hereof.
17.1 The Parties hereto acknowledge that this Agreement represents the entire agreement between them and that no other conditions, stipulations, warranties and/or representations whatsoever whether express or implied have been made by either Party or their agents other than as set forth in this Agreement.
17.2 No variation of this Agreement shall affect the terms hereof unless such variation shall be reduced to writing under the hands of the parties hereto.
17.3 No extension of time or indulgence granted by either Party to the other shall be deemed in any way to affect, prejudice or derogate from the rights of such Party in respect of this Agreement, nor shall it in any way be regarded as a waiver of any rights hereunder, or a novation of this Agreement.
The common seal of Afrihood Development Company Limited (The Developer) was affixed in the presence of
(Authorized to bind the Company)
Date: January 31, 2023
Any representations contained herein are true to the best of my knowledge, information and belief.
SIGNED, SEALED AND DELIVERED I have hereunto set my hand and seal:
(Name of Subscriber)
Date:January 31, 2023
Leave this empty:
Your legal name
Your email address
If you have questions about the contents of this document, you can email the document owner.
Document Name: Sale contract for 3 bedrooms Apartment at Aize Residence
Agree & Sign