Re-Allocation Policy

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Re-Allocation Policy

Property Ownership Regularization & Document Replacement Policy

At Aiben Properties Ltd, we are committed to maintaining transparent, secure, and well-organized property ownership records. This policy outlines the procedures for regularizing third-party ownership of previously allocated properties and addressing cases of misplaced allocation documents.

Re-Allocation of Sold Property (Secondary Purchase)

In cases where a primary allottee sells a property to a third party (secondary buyer), ownership must be formally regularized with Aiben Properties to ensure proper documentation and recognition in our records.

Required Documents

Notification Letter: A formal letter from the primary allottee notifying Aiben Properties of the transfer.
Original Allocation Letter: Must be returned for official filing and replacement.
Proof of Transaction:
- Sales Agreement
- Deed of Assignment
- Power of Attorney (if applicable)
Application Form:
- Completed Interest/Application Form
- Non-refundable fee of ₦20,000
- Recent passport photograph
- Valid government-issued ID
- CAC Certificate (for corporate buyers)

Re-Allocation / Regularization Fees

Standard Re-Allocation Fees

Secondary buyers shall pay the sum of 2.5% on the current price of the property as charge for processing and change of allocation letters to AIBEN

These charges cover legal verification, administrative processing, and documentation updates.

Secondary Sale Property Search Fee

Any person intending to purchase a property through a secondary sale transaction and coming to AIBEN Properties for a property search and verification shall pay a non-refundable search fee of ₦100,000.

This search fee covers:

Verification of the property's ownership records
Confirmation of the original allottee's records
Verification of the property's allocation status
Review of available property documentation
Administrative processing of the property search

Resale Administrative & Legal Charge

For resale transactions, an additional 2.5% of the current market value will be charged to the new buyer.

This covers:

Ownership regularization and verification
Legal documentation review
Estate record updates
Issuance of new ownership documents
Administrative handling of the resale process

Important:
Failure to complete this regularization process may result in the buyer not being formally recognized in Aiben Properties' ownership records.

Replacement of Misplaced Property Documents

In the event that a client misplaces their Allocation Letter, Aiben Properties Ltd will reissue the document upon fulfillment of the following requirements:

Requirements

Legal Declaration:
- Police Report and/or Court Affidavit
- Clearly stating circumstances of loss
Processing Fee:
A non-refundable fee of ₦300,000 covering:
- Legal documentation procedures
- Administrative processing
- Reissuance of allocation document