THIS SALE AGREEMENT
VC & BRAINS LIMITED (OWNER’S OF JAPA ESTATE)
IN RESPECT OF RESIDENTIAL PLOT OF LAND
LYING AND SITUATED AT
KARU LOCAL GOVERNMENT AREA
THIS SALE AGREEMENT made the 1st day of August, 2017
VC & BRAINS LIMITED (OWNERS OF JAPA ESTATE) whose address is at No. 7A, Aguiyi Ironsi Street, Phase II, Army Post Service Housing Estate, Kurudu , Abuja FCT(hereinafter called the “VENDOR” which expression shall where the context so admits or requires shall include his successor in title, personal representatives, heirs and assigns) on one part
————– whose address is —————- (hereinafter called the “PURCHASER” which expression shall where the context so admits or requires shall include his/her successor in title, personal representatives, heirs and assigns) on the other part.
The VENDOR who is the original allottee and the bonafide owner of parcel of land covered by Statutory Right of Occupancy of Nasarawa State Government File No NS 32904 dated 7th December 2016 and having an area of about 31 hectares known as Japa Estate (City within a City Scheme) lying and situated at Gurku, Karu Local Government Area of Nasarawa State. The VENDOR has agreed to sub-divide the parcel of land into layout of about 259 plots of land and assign the parts to the general Public for residential/commercial purpose and for valuable consideration for the residue of term of 99 years.
Now, the VENDOR as equitable owner is desirous to assign part of the parcel of land marked as Plot —— measuring about —— square meters at Japa Estate to the PURCHASER for residential purpose (specified approved building type) and for valuable consideration for the residue of term of 99 years.
The PURCHASER has agreed to purchase the said parcel of land marked as Plot —— measuring about —- square meter at Japa Estate (City within a City Scheme) lying and situated at Gurku, Karu Local Government Area of Nasarawa State, for residential purpose and for valuable consideration for the residue of term of 99 years.
NOW THIS AGREEMENT WITNESSES AS FOLLOWS:
In pursuance of this sale Agreement and in consideration of the sum of N——(amount in words) paid to the VENDOR by the PURCHASER before the execution hereof (the receipt of which sum the VENDOR hereby acknowledges) the VENDOR as equitable owner HEREBY sell unto the PURCHASER and his successor in title, personal representatives, heirs and assigns ALL THAT PARCEL OF LAND and all the appurtenances as acquired under the said Statutory Right of Occupancy of Nasarawa State Government TO HOLD unto the PURCHASER for all residue now unexpired of the term thereby granted SUBJECT to the Agreement and conditions as provided in the Statutory Right of Occupancy to be performed and observed so far related to the land hereby sold and subject further to the provision of the land law in force.
PROVIDED ALWAYS that the covenants which are implied herein by reasons of the VENDOR here assigning and being express to assign as equitable owner shall not be deemed to imply that any of the covenant on the part of the VENDOR contained in the said Statutory Right of Occupancy of Nasarawa State Government have been performed or observed which if performed or observed would put the property hereby assigned into a state and condition other than that in which it now is.
The PURCHASER HEREBY CONVENANTS with the VENDOR henceforth during the continuance of the term of the Statutory Right of Occupancy of Nasarawa State Government to pay the rent reserved thereby or revised there under and to perform and observe the covenants stipulations contained in the Statutory Right of Occupancy of Nasarawa State Government and to keep the VENDOR indemnified against all actions claims and demands arising on account hereof or in any way in relation thereto.
In consideration of the mutual covenants and promises herein contained, the parties herein agree to constitute themselves in Contractual Agreement, for the purpose before mentioned and intending to be legally bound hereby, the parties hereto, do covenant, agree and certify upon the conditions herein contained, namely: –
1.1 INDEMNITY: The VENDOR agreed to keep the PURCHASER indemnified against all actions claims and demands arising on account hereof or in any way in relation to this transaction.
2.1 “JAPA ESTATE RESIDENTS ASSOCIATION”: There shall be a Japa Estate Residents Association. The PURCHASERS shall form an association of “Japa Estate Residents Association” (JERA) comprising of owners and tenants of Japa Estate Properties and the Vendor or its representatives. The association (JERA) shall be responsible for appointing a facility manager for Japa Estate with effect from a time to be mutually agreed with the Vendor. The Excos of JERA shall oversee the day to day management of facilities and services by the facility manager on Japa Estate. JERA shall also be responsible for all matters concerning levies chargeable on Japa Estate, such us annual service charge etc for the smooth running of facilities and services on the Estate.
3.1 POSSESSION OF THE PROPERTY: Upon full payment of advertised cost of Japa Estate plot of land and cost of title deed plan (TDP), the VENDOR and the PURCHASER shall sign this agreement, which shall be considered as transfer of possession of the said plot of land from the VENDOR to the PURCHASER.
4.1 The ANNUAL STATUTORY PAYMENTS (GROUND RENT): In compliance with the payment of annual ground rent being a statutory requirement of the Government of Nasarawa State, PURCHASERS shall effect such payment with effect from the date of this agreement through V C & BRAINS LIMITED (JAPA ESTATE) bank account provided by the VEENDOR for the period pending the perfection of Clause 9.1 contained herein, after which each PURCHASER shall commence direct payment over his/her plot(s) of land.
5.1 ANNUAL SERVICE CHARGES: The PURCHASER shall be required to pay on or before 1st January of every year an annual maintenance fee which shall be jointly determined by JERA and the facility manager. This annual maintenance fee known as SERVICE CHARGE shall be for the maintenance of all facilities and common users’ services on Japa Estate such as central water system, electrical installations, parks and garden, neighborhood sports complex, waste disposal, fire fighting installations, CCTV and security guards etc.
6.1 APPROVAL OF BUILDING PLANS: Notwithstanding anything contained in this Agreement, the PURCHSER shall:
- Pay the sum of 00 (One Hundred and Fifty-Four Naira only) per square meter to VENDOR being cost of building approval by the Nasarawa State Government for residential/commercial plot as applicable.
- Comply with the Overall Survey Plan, Title Deed Plan (TDP), Architectural Drawings, Structural Drawings, Mechanical Drawing, Electrical Drawing, Drainage plans, as approved by VENDOR. PURCHASER shall not embark on any construction work whatsoever on plots of land at Japa Estate without the prior approval of the Building Development Control Committee (BDCC) of the VENDOR. The PURCHASER however, is responsible under all circumstances to conform to the provisions of these restrictions in their entirety. After approval of any construction by BDCC, the PURCHASER shall ensure that the works is accomplished as promptly and diligently as possible and in strict compliance with the description of the building plans, specification and BDCC All construction materials and debris shall be confined to the plot under development and any slippage to the street shall be quickly removed by the PURCHASER or his/her agent.
7.1 INFRASTRUCTURE DEVELOPMENT LEVY: Japa Estate is a site and services scheme, fully owned and managed by the VENDOR. For the scheme to meet PURCHASER’S housing and social needs, there shall be basic infrastructural services within the estate, which includes roads, culverts, side drainages, central sewage system, public electricity supply installation, street lights, estate perimeter fence and main entrance gate. Funds for the development of these infrastructure within Japa Estate, which is compulsory, shall be raised through communal effort by the purchasers as INFRASTRUCTURE DEVELOPMENT LEVY. As at Date, the infrastructure levy is N6,000.00 (Six Thousand Naira Only) per square meter of the plot purchased by the PURCHASER. The amount stated herein as infrastructure levy shall not be subject to change for the PURCHASER once this agreement is executed. Each PURCHASER shall be required to either make one-off full payment of the levy or on installment basis of not less than 50% of his/her infrastructure levy within 24 calendar months from the date of execution of this agreement. The remaining balance of 50% of the infrastructure levy shall be paid by the PURCHASER to the VENDOR at the following building development stages not later than 5 years from the date of this agreement:
- From Ring beam level to completion of roof work – 20%.
- After roof work to Completion of plaster and Painting work -20%
- Before completion of external works (property fence and landscaping) -10%.
7.2 If the PURCHASER fails to comply with any of the provisions set out in Clause 7.1 above:
- The VENDOR shall within 14 working days of noticing the said failure, notifying the PURCHASER of the failure in writing.
- The PURCHASER shall be required to remedy the failure within 60 working days from the date of VENDOR’s letter of notice in Sub Clause 7.2 (a) above failing which the VENDOR shall revoke the title of the concerned plot of land from the PURCHASER and the purchase cost of the land, in addition to the infrastructure levy so far paid, shall be refunded by the VENDOR, less 15% administrative cost. The 15% administrative cost is in respect to the purchased cost of land only. Thereafter, any physical development on the concerned plot of land by the PURCHASER as at the expiration of the 60 working days stated in Sub Clause 7.2 (b) shall be jointly valued by 2 or more relevantly qualified experts appointed by both the PURCHASER and VENDOR or by only the VENDOR’s expert(s). The determined value of the physical development shall be refunded to the PURCHASER less 25% after the physical development has been re-sold by the VENDOR.
8.1 UNDEVELOPED PLOTS OF LAND: PURCHASER must commence development of plots of land that have been fully paid within a time frame of 2 years with effect from the date of this agreement, failing which and without prejudice to this agreement, such undeveloped plots of land shall be revoked absolutely from the PURCHASER. A revoked plot of land shall be reallocated to different individual or body for accelerated development with refund to the losing PURCHASER less 15% administrative fees. The revocation in this instance is necessary to comply with community development of Nasarawa State Government. The losing PURCHSER shall be estop from any legal action or claims against the VENDOR for the revocation.
9.1 PART SURRENDER ARRANGEMENT: After the PURCHASER has met all conditions set out in this agreement and subject to consensus and approval by the Nasarawa state Government, and in the interest of the PURCHASER, the VENDOR shall seek the “Part Surrender” arrangement from the Nasarawa State Government by which the VENDOR shall in collaboration with the Nasarawa State Government issue a Certificate of Occupancy to the PURCHASER being Title Deeds over his/her plot of land at Japa Esate. This shall be at PURCHASER’S expense which shall be determined by the Nasarawa State Government. Payment for the part surrender to the government by individual owners of plots on Japa Estate shall be coordinated by JERA in consultation with the VENDOR.
9.2 In the event that PURCHASER may wish to sell his/her plot of land at Japa Estate to a third party and in such arrangement the VENDOR must be duly notified in writing. The VENDOR shall charge 3% of initial purchase price of Japa Estate plot from the third party as administrative charges for such transaction before documentation of new ownership is effected.
10.1 NOTICE OF NON-COMPLIANCE TO PURCHASER: A written Notice of Non-compliance to PURCHASER shall specify the particulars of the non-compliance and shall require the PURCHASER to take such action as may be necessary to remedy the non-compliance within the period of time set forth therein.
No party shall be bound by any express or implied term, representation, warranty, promise or the like not recorded herein, whether it induced the contract and or whether it was negligent or not, except where it’s a prevailing law relevant in the circumstances.
Signature to this agreement shall be deemed to be an executed agreement enforceable and admissible for all purposes as may be necessary under the terms of this agreement. All signatories herein acknowledge that they have read and each party fully understands the terms and conditions contained in this agreement, and by their initials, signature and seal hereby unconditionally agree to its terms as of the date noted herein.
IN WITNESS WHEREOF the said parties have hereto set their hands and seals the day and year first above written.
SIGNED, SEALED AND DELIVERED
BY THE WITHIN NAMED VENDOR
V C & BRAINS LIMITED (JAPA ESTATE)
SIGNED, SEALED AND DELIVERED
BY THE WITHIN NAMED PURCHASER. PURCHASER
In the presence of:
COMMISSIONNER OF OATH