TERMS AND CONDITIONS OF THE PURCHASE/SALES AND DEVELOPMENT OF ORANGE RESIDENCE IKORO 

Q1. WHERE IS ORANGE RESIDENCE IKORO LOCATED?

1. ORANGE RESIDENCE IKORO is an undeveloped parcel of land located at IKORO COMMUNITY, OVIA NORTH EAST LGA, EDO STATE.

Q2. WHO ARE THE DEVELOPERS OF ORANGE RESIDENCE?

1. ORANGEWOODS LIMITED is a Leading Real Estate Company and proudly the Developer of Orange Residence Ikoro.

Q3. WHAT TYPE OF TITLE DOCUMENT(S) DOES ORANGE RESIDENCE IKORO HAVE?

1. DEED OF TRANSFER

Q4. ARE THERE ANY ENCUMBRANCES ON THE LAND?

A The land is free from every known government interest or adverse claims.

Q5. WHAT IS THE PAYMENT STRUCTURE?

1. Outright payment
2. 3 months, 6 months, 12 Months Installment Payment also available.
3. N.B: Non-Payment of the monthly installments as at when due shall be treated as a fundamental breach of the contract which shall result in termination or revocation of the contract/ OR attract default charge of 10% of the month payment.

Q6. WHAT IS THE SIZE OF THE PLOT?

1. 50ft x 100ft (464sqm)
2. 100x100ft (968sqm)

Q7. IS THE ROAD TO THE PLOTS MOTORABLE AND MAINTAINED?

1. Yes. The road to the plots is motorable and is maintained by periodically (6 months interval) by Orangewoods Ltd for free till 31st December 2026. from 1st January 2027, subscribers of the Residence will be expected to pay per plot owned, a certain yearly amount that will be determined by Orangewoods Ltd using the prevalent market prices, for the maintenance of the roads and streets within Orange Residence Ikoro

Q8.  WHAT OTHER PAYMENTS DO I MAKE APART FROM THE PAYMENT FOR THE LAND?

1. Infrastructure fee of N5,500,000 for 100x100 and N4,500,000 for 50x100ft. The infrastructure fee if paid by subscribers, will be used to develop the Residence and if not paid, the Residence will be left undeveloped. To begin the development of the Residence, 90% of all subscribers who wants to develop their plots are expected to pay the total Infrastructure fee for the development of the Residence within/before 3 months of the proposed start of development. This fee is only applicable to land owners that wishes to commence development on their acquired land. For those who wish to buy and re-sell, they will NOT be required to pay this fee. This fee covers the following;
   *construction of drainage, paved internal streets, solar cctv camera, solar street lights, gating the Residence, electric poles, cables and a suitable residence transformer, landscaping, etc.
2. Residence Service charge will be decided by Residents of The Orange Residence when fully developed.

Kindly note that infrastructure this fee is a one-time payment that can also be paid in 3 installments within 12 months. Furthermore, the infrastructure fee does not cover the cost of access to utilities like; Water, electricity bills, security levy, waste management levy, landscape maintenance, etc.

Q10. WHAT DO I GET AFTER THE INITIAL PAYMENT DEPOSIT?

1. Starters’ pack comprising a letter of acknowledgment of subscription, receipt for payment.

Q11. WHAT DO I GET AFTER COMPLETING PAYMENT FOR THE LAND?

1. Completion Payment Receipt, Allocation Notification Letter (a) Deed of Transfer,  Survey Plan, C of O (processed in your name), fencing and gate (where applicable) after Physical Allocation is done.

Q12. CAN I START CONSTRUCTION OR BUILDING ON THE LAND NOW?

1. Upon completion of payment for the land and the voluntary infrastructure fee, you can start building on the land after Physical Allocation, while other development is going on.

Q13. IS THERE ANY RESTRICTION REGARDING THE TYPE OF BUILDING I CAN CONSTRUCT?

1. No. subscribers can build any form of building that is approved by the State Government.

Q14. CAN I RE-SELL MY PLOT/PROPERTY?

1. Yes. Subscribers who have paid in full for their land can re-sell their plot(s). Orangewoods Limited would require the seller to furnish the company with details of the buyer.
2. A Charge of 10% of the land consideration (Covering Deed of Transfer) plus the present rate of processing survey and C of O, shall be paid to the company (Orangewoods ltd) by the new buyer.
3. The current owner MUST notify the company if he/she decides to sell their plot(s) of land(s) to another buyer. This is to enable the company to get information on the “change of ownership” so that the details of the new owner can be included to the general Database.

Q15. CAN I PAY CASH TO YOUR AGENT?

1. We strongly advise that cash payments should ONLY be made to Orangewoods Limited at its designated Banks. Otherwise, cheque(s) should be issued in favor of Orangewoods Limited. We shall not accept any responsibility for any liability that may arise as a result of a deviation from the above instruction.

Q16. WHAT HAPPENS IF I CANNOT CONTINUE WITH MY PAYMENT? CAN I REQUEST FOR A REFUND?

1. Yes, you can apply for refund only if you have NOT been allocated your plot(s) or survey done. In the event of a Refund, you are required to give the Company sixty (60) days' notice in writing to process your refund request and a further Sixty (60) days if the process isn't completed after the first 60 days. The refund shall be processed and paid after a deduction of 30% Administrative Fee and Others.

I hereby confirm that I have seen the land and ready to go on with the transaction.

THEREFORE, THE INFORMATION PROVIDED, TERMS & CONDITIONS HERE WITH IS ACCEPTABLE AND CONSENTED BY ME, I ACKNOWLEDGE RECEIVING A COPY OF IT.