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Faq

Frequently asked questions

Where are Follypec Nigeria Limited properties located?

Follypec Nigeria Limited is a top notch real estate property company in Nigeria.

Our properties either Land or Buildings for the purpose of Sale or Rent are located in Lagos (Ikoyi, Victoria Island, Lekki, Ajah, Ibeju Lekki, Epe, Magodo, Yaba etc), Ogun State, Abuja, Rivers State, Imo State, Enugu State, Delta State, Oyo State, Cross Rivers State and other locations to open soon.

Who are the owners/developer?

Follypec Nigeria Limited has partnered with seasoned developers, estate surveyors, valuers and other top notch professionals delivering world class and outstanding results with track records to give it’s clients nothing but excellence.

What kind of titles does the properties have?

We invest a lot in property documentation hence, to safe guard the interest of our clients and ensure that when the contact us, they get properties with great title and without any form of encumbrance.

Our properties are excised by the government, some have Gazette, others have Governor’s Consent and the rest Certificate of Occupancy.

Are there any encumbrances on the properties?

All our properties are free from government acquisition and legal cases. When you buy from Jimmick Homes, you are buying peace of mind.

What are the payment structures?

As much as we stand for quality and affordability, we are also all about convenience.

We believe excellence doesn’t cost but it pays, therefore we have accommodated both outright and installment payment plans, from 0 – 2 years.

What are the sizes of the lands?

We have available lands ranging from half plots to hectares. They measure per square meter to 300 square meter, 450 square meter, 500 square meter, 600 square meter, 645 square meter, 1,500 square meter, 2,000 square meter, 2,500 square meter and on.

What other payment is required after land cost?

For a non serviced land, the client would be required to make the below anciliary payments;

  1. Survey Fee
  2. Deed of Assignment Fee
  3. Developmental Levy

Depending on the land, the respective costs would be communicated to every client at the point of sign up.

What are the infrastructures expected to be put in place?

We continue to put constant effort in creating the best life for every of our clients, therefore, we at all times ensure that all our estates have the below features for the convenience of our clients;

  1. Drainage Systems
  2. Electricity/Electric Poles
  3. Water Connection and Works
  4. Sanitary Sewer works
  5. Security Cams
  6. street Lamp Poles
  7. Access Roads
  8. Road network.
  9. Perimeter Fencing

What do I get after initial payment?

After initial payment, every client gets, a letter of acknowledgment (which acknowledges the payment made thus far), and receipt for the payment made.

When a client pays outright or completes payment however, they get a contract of sale in addition.

Are the roads to the estates motorable?

Yes, the road to the estates are motor able.

What are the development time lines?

Depending on the estate, development is meant to commence within 6 months to 2 years.

When is a plot allocated to a client?

Plots are allocated once payments for the plot of land has been made in full (inclusive of payment for the deed of Assignment and Survey Plan), unless otherwise stated in the estate FAQ document.

When can I commence building?

Construction can commence once development levy has been paid in full and the building plan approval has been sought and received from the appropriate authorities. This is the practice unless stated otherwise.

Is there a restriction to the kind of building I can build?

Yes, the estate layout is in sections and you are limited to build houses on each section based on the designated use or plan for that section (commercial or residential) i.e. bungalow, blocks of flats, detached houses (duplex). Note, “face-me-I-face-you (tenement   building) and high -rise houses will not be permitted.  All building designs must conform to the required set back of building control of the estate and such design would be approved by the company and LSG afterwards.

Can I resell my plot/property?

Yes, a subscriber who has paid up on their land can resell their plot. However approval must be sought and granted by Follypec Nigeria Limited. We would require the seller to furnish the company with details of the buyer.

Can I pay cash to an agent?

We strongly advise that cash payments should be made to Follypec Nigeria Limited at its designated banks. Otherwise, cheque(s) should be issued in favor of Follypec Nigeria Limited unless stated otherwise. We shall not accept any responsibility for any liability that may arise, as result of deviation from the above instruction.

How much rent can I receive for my property?

To determine how much rent you can charge for your property, you will need to assess the market rent – in other words, how much money similar properties in your area are renting for.

A good place to start is to carry out some research online. It is important to pay attention to the requested prices, as well as how long the properties stay on the market at those rates. Jimmick Homes property managers can provide you with plenty of useful information on comparative rentals in the area.

How long is a typical lease?

In Nigeria, standard lease periods are generally either 6 or 12 months. While longer lease terms are possible, you are likely to find a smaller number of tenants who are willing to commit to this time.

You may wish to speak to your Jimmick Homes property manager about the different advantages of each lease length and help you determine how to maximize your return most effectively.

Can I increase the rent during the lease period?

During the term of the tenancy, rents cannot be increased. Unless there is a specific term written into the tenancy agreement at the commencement and at the time, the appropriate notification is given. Once the lease has expired, or is coming up to expiry or a new lease is being negotiated, it is the perfect time to discuss a rent review with your property investment manager. Keep in mind each state and territory has different legislation they must abide by, please speak to your property investment manager about your local legislation and requirements.

How much should I increase the rent by?

Different states and territories have different legislative obligation in the amount rent can be increased at any one time. Speak to your property investment manager about your current local rental approximation and discuss the gap with the current rent and what you can execute legally.

 

A guideline to work with is, keep the rest a fraction below market opinion. That way you will maximize your return, while balancing the recognition of a good tenant – you don’t want to lose a good tenant for a few dollars and then incur additional wear and tear on the Property when the tenant vacates, possible vacancy, any marketing and / or letting fees associated with re-tenanting the property.

Is it mandatory to enlist the services of a property manager to manage a rental property?

While you are not required to have a rental agent manage your rental property, it is important to know that private owners are bound by the same legislative requirements that also apply to real estate agents.

This means that if a private owner was found to be in breach of the Residential Tenancies Act, they could be subject to the same disciplinary action – including potential fines – that would apply to real estate agents.

Who is responsible for property security?

As the owner of the property, you are responsible for ensuring your property is secure and lockable – your tenants may not be able to insure their belongings unless window locks, deadlocks and other security measures are in place.

It is commonly recommended that locks are installed to ensure the safety of your tenants – safeguarding the contents of the property is the responsibility of all parties, including you as the property owner.

Who is responsible for carrying out property repairs?

Owners should arrange for repairs to be carried out by a qualified, licensed tradesperson. Jimmick Homes property manager can help you find someone in the area to carry out minor repairs – this is often a more affordable option than finding someone on your own.

While it is uncommon for tenants to request small repairs, such as replacing a light globe, you will want to ensure other repairs – such as replacing tap washers – are carried out as quickly as possible to avoid damage to the property.

What happens if a tenant requests maintenance, but is never home?

In this circumstance, owners may wish to write a letter to the tenant explaining the situation and giving clear notice of a new date and time for the repairs to be carried out. This note should also advice that the tradesperson will be given the keys to access the property at this time if the tenant is not present.

Enlisting the service of a professional property manager that liaises frequently with tradespeople – such as Jimmick Homes – can help you, as there is often a reduced charge for a call-out if work cannot be completed.

What if your departing tenants claim to have lost the keys to the property?

All leases require that tenants return all keys to the property – including the ones originally given to them at the beginning of the tenancy – when they move out.

Tenants who have lost the keys they were provided are responsible for the cost of replacing them – this can be claimed from the bond. It is important to note, however, that tenants may dispute any claim on the bond by making an application to a tribunal. Property owners and their agents must ensure their paperwork is in order, including proof that the tenants were given keys at the beginning of their tenancy.

Can I charge the tenant for the cost of having the water and sewerage connected to the property?

It is the owner’s responsibility to have utilities such as water and sewerage connected to the property.

However, in most areas of Nigeria tenants can be charged for all or part of the water usage costs.
As these can vary depending on your region, you may wish to speak with Jimmick Homes agent about the different ways you can manage and pay your rates notices.

Neighbors are complaining about the noise my tenants make. What should I do?

If you have received written advice from the strata managers of the building about the noise your tenants are making, this is a good opportunity to contact your tenant and let them know about their neighbors’ concerns.

It is advisable to do this in writing, advising your tenant they are in breach of the terms of their lease. They should also be advised that due to the nature of strata buildings, any further noise complaints could result in a formal notice to vacate the property.

What questions should I ask the agent when buying a home?

  • Can you show me a recent property sales report to show what the house is worth?
  • Why is the vendor selling?
  • How long has the property been on the market?
  • Are there any known issues with the property, land or neighbors’ properties?
  • Exactly what is included in the sale?
  • How long have the owners lived there?
  • Is the property listed? If so, what grade is it? And is it in a conservation area?
  • How much are council rates / strata fees?

Why should I buy with Jimmick Homes?

Enlisting the help of a trusted real estate agency can help you navigate the often-tricky world of residential real estate. With offices across most of Nigeria’s major cities, towns and suburbs, your local Follypec Nigeria Limited real estate agent is perfectly-placed to provide you with advice and assistance relevant to your local real estate market.Your local Follypec Nigeria Limited real estate agent can also help you through every stage of the property buying process, including finding a property within your price range, organizing finance, reports and searches, conveyancing and in some cases, even helping to connect your utilities.

What are the steps to buy a home?

  • Own a home? Get an appraisal as this is a great way to find out how much equity you already have.  Jimmick Homes agent can give you a free property appraisal to help you here.
  • Contact Jimmick Homes specialist to discuss your home buying plans and borrowing capacity
  • Create a budget and save deposit
  • Choose a home loan and apply for pre-approval
  • Research property market and neighborhoods
  • Finalize property must-haves
  • Start house hunt
  • Lawyer / conveyancer to review contract
  • Get a building inspection
  • Make offer or bid at auction
  • Sign contract and pay deposit
  • Arrange insurance
  • Process First Home Owner Grant
  • Complete settlement and move in

What are the different ways to buy a home?

There are 4 main ways to buy real estate in Australia

  • Private treaty – when the vendor, or home owner sets the price they would like to sell their property for and their real estate agent negotiates individually with prospective buyers to achieve a sale as close to this price as possible.
  • Auction – which is a public sale conducted by a licensed auctioneer.  Properties are offered up for bid and if the reserve price is reached the property is sold to the highest bidder
  • Tender and Expression of Interest are processes wherein you submit a single offer, usually accompanied by a 5 or 10 per cent deposit, and it is accepted or rejected by the vendor.

What are the costs of buying a property?

  • Deposit – usually 10-20% of the home’s overall cost
  • Stamp Duty – differs in each state
  • Lenders mortgage insurance if you borrow more than 80% of the property purchase price
  • Building insurance
  • Legal help such as lawyers or conveyancers
  • Building, pest and strata inspections
  • Council rates and strata fees
  • Moving costs

How can I work out the budget I can afford to buy a home?

Talk to the experts at Follypec Nigeria Limited, they can help assess your current earning and assets and develop a plan with you.

What research should I do before buying a home?

Doing due diligence on the property market gives you important understanding of where you can buy, and how much it will cost.

  • Follypec Nigeria Limited Market report provides a regional snapshot of the property market.
  • Lands bureau are excellent offline providers of property data and information.
  • Websites like www.jimmicklimited.com will show you what is on the market.
  • Talk to Follypec Nigeria Limited agent as they have a depth of knowledge on the local market.

What is stamp duty?

Stamp duty is a charge which is applied by state governments in Nigeria and is in relation to the transfer of land or property. The State Government charges may vary depending on the purpose of the property purchased.

What auction terms should I know?

It is important that you understand these terms before your bid at an auction: Bidders guide, Inspection, Vendor and Dummy Bids, Rises and Advances, Reserve, On the Market and Passed In.

What happens on auction day?

On auction day if you want to bid, you must register in the bidder’s record and you will receive a bidder’s number that you will use when bidding.

The auctioneer will outline all rules before the bidding begins, including their obligation to refuse bids after the hammer falls, to arbitrate bid disputes and also to refuse bids that come from those who have not registered for the auction.  There may be more specifics depending on where the auction takes place, so check the rulings and listen carefully to the auctioneer.  If you are the successful bidder and the property sells to you, you are required to sign the contract immediately and pay a 10% deposit.  There is no cooling off period if you buy at auction.

What should I look for in a neighborhood?

To determine the right neighborhood for you, consider your pace of life – are you young and is the proximity to friends and entertainment important or are you looking for a quieter suburb.  If you have family plans consider schools, transport and amenities and safety of suburb.  Consider where you work and the daily commute.

What is the settlement?

Closing (also referred to as completion or settlement) is the final step in executing a real estate transaction. The closing date is set during the negotiation phase, and is usually several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer.

Do I need a pest inspection?

You don’t need a pest inspection but it is recommended that you get one to ensure the property you are buying has no major issues as this could save you a lot of money in the future.

What is the role of a real estate agent?

Real estate agents are qualified professionals that can help you sell your property.  They are experts in the local and wider property market and provide informed property appraisals.  They help guide sellers on the best method of sale and ensure properties are actively promoted and marketed to reach the maximum number of buyers.

Real estate agents will assist in the negotiation of property sales and ensure this is done with the utmost confidentiality.  Real estate agents work for the property seller and are focused on selling it for the most amount of money.

Why should I choose Follypec Nigeria Limited to sell my property?

  • Follypec Nigeria Limited is the strongest name in real estate
  • Follypec Nigeria Limited has the strongest digital presence in Nigeria – ensuring your property reaches more buyers than any other real estate group.
  • You’ll reach an extra 2.5 million buyers with our complimentary online listing system.

What is an exclusive listing?

  • With an exclusive agency agreement, you give only one agent the rights to sell your property.This may entitle the agent to be paid a commission if the property is sold during the fixed term of the agreement, even if you or another agent were responsible for the sale.An exclusive listing arrangement is most commonly used for the sale of residential properties.

Can a home depreciate in value?

Generally, real property never depreciates in value, or more so, it is not very common for property to depreciate.  This is why it’s a great investment. Make sure you carefully consider location and community when choosing a home, it can effect the homes future value greatly.

If you are in a newly developed area, do some research on the construction of the surrounding areas being developed to determine if they may effect your homes value.

Is an older home as good a value as a new home?

This is really just a matter of preference, but both newer and older homes offer distinct advantages, depending upon your unique taste and lifestyle.

Older homes can generally cost less than new homes, however, there are many cases where new homes can also cost less then older homes. Most new homes will not have any backyard landscaping and some don”t include any front landscaping either. With an older home, the landscaping is normally already completed and could have 10”s of thousands of dollars in landscaping done, which is included in the purchase price.

Taxes on some older homes may also be lower. Some people are charmed by the elegance of an older home but shy away because they”re concerned about potential maintenance costs. Consider a home warranty to get the peace of mind you deserve. A good Home Warranty plan protects you against unexpected repairs on many home systems and appliances for a full year or more after you move in.

In a new house, you can pick your own color schemes, flooring, kitchen cabinets, appliances, custom wiring for TV”s, electrical, computers, phones and speakers, etc., as well as have more upgrade options. Modern features like media rooms, extra-large closets and extra-large bathrooms and tubs are also more attainable in ground-up construction. In a used home, you rely largely on the previous resident”s tastes and technological whims, unless you plan to farm thousands into a remodeling and rewiring.

New-home designers can use new building materials such as glazed Energy Star windows, thicker insulation and other technology that will lower future energy costs for the owner. Most states now have minimum energy-efficiency requirements for new construction. Kitchens and laundry areas in new homes are designed to house more efficient energy-saving appliances. Older homes, unless they have undergone an energy retrofit, usually cost much more per square foot to air-condition and heat.

Builders have to follow very strict guidelines in new-homes and additions, especially in the West and Northwest, where earthquake safety standards must be observed. In general, new homes are usually more fire-safe and better accommodating of new security and garage-door systems.

Older homes can be better judged for their quality and timeless beauty. New homes that now possess a smooth veneer might reveal the use of substandard building materials or shoddy workmanship over time.

As you can see there are advantages and dis-advantages to each, but it really comes down to what fits you and what you are looking for in a home.

What is the agent's role at an open house?

  • An agent’s job at an open house inspection is to listen closely and observe attendees to gauge buyer interest and motivation.By engaging in conversation, the agent can learn more about a potential buyer’s specific circumstances and requirements. This helps the agent to discuss the aspects of the property relevant to the buyer.At the same time, buyers may need to view the property without pressure and talk about it with someone they have brought along. A good agent will be aware of this and only engage in conversation at appropriate moments.

Why should I be out during an open house?

  • Getting a buyer to picture themselves living in the property – sometimes referred to as ‘mentally moving in’ – is one of the most effective ways to generate serious interest.For this to be achieved, it is essential that they feel relaxed and unhurried. Buyers do not wish to intrude on the current owner’s space, so your presence can sometimes act as a deterrent for them to stay longer and continue to consider the property carefully.

Why is it important to declutter an open house?

  • Decluttering involves removing personal items as much as possible prior to an open house, in order to help the buyer imagine themselves living in the property.A first impression often lasts and excessive belongings can make a home seem smaller, darker and less airy than it really is.Modern homes and decor tastes also tend to lean towards a more sparse presentation, while too much clutter can leave buyers with the sense that finding storage space might be problematic.

What does 'overcapitalized' mean?

  • The term ‘overcapitalized’ refers to a situation where you have spent more money on your property than you will recoup from the sale price.While it is likely that any work you have done – such as landscaping or interior construction – will add value to the property, there is no guarantee that the full amount spent on these improvements will be seen in the eventual price of sale.

What is an open listing?

  • An open listing arrangement is a situation whereby you have gained the services of a number of different agents who will list your property and attempt to find a buyer for you.You are only expected to pay a commission to the successful agent when a buyer has been found.The benefit of this type of listing is that your property may be advertised across a wider spectrum of potential buyers, but the downside is that you may not receive the same individual attention as you would by employing the services of only one agent.

How long should it take to sell my house?

Once your home is placed on the market, the length of time it takes to sell depends on a number of circumstances.The biggest factor is how much you want to make for the property, with auction generally proving to be the most effective way to sell it for the best price in the shortest possible timeframe.An auction can secure you a quick sale because buyers are compelled to act on the day or risk losing the property to somebody else.

A Jimmick Homes agent can tell you the approximate number of days properties similar to yours have spent on the market before selling.

Can I sell my property while it is currently leased?

You are able to sell your property while it is being leased, but any potential purchaser must be told there is a current lease in place and that the property will not be sold with vacant possession.The tenant has the right to occupy the residence until the end of the lease term, unless both parties negotiate and agree to terminate the existing agreement.In some cases, the fact your property has reliable tenants in place may actually be appealing to prospective investors.

Do I pay a commission if I sell the property myself?

If you sell the property yourself, whether or not you have to pay the agent a commission will depend entirely on the agreement you signed with them.In many cases you may still need to pay the commission as, for example, it is likely that the promotional activities undertaken by the agent exposed the buyer to the property on the market.You should talk to your agent about this issue, or alternatively take a copy of the agreement to your solicitor or conveyancer for advice.

Can I sell my house by myself?

  • It is not a legal requirement to use an agent to sell your property – you may elect to undertake the process yourself.However, there are many reasons why people generally engage the services of a professional to ensure the best price.Aside from the obvious expertise in marketing, negotiation and selling that an agent brings, most buyers also prefer not to deal directly with the seller. If buyers know you are not paying for an agent, they will usually expect to see the house price reduced accordingly.In the end, selling a property on your own might lead to a lot of work and pressure, without actually saving any money or maximizing the end sale value.

What is a Sales Agency Agreement?

  • A sales agency agreement is a document written to protect your rights.  It includes details of the real estate agent who you have assigned to sell your property.  It states what they promise to provide for you, along with an estimated sale amount or price range.This arrangement outlines the amount of fees or commission payable by you for the real estate agent’s services. A commission is usually only due when the sale of the property is completed.The extent of the real estate agent’s authority to act on your behalf – such as to exchange or make changes on a sale contract – is also stipulated within this document.You have the right to negotiate with the real estate agent about the terms and conditions of the agreement and to ask for any legally-permitted changes to be made.The sales agency agreement usually involves a fixed term, which is a specific amount of time the sales agency agreement cannot be ceased unless accepted by both parties. An open-ended agreement with no fixed term must indicate an alternative method for being brought to an end.If you are unsure about how to end an agreement you should seek legal advice.In the event that you are unhappy with any of the real estate agent’s services, it is essential to officially bring the sales agency agreement to a close before signing up with a new organization – otherwise both might be able to charge you a commission when the property is sold.

What is a sole agency agreement?

A sole agency agreement is similar to an exclusive listing agreement, to the extent that you give rights to one real estate agent to sell the property whilst maintaining the ability to find a buyer yourself.

However, in this situation no commission is payable to the agent if you are able to find a buyer who they did not introduce you to.

What is an auction agency agreement?

An auction agency agreement is effectively the same as an exclusive agency agreement, except that it specifically applies to a property you are attempting to sell at auction rather than privately.

If the property reaches a sale at the auction, you will be required to pay the real estate agent a commission.

Who is a broker?

An agent who is authorized to open and run his/her own agency. All real estate offices have one principal broker.

What is the difference between being prequalified and preapproved for a loan?

If you’re prequalified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information you provide to the bank is accurate and true. This is not as strong as a preapproval.

If you’re preapproved, it means that you have undergone the extensive financial background check, which includes looking at your credit history, previous tax returns and verifying your employment – and the lender is willing to give you a loan, basically meaning you’re approved!

You will usually be provided an accurate figure which shows the maximum amount that you are approved for.  Most sellers prefer buyers that have been preapproved because they know that there will not be any problems with the purchase of their home.

What is title insurance?

Title insurance is insurance that protects the lender and buyer against any losses incurred from disputes over the title of a property.

Can I pay my own taxes and insurance?

When a loan is originated, the mortgage documents specify the escrow conditions. This has become a standard practice for all mortgages, including FHA, VA and conventional mortgages.  Occasionally on conventional loans, FRFCU waives the collection of escrow requirement at closing if the member has a minimum 20% equity position in the property.

How can I avoid private mortgage insurance?

The easiest way to avoid PMI is by putting 20% down payment; however, PMI can also be avoided if you only have 5% or 10% for the down payment. The way to accomplish this is via a first and second mortgage combination commonly referred to as 80/10/10^s or 80/15/5^s.

These two methods combine a first mortgage lien for 80% of the home price with a second mortgage lien for either 10% or 15% of the home price leaving the remaining 5% or 10% as the down payment. Because the first lien is at the magical 80% loan=to-value, there is no PMI required, even though a second mortgage is being |piggybacked| onto the financing thus allowing for the lessor down payment.

While the second lien terms are not as attractive as first lien rates, the second mortgage is still home mortgage interest and thus deductible as such on your federal tax return where PMI is insurance and offers no deduction.

How is interest calculated on a mortgage loan?

Most mortgages originated today calculate interest in arrears, unlike consumer loans which calculate interest to the date of payment receipt. As an example, when borrowers pay their February mortgage payments, they are paying the January interest. This method of calculating interest is based on a 360 day year in which each month has 30 days.

Is there a minimum credit score?

Title insurance is insurance that protects the lender and buyer against any losses incurred from disputes over the title of a property.

What benefits do I receive from private mortgage insurance?

Title insurance is insurance that protects the lender and buyer against any losses incurred from disputes over the title of a property.

What do I do if I receive a tax statement?

Many tax authorities will mail an informational copy of the real estate tax statement to the homeowner in addition to the Credit Union.  However, there are some statements tax authorities do not forward to the credit union, and in special cases we will need your assistance in obtaining the bill. If you receive a statement for any of the following, please forward it to our office by mail or fax.

  • delinquent real estate taxes
  • supplemental or additional real estate taxes
  • special assessments
  • if the tax authority will not honor a bill request from another party.

How long does the loan process take?

Most mortgages originated today calculate interest in arrears, unlike consumer loans which calculate interest to the date of payment receipt. As an example, when borrowers pay their February mortgage payments, they are paying the January interest. This method of calculating interest is based on a 360 day year in which each month has 30 days.