Terms of use

www.houseafrica.io is provided by HouseAfrica Investment and Properties Limited.

1. INTRODUCTION

This agreement outlines the terms and conditions (the “Terms”) between you (an “Investor”, “you”) and HouseAfrica Investment and Properties Limited (“HouseAfrica”, the “Company”, “we”, or “us”) under which you agree to co-invest in an housing project through our website (the “Platform”).

It is important that you read these Investment Terms carefully. We strongly recommend that you seek independent advice when considering whether to co-invest in a building project with your money through the Platform.

We do not provide any advice, nor do we make any recommendations to you. The Company solely allows you to co-invest in housing projects on the Platform. It is your responsibility to assess whether the Platform is suitable or appropriate for your needs and any decision made to use our Services is done so entirely at your own risk. Please be aware that execution of these Investment Terms does not imply that we have confirmed that use of the Platform and our Services are suitable or appropriate for you. We advise you to consider whether an investment through the Platform meets your required risk levels and objectives, and you should only commit such funds that you are able to financially bear the risk of losing considering your other financial commitments.

By using the Platform, you confirm that you have the necessary experience and knowledge to understand the risks involved.

You confirm your agreement to these Terms either by registering as an investor or on our website or by signing a copy of these Terms.

By continuing on our website, you agree to the following terms together with the Terms of Use, consent to our privacy policy and disclosure, agree to transact business with us and receive communications relating to the investment electronically.

2. LEGAL AND REGULATORY INFORMATION

HouseAfrica Investment and Properties Limited is a limited liability company registered in Nigeria (registration number RC 1560320 address at 11 Elekahia Road, Port Harcourt, Nigeria.

HouseAfrica Investment and Properties Limited is a Blockchain based Platform that allows you buy a fraction of housing projects and make returns when they are sold or rented.

3. INVESTMENT TERMS

As an investor you will receive periodic updates on the progress of the building project by email. The updates are also available on your profile on the Platform. You are expected to review all notifications, updates and reports from HouseAfrica as they represent a record of information pertaining to your investment during the construction period.

You are entitled to request for a site visit to the project you invested in, however, you must provide us with at least 2 weeks’ notice to schedule a visit.

You agree that by investing in a building project, your contribution is tied and unavailable for the entire construction period nor the Company can or will refund your contribution until the successful completion period as stipulated for the project.

Profits from a successful Sale or Rent of the house are remitted to the electronic wallet on the Platform.

At the end of a successful construction period, you can decide whether to withdraw your funds from the electronic wallet on the Platform and transfer to a bank account you provide us with or investment in a new building project.

At the end of a sucessful construction period, profits made during sales or rent will be shared between the investor and HouseAfrica in 80%:20% ratio respectively.

You acknowledge that you do not own any of the houses for the project tagged “Sell Option” but only entitled to the proceeds when they are sold.

You acknowledge that you co-own housing project tagged “Rent Option” and entitled to the rental proceeds and earn sale proceed when sold. This option has a holding period of 2-30years.

4. INVESTOR REPRESENTATIONS AND WARRANTIES

Representations and warranties are statements and promises made by you to the Company, which we rely on as being accurate in our dealings with you. You make the following representations and warranties to us at the time of agreeing to these Terms and every time you use the Platform or Services.

  • a. you are over the age of 18 years;
  • b. you are of sound mind and have the capacity to enter into these Terms and be matched to a building project;
  • c. all personal information that you provide about yourself is accurate and true to the best of your knowledge
  • d. you hold a bank account in Nigeria in your own name and will use this account to transfer money to our account or use a third party payment gateway when you invest in housing project and to receive refunds of contributions made and profits earned;
  • e. you have carefully considered the risks involved with using the Platform, the Services and being matched to a project and also the risks associated with any form of cash contribution or donation, including but not limited to the possibility of losing all the money you contribute;
  • f. you will only ever invest with your own money unless you are authorised on behalf of a third party (“Third Party”) and we agree that you may act on behalf of that Third Party;
  • g. you are not using any illegal funds or attempting to launder by investing in a building project;
  • h. if you are registering or accepting these Terms on behalf of a legal entity such as a company, trust or partnership, you are legally authorised to do so and we may request evidence of such legal entitlement (by way of a copy of any document which shows the valid and subsisting authorisation);and
  • i. you are not breaching any laws or regulations that are applicable to you or any company, trust or partnership upon whose instructions you are acting.

    • 5. ACCESS AND USE

    Secure access to the Platform is provided by way of your email and password. These log-in credentials are unique to you and are the primary method of securely identifying you when delivering our Services to you. It is therefore extremely important that you keep your email and password secure at all times.

    If you suspect that your secure access to the Platform has been compromised in any way, it is your responsibility to contact us.

    You confirm that you will only use our Platform for the purposes set out in these Terms.

    You confirm that you will not attempt to gain unauthorised access to the secure areas of the Website or Platform and furthermore you will not attempt to use code or software to manipulate or automate functions available on the Website.

    You understand that we may store your IP address information and may monitor your use of the Website in accordance with our cookie policy.

    Access to the Platform may be restricted at the discretion of the Company, particularly during periods of maintenance and updating.

    We have the right not to act on your instructions including where we deem that your instruction was not sufficiently clear, or we could not verify your identity to our satisfaction, or the instruction was not made by you, or we believe that the instruction may be related to an illegal activity.

    6. ANTI-MONEY LAUNDERING

    Where we discover that the Platform is being used to launder money or for any suspicious transactions, we have an obligation to report your activities to the relevant authorities without recourse to you.

    7. FOREIGN EXCHANGE RISK

    Where an Investor contributes in a currency other than the Naira, foreign exchange gain or loss and fluctuations in currency rates may have an impact on the profit made on such contribution by the Investor.

    All profits on contribution shall be converted and returned in Naira based on the Central Bank of Nigeria (CBN) official exchange rate. The Investor therefore enters into any transactions in currencies other than the Naira at their sole risk and shall bear all responsibilities for any gains or loss as a result.

    Unexpected changes in currency exchange market conditions may have an impact on the extent of profit the Investor would be exposed to such as when there is an upward or downward movement in the relevant rates.

    The Investor understands and is able to assume the risk of loss associated and agrees to be liable for any resulting deficit this might have on contributions made or profits earned.

    8. TERM AND TERMINATION

    Except as otherwise terminated in accordance with the provisions below, these Terms shall commence on the date you register to invest in housing project with the Company and shall remain valid and binding for as long as you have outstanding investment on the platform.

    These Terms may be superseded by any amended Terms.

    These Terms may be terminated by you provided that you have no outstanding investment on the platform. Notice of termination must be provided in writing to [email protected].

    These Terms may be terminated by the Company at any time without notice.

    9. PRIVACY

    You confirm that you have read and understood the Company’s Privacy Policy which provides information on how we use and store the personal information that you provide to us and you further acknowledge that the Company may amend and update this policy from time to time.

    10. INDEMNITY

    Subject to the Terms of Insurance and any insurance claims settled, you agree that the Company has no obligation to reimburse or indemnify you for any cost, loss or liability which you incur as a result of the failure of a building project to go according to expectations outlined.
    You agree to indemnify and hold harmless the Company, and all our other agents or sub-contractors, against all liabilities, costs, expenses, damages and losses (including any direct, indirect or consequential losses, loss of profit, loss of reputation and all interest penalties and legal and other reasonable professional costs and expenses) suffered or incurred as a result of:
    1. your fraudulent or illegal use of the Platform, the Services or the Website;
    2. your negligence or any default by you of any of these Terms or the terms of any Loan Agreement to which you are matched;
    3. any inaccurate or incomplete information that you have knowingly provided to us;
    4. your allowing any other person to access your account either with your permission or as a result of your failure to keep your email and password private;
    5. any service that you have offered, whether with or without our permission, to another third party using our Platform, Services or Website;
    6. any claim made against you for actual or alleged infringement of the Company’s Intellectual Property Rights or any actual or alleged infringement of a third party’s Intellectual Property Rights arising out of or in connection with the Services or your use of the Platform

    11. DISPUTE RESOLUTION

    This Agreement shall be governed by the Laws of the Federal Republic of Nigeria. Any dispute arising out of this Agreement, which cannot be settled, by mutual agreement/negotiation within 30 days shall be referred to arbitration by the arbitrator, all parties agree that their respective rights and obligations shall be governed by the laws of Nigeria, excluding its choice of law rules. Furthermore, in the event that any dispute or claim is determined not subject to arbitration by the arbitrator, all parties agree that any and all legal action or proceedings shall be instituted in a state or federal court in Nigeria.

    The findings of the arbitrator and subsequent award shall be binding on the Parties and may be enforced through a Nigerian court of law. Each Party shall bear its cost in connection with the Arbitration.

    12. APPLICABLE LAW

    This Agreement shall be interpreted and governed by the laws in force in the Federal Republic of Nigeria. The Parties submit to Arbitration and waive any objections based upon venue.

    13. CONTACT US

    Further Information If you would like any more information or you have any comments about our Privacy Policy, please e-mail us at [email protected]