What is CrowdOwnership?
CrowdOwnership is a platform developed by Landwey Investment Limited that allows for the Co-ownership of property(ies) by two or more people for house and in square metres for land
What are the dynamics of the Co-Ownership Scheme?
The dynamics of Co-Ownership Scheme are as follows;
- Co-owners may hold unequal ownership shares in houses and acquire land in square metres
- Ownership to the property vest in the respective owners at the same upon meeting the conditions for ownership.
- Title document to the property is made in a single instrument detailing each co-owner share of property.
- Maintenance and other costs are shared in proportion to ownership shares
Is there a Trustee to manage the CrowdOwnership process?
Landwey Investment Limited will manage and oversee the CrowdOwnership process and hold the respective properties in trust for subscribers until completion of payment by subscribers and title is passed to Co-Owners.
Is there a fee for the Trustee?
Yes. The Trustee will charge a 2% management fee to manage the process.
What happens if one person wants to sell his/her share in the property?
The following options are available in the instance
- Your co-owners can buy it out:
You can discuss your intentions with your co-owners and ask them if they would like to purchase your share of the Ownership. You can negotiate the price with them directly and reach an agreement.
- Find someone else who wants to buy your share in the property;
What happens where there are not enough people in a group to make up the required number to CrowdOwn a property?
Where this occurs, the Trustee can pair/match people to make up such minimum number as may be required to fund the Co-Owning of a property
What types of properties are available under the CrowdOwnership Scheme?
The available property portfolio in the CrowdOwnership Scheme are plots of land and houses (apartments, terraces, and semi-detached houses) or explore the option of engaging us to build a property for you.
Can I go for inspection on the properties?
All property sites listed on this platform for co-owing can be visited for inspection.
Kindly send a mail or chat our contact number to book an inspection.
How many People can Co-Own under the CrowdOwnership Scheme?
The size of the property to be co-owned determines the number of persons who can co-own. However, for small sized assets, we encourage that the number of persons to co-own should not exceed 5 persons.
Can the CrowdOwnership Agreement be terminated?
Yes. The CrowdOwnership Agreement can be terminated in several different ways. Below are some of the ways by which Death of co-owner
- Mutual agreement of co-owners to terminate or sell their share of the property
- Where any of the co-owners is convicted of fraud
- Such other conditions as the Co-Owner may stipulated
What Happens If a Co-Owner Dies?
Where a Co-Owner dies, except agreed otherwise in the Co-Ownership Agreement, title passes by “operation of law” to the surviving heirs of the deceased co-owner.
What happens if my Co-Owner isn’t working out?
Where the co-ownership is not working out, the best approach would be to sell the property and divide the proceeds of sale. But parties may stipulate differently in their tailored Agreement.
What happens in event of a Stalemate?
Co-owners might decide to go their separate ways.
Our co-ownership agreement includes rights to buy out and rights to sell out.
However if there is a stalemate, we require the co-owners to sell the Property on the open market if they can’t agree to buy the other out or sell out.
I am interested, What do I do?
Get a group of persons with whom you want to invest (at least 2 people make a group)
- Decided on a property portfolio for investment
- Discuss and Decide on the terms that will govern your Co-Ownership
- Fill the Application form and provide details on specific clauses that have been agreed on.
- Send filled application form, details of specific clauses and other information to firstname.lastname@example.org