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), the ownership must be formally regularized with AIBEN Properties to ensure proper documentation and recognition in our records.

Required Documents

The following documents must be submitted for the re-allocation process:

1. Notification Letter
A formal letter from the primary allottee notifying AIBEN Properties of the sale and transfer of interest to the secondary buyer.

2. Original Allocation Letter
The original allocation document issued to the primary allottee must be returned to AIBEN Properties for official filing and replacement.

3. Proof of Transaction
Copies of all legal documents confirming the sale, including:

• Sales Agreement

• Deed of Assignment

• Power of Attorney (if applicable)

4. Application Form
The secondary buyer must complete an Interest/Application Form with a non-refundable fee of ₦20,000 and submit the following:

• A recent passport photograph

• Valid government-issued ID card

• CAC Certificate (for corporate buyers)

RE-ALLOCATION / REGULARIZATION FEES

The following fees apply for the regularization of ownership:

Standard Re-Allocation Fees

• Properties below ₦50,000,000:
  2.5% of the property value

• Properties above ₦50,000,000:
  1.5% of the property value

• Properties above ₦100,000,000:
  1% of the property value

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

Resale Administrative & Legal Charge

In cases where the property is purchased from a secondary seller (resale transaction), the new buyer shall also pay an additional administrative and legal processing charge equivalent to 7.5% of the current market value of the land to Aiben Properties Ltd.

This charge covers:

• Ownership regularization and verification

• Legal documentation review

• Estate record updates

• Issuance of new ownership documentation in the buyer’s name

• Administrative handling of the resale process

Failure to complete this regularization process may result in the buyer not being formally recognized in AIBEN’s 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

1. Legal Declaration

The client must provide:

• A Police Report and/or

• A Court Affidavit

clearly stating the circumstances surrounding the loss of the document.

2. Processing Fee

A non-refundable fee of ₦300,000 will be charged to cover:

• Legal documentation procedures

• Administrative processing

• Reissuance of the allocation document

Contact Information

For all inquiries, submissions, or clarification regarding property regularization and documentation, please contact the Customer Service Unit at:

Aiben Properties Ltd
📧 Email: info@aibenproperties.com