Re-Allocation Policy
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
- Properties below ₦50,000,000: 2.5% of property value
- Properties above ₦50,000,000: 1.5% of property value
- Properties above ₦100,000,000: 1% of property value
These charges cover legal verification, administrative processing, and documentation updates.
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
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
