CORNERSTONE ESTATE

FREQUENTLY ASKED QUESTIONS

Q1. WHERE IS CORNERSTONE ESTATE?
A. CORNERSTONE ESTATE is situated in Elerangbe Area, off Lekki- Epe expressway. It's about five minutes drive from Eleko
junction and about forty-five (45) minutes drive from Ajah bus stop.
Q2. WHO ARE THE OWNERS/ DEVELOPER OF CORNERSTONE ESTATE?
A. PWAN HOMES LTD, a Leading Real Estate Company and Folkland Property Development Company (FPDC), a leading player in the
Construction sector of the economy with offices in Lekki, Lagos State.
Q3. WHAT TYPE OF TITLE DOES CORNERSTONE ESTATE HAVE ON THE LAND?
A. Deed of Agreement with Land Owners and Lagos State Government Approved Survey Plan.
Q4. ARE THERE ANY ENCUMBRANCES ON THE LAND?
A. The land is free from every known government acquisition or interest and adverse claims.
Q5. WHAT IS THE PAYMENT STRUCTURE?
A. (a) Outright payment of the sum of N 540,000 only
(b) Instalment payment of # 66,000 Initial payment and # 33,000 monthly for 18 months
(c) N.B :- Non-payment of the monthly instalments as at when due shall be treated as a fundamental breach of the contract
which will result in termination or revocation of the contract/OR attract default charge of 10% .
Q6. WHAT IS THE SIZE OF THE PLOT?
A. 60ft. x 120 ft
Q7. IS THE ROAD TO THE ESTATE MOTORABLE?
A.Yes the road to the estate is motor able.
Q8. WHAT OTHER PAYMENTS DO I MAKE APART FROM THE PAYMENT FOR THE LAND?
(a) Legal Fee: Will be communicated later. ( Subject to review)
(b) Provisional Survey Fee: N 50,000 only per plot (subject to review)
(c) Development Fee: Will be communicated later (subject to review)
Q9. WHEN DO I MAKE THE OTHER PAYMENTS?
A. Provisional Survey is N50, 000 (per Plot), and can be done before or after the land title is out. The Deed of Assignment and Development
Levy will be determined later.
Q10. WHAT DO I GET AFTER THE INITIAL DEPOSIT?
A. Starters pack comprising a letter of acknowledgement of subscription, receipts and sales invoice.
Q11. WHAT DO I GET AFTER COMPLETING PAYMENT FOR THE LAND?
A. Completion Payment Receipt, Allocation Notification Letter, Contract of Sales and Survey Plan (after payment and Physical
Allocation)..
Q12. CAN I START CONSTRUCTION OR BUILDING ON THE LAND NOW?
A. The estate has a 5yrs development plan (Clearing, Mapping out, Fencing, Plot Layout & Physical Allocation). It is still in a
development area. You can start building on the land after physical allocation and payment of development levy.
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Q13. IS THERE ANY TIME LIMIT TO COMMENCE WORK ON MY LAND AFTER ALLOCATION? A.
No.
Q 14. IS THERE ANY RESTRICTION REGARDING THE TYPE OF BUILDING I CAN CONSTRUCT IN THE ESTATE?
A. Yes. The estate layout is in sections and you are limited to build houses on each section based on designated use or plan for that section
(Commercial or Residential) i.e Bungalow, Block of Flats, detached houses (duplex). Note “Face-me-I –Face – you” (Tenement Building) and
high rise houses will not be permitted.
Q15. CAN I RE-SELL MY PLOT/PROPERTY?
A. PWAN Homes Ltd can buy back plots from subscribers who have paid up on their land or assist the subscriber to get a buyer.
B. A Charge of 20% (Covering Agency fee @ 10% and Transfer Documentation Fee @ 10%) shall be deducted by the Company from the
current price of the land in both cases indicated above.
Q16. CAN I PAY CASH TO YOUR AGENT?
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A. We strongly advise that cash payments should ONLY be made to PWAN LTD at its designated offices. Otherwise, cheque(s) should
be issued in favour of PWAN Ltd. We shall not accept any responsibility for any liability that may arise as a result of a deviation
from the above instruction.

THEREFORE, THE INFORMATION PROVIDED, FAQ AND TERMS HEREWITH IS ACCEPTABLE AND CONSENTED BY ME, I ACKNOWLEDGE RECEIVING A COPY OF IT.

SUBSCRIBER’S NAME…CHIDIEBERE OKOGWU………………SIGNATURE… ………..DATE………20/4/2016……..