What does BersamaLandlord(regular) mean?
BersamaLandlord(regular) is a CONTRIBUTORY HOME OWNERSHIP SCHEME (COHOS) that is designed for and targeted at investors and low to middle income earners to help them achieve their home ownership dream in a convenient, affordable and pocket friendly manner.
How can I subscribe to BersamaLandlord(regular) through the CONTRIBUTORY HOME OWNERSHIP SCHEME (COHOS)?
It is an add-on package for interested members of Bersama Cooperative Multipurpose Society Limited (BersamaCoop). The Cooperative is a vehicle for this initiative.
Where are BersamaLandlord(regular) Homes/Apartments located?
BersamaLandlord(regular) Homes/Apartments are located at PRIME ESTATES,
Phase 2, Mowe/Ofada, Ogun State, Prime Estate, Igbesa, Ogun State, Roseberry
Estate, Alapoti(next Agbara), Ogun State, Prime Estate, “Abuja”, New Karshi,
and such other sites as may be added from time to time.
What are the proposed housing unit types?
Housing unit types are
- 2-bedroom bungalows which can be expanded to 3-bedroom in a block of 4 units, with spacious living and other rooms designed for maximum comfort.
Other housing unit types available are;
- 3 Bedroom expanded in a block of 4 units
- 3 Bedroom fully detached
- 3 Bedroom fully detached on client’s own land *
*Note however that our technical team will need to inspect the client’s land to be sure the land is a firm land that will not require a special foundation. Otherwise, the prices in this document will not apply.
Who is/are the developers of the housing units?
The Developers are
REALTY POINT LIMITED. Bersama Real Estate Multipurpose Cooperative
Society has longstanding relationship/partnership with tested and trusted
REALTY POINT LIMITED, a top notch real estate development company with
over 16 years’ experience in real estate development.
How many housing units are being proposed by the developer?
The target is a total of 5,000units scattered across the various sites but in the first batch of this Contributory scheme, we shall be starting with a 200units pilot.
What are the prices of the various units?
Prices are valued from N11,286,000.00 (Eleven Million, Two Hundred and Eighty-Six Thousand Naira) only per unit and sustained membership of Bersama Coop for the 3years inclusive. (Note that prices are subject to review).
What are the size of the various units?
For Bersama Landlord regular scheme, the total land space per unit is 148sqms. The unit sizes are as follows:
- 2bedroom expandable to 3bedroom – 44sqms
- 3 bedroom detached in a block of 4units – 56sqms
- 2bedroom on clients land – 44sqms
- 3bedroom on clients land – 53sqms
What are the payment/contribution options for the various units?
Basically, contributions may be made daily, weekly, monthly or on-off. This flexibility is in consideration of our individual clients’ unique financial capabilities.
|OPTION 1- Self Finance (installment payment plan)|
|3Bedroom Fully detached||13,000,000.00||13,812,500.00||14,625,000.00||15,444,000.00|
Outright price can be paid at once or with 25% deposit and balance spread over 3months at 25% per month making a total of 4months spread.
For the 12 to 36months instalments payment is to be spread in equal monthly installments or 10% initial and balance spread over the chosen installment period in equal monthly installments.
*OPTION 2 – Mortgage Finance is available as follows
- 10% deposit of outright price and balance to be paid by Developer’s arranged mortgage.
- The initial 10% deposit can be aggregated on agreed installment by subscribers
- Subscribers must meet mortgage prequalification criteria
*For now, it is only available on our Prime Estate, Igbesa, Cedar Homes, Okun Ajah by Lekki Scheme 2 and Synergy Court, Jahi Abuja Projects. Note that prices for Cedar Homes, Okun Ajah by Lekki Scheme 2 and Synergy Court, Jahi Abuja properties are supplied separately.
What documents do I get upon subscription/sign up once I begin contributions?
- Offer letter
- Deed of Contract/Contract of Sale and/or FAQs (Terms & Conditions)
- Welcome letter
What happens if I miss any contracted installment payment/ contributions?
Units will be allocated on a first to complete payment basis. You risk revocation or surcharge levy as strict adherence to payment/contribution plan is what will guarantee allocated upon completion.
Are there other payments, charges or fees apart from the payment for the housing units?
Yes, Legal fees shall be N100,000.00 per unit (subject to review), Survey fees shall be N150,000.00 per unit and Annual Estate Management Service Charge as required in the various estate becomes payable upon completion of subscriber’s unit.
Subscribers shall bear all cost and expenses relating to the transfer of title of property into their name.
Kindly note that fees stated here are for Projects in Ogun State. Projects in other States have different rates and fee charges. Kindly enquire for the fees specific to your subscription.
When do I make these other payments?
The legal documentation and survey fee is payable after completion of the purchase price payment but before your housing unit is handed over to you, handover will not be done until legal fee is paid. However, note that possession and occupation of the unit shall be deemed to have commenced from the date fixed for Handover and all responsibilities, risks and benefits in respect of the property passes to the purchaser. This is to ensure that properties are properly taken care of after completion and their values are optimally preserved.
When is the estimated completion date for the project?
By our estimation and barring unforeseen circumstances it will take about 9 to 12months to complete a unit however, completion and handover are done only upon completion of payment by subscribers. For clients who qualify for and are paying using mortgage, handover shall be when the subscriber has finished paying the initial deposit and the balance through mortgage(i.e the mortgage bank disburse to developer)
What is the process for the transfer (or change of name) of ownership of the property?
We recognize that buyers may need to sell their purchase for varying reasons. However, due to the administrative and legal issues required in the proper transfer of these purchases, we would only honour transfers once full payment for the unit(s) has/have been made. Both buyers have to complete Realty Point Limited’s Housing Unit Transfer Form as administered by Bersama Coop after which title documents and a Purchase Agreement may be issued to the new owner (buyer).
- A non-refundable fee per unit to be fixed from time to time is payable before the necessary transfer can be effected.
What type of finishing are we expecting?
As stated in the presentation document and our other marketing materials, units will be finished to basic standard
- Windows: Sliding windows
- Doors: Flush doors for rooms and iron doors for the 2 main entrance and exit (sitting room and kitchen doors).
- Ceiling: Regular boards.
- Roof: Aluminum
- Floors: German floors, no wall or floor tiles anywhere.
- No cabinets in the kitchen or wardrobes in the rooms
- Painting will be done only externally, internal painting will not be done
- Plumbing, sanitary wares and electrical fittings will be done
Please refer to product brochure for further clarification.
Can I amend my structure after taking possession?
You can choose to build the expandable 3rd bedroom if you are buying the 2 Bedroom expandable to 3Bedroom bungalow for example at any time after handover but according to specification ONLY. However, for any other external or structural adjustments, approval must be sought and secured from the Estate & Facility Management Office and especially from relevant government quarters before the amendment can be allowed to be carried out.
If unable to continue or my purchase is revoked due to my failure or inability to continue paying my contribution(s)/subscription, how and when can I have a refund?
Refund of the total sum of what you have paid for the property will be made to you less 12.5% charge and N10, 000.00 administrative fee only after the unit has been resold and the alternative buyer has paid for the property in full. Note also that refund shall not be made on units for which full payment (excluding payments of all of the other fees) has been made. In such cases, Bersama Coop, Realty Point Limited or any other agent can be contracted to sell such unit by the subscriber.
Note that your subscription to Bersama Landlord Regular Units can stop without affecting you Bersama Coop membership subscription except you so decide. And in a situation where you decide that you also want to exit Bersama Coop, your exit of Bersama Coop for the portion of your contribution there will be treated the standard way Bersama Coop members exit.
What happens if I default in paying my contributions on some certain days but I am still interested in saving towards owning a 2 bedroom bungalow?
For failure, refusal or neglect to pay any contribution (instalment), a subscriber will have a 7days for daily, 14days for weekly and 21days for monthly subscribers as maximum grace period within which to pay up and/or continue after which the default may result in a price increase or surcharge without recourse to the subscriber.
How will I know if my property is ready?
Your property will be ready 4months after your completion of payment (including payment of legal fee) latest, you will be notified and handover date communicated in writing. However, note that possession and occupation of the unit shall be deemed to have commenced from the date fixed for Handover an all responsibilities, risks and benefits in respect of the property passes to the purchaser.
Can BersamaCoop/Realty Point Limited manage my property for me?
Bersama CMS can do that through the Estate Management arm of Realty Point
Ltd for a fee. Note that Realty Point Limited is the manager of her Estates.
Will a price review affect subscribers?
Due to the long duration of the subscription and batched method of construction, a significant change in material, labor rates/prices and USD exchange rate by more than 10% at any time may lead to review in prices for new subscribers and this may affect existing subscribers’ installments yet to be paid. Defaulters also risk price review without recourse after the expiration of the grace period.
Kindly note that the bench mark exchange rate of USD to NGN for this project is 1USD to 484NGN (sell) and 1USD to 480NGN(buy) as at May 20, 2021 according to https://www.ngnrates.com/market/exchange-rates/us-dollar-to-naira/black-market”
What is the mode of payment accepted by BersamaCoop?
Cheques, transfers, cash payments and any other payment must be paid directly into designated project bank account(s). Note that Cash payments are only either to designated Bank Accounts even for daily payment.
For payments made into designated Bank Account, please contact the office on 09092203565 or 09099708993 if in 24hours to 48hours maximum after lodgement you do not get a confirmation SMS/email from BersamaCoop that your contribution has been captured in the office.
Which of Bersama Cooperative Multipurpose Society Limited’s Bank account(s) is (are) designated for this project?
- GT Bank Account: 0455293993
- Stanbic IBTC Account: 0024850431
Any other thing to note when making payments into any of these?
Always ensure that at the bank or when paying online, you indicate your name as we have it in our records as the depositor even if/when you send someone else to the bank.
And under description, please put your name/name of site.
For example: Yusuf Chukwu/Prime Estate, Igbesa
This will help our internal accounting process.
One more very important thing please;
Also, we expect that you will send in your payment details via any of the following ways:
- Log on to your app.bersamacoop.com as a member and send us the details of your payment into the bank OR
- Scan the deposit slip you paid with to firstname.lastname@example.org OR
- Send your copy of the deposit via WhatsApp to 09092203565 or 09099708993
You will get notified as soon as we credit your Bersama Landlord Account with us.
What documents will BersamaCoop give on completion of payment?
Congratulatory letter (immediately after completion of payment for unit), Final Payment Completion letter upon completion of ALL payments. Allocation & Handover date Notice Letter (this letter should come with all relevant legal documents to be executed by the subscriber before handover) and Handover Letter on the handover date and ONLY after the signing and submission of all Estate Management Agreements and Documents.
What do I get on the Handover Day?
You get the keys to your housing unit and your copies of the Deed of Assignment.
Can I resell or rent out my apartment?
Yes, you can resell your apartment after completion of payment for the housing unit but can obviously rent out your apartment after handover (subject to terms and conditions).
Are the housing units strictly for residential purpose or they can be used for commercial purpose?
The housing units are strictly for residential purposes only.
What infrastructures will be provided within the estate?
Electricity, drainage and well laid out network of motorable roads.
Who will manage the estate?
The developer; Realty Point Limited and/or her assignee in collaboration with the Estate’s Owners/Tenants Association/Community Development Association (CDA).
Can I visit the site?
Yes, we conduct site inspections periodically, subscribers are to make arrangement with their contact person to visit any of the sites as may be desired.
Note that all sales/subscriptions are final and shall be made on the assumption that the Subscriber/Buyer has inspected the site, conducted all necessary due diligence and is acquiring the property as presented(as-is) unless otherwise stated.
Can there be changes and/or amendment to this offering as it is presently known?
The real estate industry just like most others is a dynamic industry and as such things get to change from time to time most especially for the better. However, any change, amendment or modification shall be communicated by Bersama Coop and/or REALTY POINT LIMITED. Such communication shall be via letters, electronic mails, e-newsletter, WhatsApp chat, fax, short message service (SMS), handbill, posters and any other means of communication. This correspondence shall be deemed to have been received by the Client/subscriber having been sent by Bersama Coop and/or REALTY POINT LIMITED.