TERMS AND CONDITIONS FOR SUBSCRIPTION TO LANDWEY LAND OWNING SCHEME THROUGH CROWDFUNDING CLUB
Please read these Terms and Conditions ("Terms and Conditions") carefully before fully subscribing to the Estate by appending your signature.
Your confirmation of subscription by the Company is conditioned on your acceptance of and compliance with these Terms. These Terms apply to all subscribers and successors in title to the scheme.
By signing these terms, you agree to be bound by these Terms. If you disagree with any part of the terms you’re advised against subscribing.
The terms are as follows:
1. The Scheme is a land investment scheme with option to own.
2. The maximum period of the Scheme tenure is a 5 year cycle.
3. The Land is free from government acquisition, adverse claim or any form of encumbrance.
4. The legal title to the Land is “Certificate of Occupancy”.
5. The transaction process flow for subscription are as follows:
- Visit the platform at www.crowdownership.ng
- Make a choice on the property you want to invest in
- Conduct a search on the title to the property
- Fill out details on the form provided on the website specifying the number of units being subscribed to.
- Accept terms and conditions
- Make a payment using account details on the platform
- Get acknowledgement slip via mail to sell your subscribed unit;
- Find an interested buyer either on or outside the platform
- Where the interested buyer is outside the platform, such buyer must sign up to the platform
- Offer sale of the unit to the interested buyer
- Ensure the buyer makes payment for the sale to through the available payment channels on the platform
- Notify Landwey Investment Limited of the sale transaction with proof of payment.
- Within 24 hours of receipt of Notification and evidence of payment, Landwey Investment Limited credits your account the transaction sum less transaction charges.
7. The seller of a slot/unit shall incur a minute transaction fee for the sale transaction.
8. A unit of subscription is as stated on the subscription website.
9. The minimum subscription a subscriber can subscribe to is as stated on the subscription website.
10. The property being invested in by Subscribers will be held in trust by Landwey Investment Limited for the Subscriber(s).
11. A subscriber may add such additional number of units to his/her subscription at any time subject to availability of units in the scheme.
12. A subscriber may sell part or his entire holdings in the scheme to other members within the Scheme or interested third party at an appreciation value of the unit at the time of sale
13. Landwey Investment Limited will furnish subscribers with current market value of the unit held by them from time to time.
14. A subscriber who owns less than 300sqms in the Scheme at the expiration of the 5 years tenure shall mandatorily sell the unit to an interested party. In such situation, Landwey Investment Limited shall have the Right of First Refusal to purchase such units from the subscriber.
15. A subscriber who owns such number of units up to 300sqms or more may elect to sell the entire units at the prevailing market value as in Clause 10 above or build on same.
For the purpose of exercising the right to convert the units for building purposes, the Subscriber shall be subject to the Terms and Conditions for subscription to the Estate on which the unit(s) is held at the time of the conversion.
For the avoidance of doubt no partition or division of the holding is allowed at any point for which the subscription is held.
You may cancel your subscription with us for any unit you subscribe to at any time up to the end of 24 hours of your subscription to the unit. You do not need to give us any reason for cancelling your subscription nor will you have to pay any penalty.
To cancel your subscription, you must notify us in writing.
Once you have notified us that you are cancelling your subscription, any sum debited to us from your card or bank account will be re-credited to your account as soon as possible and in any event within 30 days of your order PROVIDED THAT an unconditional written confirmation of cancellation is received from you.
18. We reserve the right to cancel the contract between us if:
- we have insufficient units to cater to your subscription;
- one or more of the units you subscribed to was listed at an incorrect price due to a typographical error or an error in the pricing information;
- If we do cancel your contract we will notify you by e-mail and will re-credit to your account any sum deducted by us from your card or account as soon as possible but in any event within 30 days of your subscription. We will not be obliged to offer any additional compensation for disappointment suffered.
19. If any part of these terms and conditions is unenforceable (including any provision in which we exclude our liability to you) the enforceability of any other part of these conditions will not be affected.
21. Unless otherwise expressly stated in these terms and conditions, all notices from you to us must be in writing and sent to our contact address and all notices from us to you will be displayed on our website from to time.
22. We will have no liability to you for any failure to deliver services to you or any delay in doing so or for any damage that is caused by any event or circumstance beyond our reasonable control including, without limitation, strikes, lock-outs and other industrial disputes, breakdown of systems or network access, flood, fire, explosion or accident.
23. All payments for subscription and resale are to be made through the online platform or to LANDWEY INVESTMENT LIMITED at its designated banks. We shall not accept any responsibility for any liability that may arise, as result of deviation from the above condition.
24. The real estate industry is like a dynamic one, hence change is inevitable. However, Landwey will try to maintain the stability of variables within its control while any change, amendment or modification shall be communicated to subscribers. Such communication shall be via letters, electronic mails, fax, short message service (SMS), handbill, posters, and any other means of communication. Correspondence shall be deemed to have been received by the Client having been sent to the subscriber’s last given address.