Terms and Conditions| Land Rental Income
Please read these terms and Conditions carefully before subscribing to the product—-Land Rental Income plus. The Agreement sets out the legally binding terms of subscription for your use of the product.
Upon subscribing to Land Rental Income plus (a product of FLAP Multipurpose Cooperative), you hitherto confirm that you understand and agree to all the terms stated herein.
Rental income:
You are entitled to earn a 30% rental income in 12 months when you pay outrightly, while you shall only be entitled to a 20% rental Income ( prorata basis) when you pay in installments.
There shall be a 7.5% Vat chargable and 2.5% bank and other charges deductible from earned rental income
Funds Security:
Upon deposit of funds, the under listed shall be delivered to you:
- Receipt of payment
- Deed of Agreement
- Certificate of purchase (for installments payments)
Statutory Charges
Upon full payment and readiness to take possession the following Statutory Charges must be paid
OGUN STATE (KOBAPE AND OFADA)
- Red copy Survey and allocation fee (N30,000 per 150 sqm)
- Legal Documentation of Land: Deed of Assignment N50,000:00)
- Development fee: payable when Estate development into Residential or commercial purposes commences (N60,000 per 150sqm)
LAGOS STATE (EPE)
- Red copy Survey and allocation fee (N60,000 per 150 sqm)
- Legal Documentation of Land: Deed of Assignment (N100,000:00)
- Development fee: payable when Estate development into Residential or commercial purposes commences (N120,000:00 per 150 sqm)
Product FAQ
Our Product FAQ contains Frequently Asked Questions on the product—- Land Rental Income. Thus, by agreeing to the terms contained therein, you are deemed to have fully subscribed to same at will.
Mode of Payment
FLAP Multipurpose Cooperative Society Limited (FLACOOP) does not accept payments either by bank transfer, deposit, cheques, bank drafts, or cash through any Agent, Consultant, or Associate of the company. All payments should be made through the designated payment channels in favor of FLAP Multipurpose Cooperative Society Limited . FLAPCOOP shall not be liable for any loss due to failure to adhere strictly to these terms and conditions.
Transfer of Interest
In the event the Buyer decides to take full ownership of the within named property, the buyer shall pay additional charges for Survey Plan, Development Fee and Deed of Assignment as shown above and in the Product FAQ.
Termination
For personal or business reasons, no party shall seek for termination of this Agreement herein BEFORE OR ON the period of 3 months from the effective date of this Agreement. However, a party can send a notice of termination to the other party in writing at least 2 months before the date of termination
And in the event you terminate this Agreement before maturity, you shall forfeit all Rental Income accrued upon the contract sum.
Fraud/illegality
The Cooperative shall not be liable for any damages at tort or under criminal code and laws of the federation for such deposits received from you, which is illegal or questionable.
Right to Update
The Cooperative reserves the right to update its policies at any given time to cater for changes in industry and market space.
10% Service charge on profit