FREQUESNTLY ASKED QUESTIONS
Frequently Asked Questions
WHERE IS FORTUNE BAY PHASE I?
A. Fortune Bay PHASE I Estate is situated at Egan Oke Ira Town Via Ajah, Eti-Osa. Lagos.
WHO ARE THE OWNERS/ DEVELOPER OF FORTUNE BAY?
A. Zero616 Realty Ltd, leading real estate company
WHAT IS THE SIZE OF THE PLOT?
A: Plot size : 600sqm full plot and 300sqm half plot respectively
WHAT TYPE OF TITLE DOES FORTUNE BAY HAVE ON THE LAND?
A. Certificate Of Occupancy (Cert No. 36A/36A/2015K). Deed of assignments with land owners, Registered survey plan approved by Lagos state Government.
ARE THERE ANY ENCUMBRANCES ON THE LAND?
A. The land is free from every known government acquisition or interest and adverse claims.
WHEN DO I GET MY ALLOCATION AFTER PAYMENT?
A. We give instant plot reservation and allocation after 100% payment.
IS THE ROAD TO THE ESTATE MOTORABLE?
A. Yes the road to the estate is motorable.
WHAT OTHER PAYMENTS DO I MAKE APART FROM THE PAYMENT FOR THE LAND?
(a) Deed of Assignment: 500,000 only per plot for 600sqm (b) Survey plan Fee: Registered Survey plan – 1,000,000; Provisional Copy – 500,000 only per plot, for 600sqm (c) Development Fee: Will be communicated later (subject to review)
WHEN DO I MAKE THE OTHER PAYMENTS?
A. (i) Survey Plan and Deed of Assignment payment can be made before or after the Physical Allocation, (ii) Development Levy will be determined later.
WHAT DO I GET AFTER THE INITIAL DEPOSIT?
A. A letter of acknowledgment of subscription and receipt of payment, plot reservation document.
WHAT DO I GET AFTER COMPLETING PAYMENT FOR THE LAND?
A. (a) Completion Payment Receipt, Contract of Sales & Allocation Notification Letter (a) Deed of Assignment & Survey Plan after Physical Allocation is done.
CAN I START CONSTRUCTION OR BUILDING ON THE LAND NOW?
A. You can start building on the land after Physical Allocation.
IS THERE ANY TIME LIMIT TO COMMENCE WORK ON MY LAND AFTER ALLOCATION?
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. All building design must conform to the required set back of building control of the estate and such design would be approved by the company and with LSG afterwards.
CAN I RE-SELL MY PLOT/PROPERTY?
A. Yes a subscriber who has paid up on their land can re-sell their plot(s). ZERO616 REALTY would require the seller to furnish the company with details of the buyer. B. A Charge of 10% of the land consideration (Covering Transfer Documentation Fee shall be paid to the Company by the buyer.
CAN I PAY CASH TO YOUR AGENT?
A. We strongly advise that cash payments should only be made to ZERO616 REALTY at its designated Banks. Otherwise bank drafts should be issued in favor of ZERO616 REALTY. We shall not accept any responsibility for any liability that may arise as a result of a deviation from the above instruction.
WHAT HAPPENS IF I CANNOT CONTINUE WITH THE PAYMENT? CAN I GET A REFUND?
A. Yes, you can apply for refund only if you have not been allocated your plot(s). In the event of a Refund, you are required to give the Company Sixty (60) days notice to process your refund request. The refund shall be processed and paid in full (100%)
WHAT IS THE PAYMENT STRUCTURE? (Outright and Installment Payment)
(a) Outright payment: 25,000,000 for 600sqm (b) Initial down payment: According to Subscribed payment payment plan. (c) Developmental Fee:Developmental fee shall be communicated later.It covers the following: (1) Drainage construction (2) Transformers and Electrification ( 3) Tarred or interlocked roads. (4) Landscaping and beautification of the estate. Etc. (d) Commercial plots attract additional 10 % of land cost (e) Corner piece plots Attract additional 10 % of land cost (f) N.B :- Non-payment of the monthly installments 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 5% of the month payment.n.