In order to close sales, real estate marketers paint the picture of “pay and get your plot immediately’ to their prospective clients without clarifying other charges connected to getting allocation. This has resulted into chains of conflicts among the parties involved as delay in plot allocation has become a norm with so many people tending to lose faith in real estate firms.
However, hope is not lost and there are still real estate companies such as REVOLUTIONPLUS PROPERTY that keep their words and trust. You as an investor must be aware and informed of the important charges to be cleared apart from the payment for your plot (s) especially where you have to commence construction work on your plot (s).
What then are these charges?
1. Payment for Survey Plan
The Survey plan is an important homeownership document that gives a well-defined boundaries of the land. The size and shape of your property, location of right of ways, the dimensions and distances of the land to the boundaries of houses, fences and utilities are displayed on the plan. In simple terms, the survey plan gives you the coordinates of your own plot (s) out of the entire parcel of land. The development of survey plan is usually the duty of a registered surveyor but this has to be approved by the Surveyor-General of a state or at the local government level.
Real estate firms only help to fast track this important document and so an additional charge is billed the client for this. So even if realtors/marketers do not mention this when prospecting you, be aware that this charge exists and must be settled before you can get an allocation.
A survey plan is only necessary where the investor plan to build on his plot (s). But where the land purchased is for future returns, the subsequent buyer who intends to build on the plot will be the one who pays for the survey plan.
2. Payment for Deed of Assignment
This is another important land ownership document that marketers hide the cost from their client in a bid to attract them to buy. The deed of assignment is contract document that implies a legal Transfer of the plot from the real estate firm or community to the individual client. This is usually at a cost. At RevolutionPlus, the Deed of Assignment is charged N50, 000 only.
3. Payment for Developmental Fee
The bid to get the client to pay an arbitrarily fixed developmental fee after paying for their plot, one which was not communicated at the beginning of the transaction has caused a lot of conflict and mistrust issues between clients and realtors/real estate companies.
The truth is a habitable estate requires construction of roads, drainage, sewage, power supply and security. All of these projects require funds, hence the need to pay developmental fee. The “OMOONILE”(land grabbers) forcefully collect this fees at every stage that you need to do a huge work on a building project such as the foundation, the decking etc. levels. However, the real estate firms fix this fee depending on the nature, level and location of the estate in question. As developmental projects are implemented in an estate, subsequent investors usually have to pay more.
Developmental charges at our Brooklyn estates 1 and 2 is N300, 000. This fee can go much higher depending on the level of the estate.
So, when next, you are been prospected, make sure you ask the marketer, “What are the other charges apart from the fee for the plot (s).
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