Land Purchase Terms and Conditions - Trusted Choice Assets

TERMS AND CONDITIONS FOR LAND PURCHASE

These Terms and Conditions govern the sale and ownership of land between **Trusted Choice Assets Ltd.** (hereinafter referred to as "the Company") and the Buyer. By making a purchase, the Buyer agrees to abide by these terms.

PURCHASE AGREEMENT

**1.1. The Buyer** agrees to purchase land from the Company under the specified payment plan.
**1.2. Upon full payment**, the Buyer will receive an allocation letter and will be eligible for title documentation processing.

PAYMENT TERMS

**2.1. The Buyer** may choose to pay outright or in instalments as agreed upon in the payment plan.
**2.2. All payments** must be made directly to the Company’s designated bank account. Cash payments to agents or third parties are not accepted.
**2.3. A default** in instalment payments beyond the agreed instalment period may attract penalties or revocation of purchase.

ALLOCATION OF LAND

**3.1. Land allocation** will only be done upon completion of full payment and necessary documentation.
**3.2. The Company** reserves the right to allocate land within the purchased estate based on availability.
**3.3. A physical allocation** date will be communicated, and failure to attend may result in a separate rescheduling fee.

DOCUMENTATION AND TITLE TRANSFER

**4.1. The Buyer** will receive a **Receipt of purchase, Deed of Assignment, Allocation letter and Survey Plan** after full payment and clearance of all fees, except development fees which is yet to be decided.
**4.2. Title documents** will be processed within a stipulated time and delivered upon completion of statutory fees on the allocation day.
**4.3. The Company** is responsible for facilitating title perfection but is not liable for government delays or policies.

DEVELOPMENT & PROPERTY USE

**5.1. The Buyer** must comply with estate regulations regarding land use, including building approval and environmental guidelines.
**5.2. Unauthorized commercial use** of residential plots is prohibited.
**5.3. Development** must commence within 24 months after allocation (Buy and build land).

TRANSFER OF OWNERSHIP

**6.1. Resale or transfer** of ownership must be formally communicated to the Company for proper documentation.
**6.2. The new Buyer** must comply with all estate rules and pay applicable transfer fees of **10%** and documentation fees.

REFUND & DEFAULT POLICY

**7.1. In case of withdrawal** from the purchase, a refund will be processed within **90 days**, subject to a **50% administrative fee**.
**7.2. Failure to complete payment** within the agreed period may lead to forfeiture or reassessment of the purchase price.

REVOCATION OF LAND PURCHASE

**8.1. The Company** reserves the right to revoke a land purchase under the following conditions:

A. Non-Payment of Agreed Fees

If the Buyer defaults on instalment payments beyond **6 months** after the due date without prior communication or settlement, the Company may revoke the purchase.
If revocation occurs due to non-payment, the Buyer may receive a **partial refund**, subject to deductions for administrative costs of **50%**, default penalties, and any documentation already issued.
If no payments have been made for an extended period (**12 months**), the Company reserves the right to repossess the land without obligation to refund the Buyer.

B. Breach of Purchase Agreement

If the Buyer violates any **estate regulations** regarding land use, illegal activities, environmental violations, or failure to obtain necessary approvals.
If the Buyer attempts to **transfer, resell, or lease the land** without the Company’s knowledge and approval.
If the Buyer provides **false, misleading, or fraudulent information** during the purchase process.

C. Failure to Take Physical Possession

If the Buyer **fails to complete statutory fees payment and take physical possession** of the land within **24 months** of allocation, the Company may revoke the purchase.
Buyers who fail to develop the land within the stipulated time frame may be required to **pay a renewal or maintenance fee** to retain ownership.

D. Government Acquisition or Legal Restrictions

If the land is **acquired by the government for public purposes**, the Company will engage with the authorities to seek compensation or relocation options for affected Buyers.
If the land purchase is revoked due to **legal disputes** or other unforeseen circumstances beyond the Company’s control, alternative solutions or refunds will be considered on a case-by-case basis.

8.2. Revocation Process

The Company will issue a **written notice of default** or violation, giving the Buyer **30 days** to rectify the issue.
If the issue is not resolved within the given period, the revocation will be finalized, and the land may be reallocated or resold.
The Buyer will **forfeit all rights to the land** after revocation, and any refund (if applicable) will be processed within **90 days**, subject to deductions.

8.3. No Further Claims After Revocation

Once revocation is finalized, the Buyer will have no further claims or legal rights over the land.
The Company reserves the right to reassign the land to another Buyer without liability to the revoked Buyer.

LAND CLASSIFICATION & MAINTENANCE FEES

The Company offers two types of land purchases:

**Investment Land** – Purchased for long-term holding without immediate development.
**Buy & Build Land** – Purchased with the intention of developing within a specific timeframe.

A. Investment Land

**Monthly Maintenance Fee** – A **₦3,000 monthly maintenance fee** applies to all plots allocated.
**Unpaid Statutory Fees Penalty** – If the Buyer has completed land payment but has **not paid statutory fees**, a penalty of **3% per month** on the statutory fees will apply. Payment is based on the ruling rate.
**Incomplete Land Payment Penalty** – If the agreed payment plan expires and the Buyer has not completed payment, a penalty of **10% of the land value** will be charged every **6 months** until full payment is made.

B. Buy & Build Land

**Development Timeline** – Buyers must begin construction **within 24 months** after allocation.
**Post-Allocation Maintenance Fee** – If construction does not begin **within 3 months** after allocation, a **₦3,000 monthly maintenance fee per plot** will be charged.
**Non-Development Penalty** – If the Buyer **fails to begin construction after 24 months**, a penalty of **7.5% of the land value** will be charged every **January of each year**.
**Revocation for Non-Compliance** – If the Buyer **fails to adhere to these conditions**, the Company reserves the right to **revoke the land at the initial purchase price less 15% administrative fees** without further claims from the Buyer.

DISPUTE RESOLUTION

**10.1. Any dispute** arising from this transaction shall be resolved amicably. If unresolved, it shall be referred to arbitration in accordance with Nigerian laws.

GENERAL CLAUSES

**11.1. The Company** reserves the right to review these terms without prior notice.
**11.2. By purchasing land**, the Buyer agrees to all stated terms and conditions.