REFUND POLICY
FortuneRealtors & Property Ltd
Effective Date: 16-08-2026
Last Updated: 16-08-2026
1. INTRODUCTION
This Refund Policy (“Refund Policy“) explains the circumstances under which FortuneRealtors & Property Ltd (“FortuneRealtors“, “we“, “us” or “our“) may provide refunds in connection with property reservations, property purchases, instalment payments, inspection-related payments, administrative charges and other payments made to FortuneRealtors.
Because real estate transactions may involve significant sums, contractual commitments, documentation, allocation processes and third-party costs, refunds are handled according to the nature of the payment, the stage of the transaction and the applicable contractual terms.
This Refund Policy should be read together with:
Our Terms of Service;
Our Privacy Policy;
The applicable Property Terms;
Any Reservation Agreement;
Any Sale and Purchase Agreement;
Any payment schedule or invoice;
Any allocation documentation; and
Any other written agreement applicable to the relevant transaction.
Where a specific written agreement contains refund provisions applicable to a particular transaction, those provisions shall govern that transaction to the extent of any inconsistency, subject to applicable law.
Nothing in this Refund Policy is intended to exclude, restrict or waive any statutory right or remedy that cannot lawfully be excluded.
2. ABOUT FORTUNEREALTORS
FortuneRealtors & Property Ltd is a real estate company engaged in the acquisition, development, marketing and sale of properties and estates, together with related real estate services.
Our property transactions may involve:
Property reservations;
Plot purchases;
Instalment payment arrangements;
Property allocation;
Documentation;
Survey-related processes;
Estate development;
Infrastructure development;
Customer verification; and
Other transaction-related activities.
Because each property and transaction may have different requirements, the refund treatment applicable to one transaction may differ from another.
3. IMPORTANT PRINCIPLE
A payment made to FortuneRealtors does not automatically create an unconditional right to a refund.
Whether a refund is available depends on:
The type of payment;
The reason for the refund request;
The applicable agreement;
The stage of the transaction;
Whether the Customer has defaulted;
Whether FortuneRealtors has incurred non-recoverable costs;
Whether third-party services have already been provided;
Whether the Company is responsible for the circumstances giving rise to the refund request; and
Applicable Nigerian law.
Customers should therefore review all transaction documents carefully before making payment.
4. DEFINITIONS
For this Refund Policy:
“Customer” means a person who has made a payment to FortuneRealtors or entered into a property-related transaction with FortuneRealtors.
“Property” means land, plots, buildings, estates or other real estate offered by FortuneRealtors.
“Reservation” means an arrangement under which a Property is temporarily held for a Customer subject to specified conditions.
“Reservation Fee” means a payment made specifically to reserve a Property.
“Purchase Price” means the agreed price payable for a Property.
“Instalment” means any part-payment made toward the Purchase Price or other agreed property obligation.
“Allocation” means the formal assignment or identification of a particular Property or plot to a Customer.
“Transaction Documents” means agreements, invoices, receipts, reservation forms, sale agreements, payment schedules, allocation documents and other written documents applicable to a transaction.
“Business Day” means a day other than Saturday, Sunday or a public holiday in Nigeria.
5. GENERAL REFUND PRINCIPLE
FortuneRealtors will assess each refund request individually and in accordance with the applicable Transaction Documents and law.
A Customer is not entitled to a refund merely because:
The Customer has changed their mind;
The Customer no longer wants the Property;
The Customer has found another Property;
The Customer’s personal circumstances have changed;
The Customer’s financing has failed;
The Customer’s expected financial position has changed;
The Customer believes the Property may no longer appreciate as expected;
The Customer has delayed making payments; or
The Customer has reconsidered the transaction.
Where a Customer cancels voluntarily, the applicable agreement will determine whether a refund is available and what deductions, charges or conditions may apply.
6. RESERVATION FEES
Reservation fees may be treated differently from Purchase Price instalments because a reservation may cause FortuneRealtors to:
Remove a Property from active availability;
Hold a Property for a particular Customer;
Decline other potential buyers;
Carry out administrative processing;
Prepare transaction documentation;
Allocate internal resources; or
Incur transaction-related expenses.
Unless otherwise expressly stated in writing, a Reservation Fee is not automatically refundable where the Customer voluntarily cancels the reservation or fails to complete the required transaction conditions.
Where applicable law or the specific Reservation Agreement requires a refund, FortuneRealtors will process the refund in accordance with those requirements.
7. CUSTOMER-INITIATED CANCELLATION
A Customer who wishes to cancel a transaction must submit a written cancellation request to FortuneRealtors.
The request should include:
Full name;
Property or estate name;
Transaction reference;
Payment details;
Date of payment;
Amount paid;
Reason for cancellation;
Customer’s preferred contact details; and
Bank account details where a refund may be applicable.
Submitting a cancellation request does not automatically mean that the Customer is entitled to a refund.
FortuneRealtors will review the request against the applicable Transaction Documents and applicable law.
8. CANCELLATION BEFORE ALLOCATION
Where a Customer cancels a transaction before allocation, the refund position will depend on:
The applicable agreement;
The type of payment made;
Whether the Customer is in default;
Any agreed cancellation terms;
Administrative costs;
Third-party costs;
Documentation already processed;
Whether the Property was held for the Customer; and
Applicable law.
Where a refund is approved, FortuneRealtors may deduct amounts that are expressly permitted under the applicable agreement or law.
9. CANCELLATION AFTER ALLOCATION
Once a Property has been formally allocated to a Customer, cancellation may be subject to significantly different terms.
Allocation may involve:
Property identification;
Survey processing;
Documentation;
Administrative processing;
Estate records;
Customer registration;
Site planning;
Internal allocation procedures; and
Other transaction-related activities.
Accordingly, a Customer who seeks cancellation after allocation will be governed by the applicable Transaction Documents.
A refund is not automatically available solely because the Customer later decides not to proceed.
10. CANCELLATION AFTER DOCUMENTATION
Where transaction documentation has already been prepared, executed, processed or submitted, FortuneRealtors may incur costs that cannot reasonably be recovered.
Where the applicable agreement permits deductions, FortuneRealtors may deduct relevant documented costs from an approved refund.
Such costs may include, where applicable:
Legal fees;
Survey fees;
Documentation charges;
Administrative costs;
Registration-related charges;
Government charges;
Third-party professional fees; and
Other non-recoverable transaction expenses.
Any deduction will be subject to the applicable agreement and applicable law.
11. INSTALMENT PAYMENTS
Where a Customer purchases a Property through instalments, each payment forms part of the overall transaction and does not necessarily create a separate refundable transaction.
If the Customer defaults or voluntarily terminates the transaction, the refund treatment will be determined by:
The payment schedule;
The sale agreement;
The default provisions;
The cancellation provisions;
The stage of the transaction; and
Applicable law.
FortuneRealtors may not be required to refund all instalments merely because the Customer has not completed the purchase.
12. CUSTOMER DEFAULT
A Customer may be considered in default where the Customer:
Fails to make a payment by the agreed due date;
Fails to provide required documentation;
Provides materially false information;
Fails to comply with the Transaction Documents;
Attempts an unauthorised transfer;
Fails to satisfy agreed conditions; or
Otherwise materially breaches the applicable agreement.
Where the Customer is in default, FortuneRealtors may exercise the remedies available under the applicable Transaction Documents and law.
These remedies may include:
Issuing a notice of default;
Suspending the transaction;
Cancelling a reservation;
Releasing the Property;
Applying contractual charges;
Terminating the agreement; or
Processing any refund only to the extent required or permitted under the applicable agreement and law.
13. FAILURE TO COMPLETE PAYMENT
If a Customer fails to complete the Purchase Price within the agreed period, FortuneRealtors may, subject to the applicable agreement:
Extend the payment period;
Apply an agreed administrative or default charge;
Suspend the transaction;
Cancel the reservation;
Reallocate or release the Property; or
Terminate the transaction.
The consequences for payments already made will be determined by the applicable Transaction Documents and applicable law.
14. COMPANY-INITIATED CANCELLATION
FortuneRealtors may cancel or discontinue a transaction where circumstances make completion impossible, unlawful or commercially impracticable, subject to the Customer’s contractual and statutory rights.
Where FortuneRealtors is responsible for the cancellation and a refund is legally or contractually due, the Company will process the applicable refund in accordance with the relevant agreement and applicable law.
Where appropriate, FortuneRealtors may offer:
An alternative Property;
A transfer to another available Property;
A credit toward another Property; or
A monetary refund.
Any alternative arrangement will require the Customer’s agreement where such agreement is legally required.
15. PROPERTY UNAVAILABILITY
If a Property becomes unavailable before completion of a transaction for reasons attributable to FortuneRealtors and the Company cannot reasonably provide the agreed Property or an agreed alternative, the Company will assess the appropriate remedy in accordance with the applicable Transaction Documents and law.
Depending on the circumstances, this may include:
Alternative Property;
Transfer of payment;
Credit;
Refund; or
Another agreed remedy.
16. OVERPAYMENTS
If a Customer accidentally pays more than the amount due, the excess amount may be:
Applied toward an outstanding balance;
Applied toward another agreed transaction obligation; or
Refunded to the Customer.
Where a refund is requested, the Customer may be required to provide sufficient information to verify the payment and refund destination.
17. DUPLICATE PAYMENTS
Where a Customer makes the same payment more than once due to an administrative or technical error, FortuneRealtors will verify the duplicate payment.
Once confirmed, the excess amount may be:
Applied toward the Customer’s outstanding balance; or
Refunded to the Customer.
Where a refund is appropriate, FortuneRealtors will process it after completing reasonable verification.
18. FAILED OR REVERSED PAYMENTS
Where a payment is:
Reversed;
Charged back;
Rejected;
Unsuccessfully processed; or
Not received by FortuneRealtors,
the relevant amount may not be treated as a completed payment.
If a payment provider temporarily holds funds, the Customer may need to resolve the issue directly with the relevant payment provider.
FortuneRealtors may request proof of payment before investigating a payment dispute.
19. CHARGEBACKS
Customers should contact FortuneRealtors before initiating a bank or card chargeback where a transaction dispute can reasonably be resolved directly.
Unauthorised or unjustified chargebacks may result in:
Investigation;
Suspension of the relevant transaction;
Temporary restriction of services;
Recovery of legitimately outstanding amounts; or
Other lawful action.
Nothing in this section prevents a Customer from exercising legitimate rights provided by applicable law or their financial institution.
20. THIRD-PARTY FEES
Some payments may relate partly or entirely to services provided by third parties.
Examples include:
Legal services;
Survey services;
Valuation;
Government charges;
Registration;
Documentation;
Payment processing;
Professional consultancy; and
Other third-party services.
Where such fees have already been paid to or incurred from third parties and are non-refundable, FortuneRealtors may not be able to refund those amounts.
Any such treatment will be subject to the applicable Transaction Documents and applicable law.
21. NON-REFUNDABLE CHARGES
Certain charges may be expressly identified as non-refundable before payment.
These may include, where applicable:
Reservation fees;
Administrative fees;
Certain documentation fees;
Third-party professional fees;
Processing charges; and
Other charges expressly identified as non-refundable.
A charge will not be treated as non-refundable merely because FortuneRealtors would prefer not to refund it; the relevant non-refundable treatment should be supported by the applicable agreement and law.
22. PROPERTY PRICE CHANGES
Changes in property prices after a Customer has completed a valid transaction do not automatically create a right to a refund or price adjustment.
Similarly, if the market price of a Property later decreases, a Customer cannot automatically demand a refund of the difference.
The applicable contractual price governs unless the relevant agreement expressly provides otherwise or applicable law requires a different remedy.
23. MARKET CONDITIONS
FortuneRealtors does not guarantee property appreciation, rental income, resale value or other financial returns.
A Customer’s decision to cancel because:
Property values have changed;
The market has declined;
Expected appreciation has not occurred; or
The Customer’s anticipated financial return has changed,
does not automatically create a right to a refund.
24. DEVELOPMENT DELAYS
Where a Property forms part of an estate development, delays may occur due to:
Weather;
Flooding;
Government approvals;
Regulatory requirements;
Contractor performance;
Material shortages;
Labour issues;
Utility infrastructure;
Security conditions;
Access restrictions;
Force majeure events; or
Other circumstances beyond FortuneRealtors’ reasonable control.
A development delay does not automatically create a right to a refund unless provided by the applicable Transaction Documents or required by law.
Where a contractual refund right arises, FortuneRealtors will comply with the relevant contractual obligation.
25. FORCE MAJEURE
FortuneRealtors shall not be responsible for delays or failures caused by events beyond its reasonable control.
Such events may include:
Natural disasters;
Flooding;
Fire;
Severe weather;
War;
Terrorism;
Civil unrest;
Government action;
Regulatory restrictions;
Strikes;
Labour disruptions;
Major utility failures;
Security incidents;
Cybersecurity incidents;
Material shortages;
Transportation disruption; or
Other circumstances beyond reasonable control.
Where a force majeure event affects a transaction, FortuneRealtors will take reasonable steps to mitigate its effects.
The refund consequences, where any, shall be determined in accordance with the applicable Transaction Documents and applicable law.
26. REFUNDS ARISING FROM FORTUNEREALTORS’ BREACH
Where FortuneRealtors materially breaches a binding agreement and the breach gives the Customer a contractual or statutory right to terminate and receive a refund, FortuneRealtors will process the refund in accordance with the applicable agreement and law.
The Company will not use this Refund Policy to defeat a legitimate refund right arising from its own material breach.
27. FRAUDULENT TRANSACTIONS
FortuneRealtors reserves the right to investigate transactions suspected of involving:
Fraud;
Money laundering;
Identity theft;
False documentation;
Unauthorised payment;
Payment made on behalf of another person without authority; or
Other unlawful conduct.
Where a transaction is under legitimate investigation, processing of a refund may be delayed to the extent reasonably necessary and permitted by law.
Where appropriate, the Company may cooperate with relevant authorities or financial institutions.
28. IDENTITY VERIFICATION BEFORE REFUND
For security and fraud-prevention purposes, FortuneRealtors may verify the identity of a person requesting a refund.
We may require:
Valid identification;
Transaction documentation;
Proof of payment;
Confirmation of the original payer;
Bank account information;
Corporate authorisation where applicable; or
Other reasonable information.
Refunds will ordinarily be made to the original payer or the verified account associated with the transaction unless an alternative arrangement is legally justified and approved by FortuneRealtors.
29. REFUNDS TO THIRD PARTIES
FortuneRealtors will generally not refund a Customer’s payment to an unrelated third party.
Where the original payment was made by another person or entity, FortuneRealtors may require evidence establishing:
The relationship between the Customer and payer;
The payer’s authority;
The reason for the third-party payment; and
The appropriate refund recipient.
This is intended to reduce fraud, money laundering and unauthorised diversion of funds.
30. REFUND METHOD
Approved refunds will generally be made through a traceable payment method.
Where reasonably practicable, the refund will be made to:
The bank account from which the original payment originated; or
Another verified account approved by FortuneRealtors.
FortuneRealtors may decline to make refunds in cash where a traceable electronic method is reasonably available.
31. REFUND PROCESSING TIME
Once a refund has been approved and all required verification has been completed, FortuneRealtors will endeavour to process the refund within [insert number] Business Days.
The actual time for funds to appear in the Customer’s account may depend on:
The Customer’s bank;
Payment providers;
Interbank processing;
Public holidays;
Verification procedures; and
Other factors outside FortuneRealtors’ reasonable control.
The refund-processing period begins after approval and completion of all necessary verification, not necessarily from the date the Customer first submits a cancellation request.
32. BANK CHARGES AND TRANSFER COSTS
Where a refund is being processed and bank or payment-provider charges apply, the treatment of such charges will depend on:
The reason for the refund;
The applicable agreement;
The payment provider’s terms; and
Applicable law.
FortuneRealtors will not deduct charges that cannot lawfully or contractually be passed to the Customer.
33. REFUND CALCULATION
Where a refund is approved, the amount payable may be calculated as:
Amount Eligible for Refund
less Applicable Lawful Deductions
= Net Refund
Potential deductions may include only amounts properly supported by the applicable Transaction Documents or law, such as:
Contractually agreed cancellation charges;
Approved administrative charges;
Non-refundable third-party costs;
Completed professional services;
Government charges;
Outstanding contractual obligations; or
Other lawful deductions.
The Customer will be informed of material deductions applicable to the refund.
34. PARTIAL REFUNDS
Where only part of a payment is eligible for refund, FortuneRealtors may issue a partial refund.
A partial refund does not necessarily mean that FortuneRealtors accepts liability for the entire transaction or that the Customer is entitled to cancel all remaining contractual obligations.
The effect of a partial refund will depend on the applicable Transaction Documents.
35. REFUND REQUESTS AFTER DOCUMENTATION OR ALLOCATION
Where a Customer requests a refund after:
Allocation;
Execution of documentation;
Survey processing;
Registration;
Preparation of legal documents;
Property identification; or
Other substantial transaction processing,
the request will be assessed under the applicable contractual provisions.
Additional transaction costs may have been incurred by that stage.
The Customer should therefore carefully consider the transaction before proceeding to stages that create additional obligations or costs.
36. REFUNDS AND PROPERTY TRANSFER
Where a refund is approved following a transaction that has already resulted in a documented transfer, allocation or other property interest, the Customer may be required to complete appropriate documentation before the refund is processed.
This may include:
Cancellation documents;
Deeds of surrender;
Reassignment documents;
Termination agreements;
Confirmation of release;
Return of original documents; or
Other legally necessary documentation.
No refund will be used to circumvent legal requirements relating to the transfer or termination of property rights.
37. REFUNDS WHERE A CUSTOMER HAS TRANSFERRED RIGHTS
Where a Customer has transferred, assigned or otherwise disposed of their contractual or property rights, FortuneRealtors may require evidence of the transfer before considering any refund.
The original Customer may not automatically remain entitled to receive a refund after transferring their interest to another person.
The applicable Transaction Documents and law will determine the parties’ respective rights.
38. DEATH OR INCAPACITY OF A CUSTOMER
If a Customer dies or becomes legally incapacitated, FortuneRealtors may require appropriate legal documentation before processing a refund.
Depending on the circumstances, this may include:
Probate;
Letters of Administration;
Court orders;
Valid power of attorney;
Grant of representation; or
Other legally recognised documentation.
FortuneRealtors will not knowingly release substantial funds to an unauthorised person.
39. CORPORATE CUSTOMERS
Where the Customer is a company, partnership, organisation or other legal entity, refund requests must be made by an appropriately authorised representative.
FortuneRealtors may request:
Corporate identification;
Board resolution;
Authorisation letter;
Identification of authorised signatory;
Corporate bank information; or
Other documentation reasonably required to verify authority.
40. TAXES AND GOVERNMENT CHARGES
Where taxes, statutory charges or government fees have already been paid or incurred and are not recoverable, FortuneRealtors may not be able to refund those amounts.
The treatment of such amounts will depend on the applicable law, transaction structure and relevant government or third-party procedures.
Customers should seek independent tax advice where necessary.
41. REFUND AND PRIVACY
Personal information provided as part of a refund request will be processed in accordance with FortuneRealtors’ Privacy Policy and applicable data protection law.
We may use the information to:
Verify identity;
Verify payments;
Process the refund;
Prevent fraud;
Maintain transaction records;
Comply with legal obligations; and
Resolve disputes.
42. HOW TO REQUEST A REFUND
Refund requests should be submitted in writing to:
Email: info@fortunerealtors.com
The request should contain:
Customer’s full name;
Telephone number;
Email address;
Property or estate name;
Transaction reference;
Amount paid;
Date(s) of payment;
Payment evidence;
Reason for requesting the refund;
Relevant agreement or invoice, where available; and
Verified bank details where applicable.
FortuneRealtors may request additional information where necessary to assess the request.
43. REFUND REVIEW PROCESS
Upon receiving a refund request, FortuneRealtors may:
Confirm receipt of the request;
Verify the Customer’s identity;
Verify payment records;
Review the applicable Transaction Documents;
Determine the stage of the transaction;
Assess applicable cancellation or refund provisions;
Determine lawful deductions;
Approve or reject the request;
Communicate the decision to the Customer; and
Process an approved refund.
A refund decision may require review by the Company’s management, legal team, finance team or other authorised personnel.
44. REJECTION OF REFUND REQUEST
Where a refund request is rejected, FortuneRealtors will, where appropriate, provide the Customer with the reason for the decision.
Reasons may include:
No contractual refund right;
Customer-initiated cancellation outside applicable terms;
Customer default;
Non-refundable reservation;
Completed transaction stage;
Non-recoverable third-party costs;
Failure to provide required documentation;
Unverified payment;
Fraud or compliance concerns; or
Other lawful contractual or statutory grounds.
A rejection does not prevent the Customer from exercising any legal right or remedy available under applicable law.
45. DISPUTES ABOUT REFUNDS
If a Customer disagrees with a refund decision, the Customer should first contact FortuneRealtors and request a review.
The Customer should provide:
The original refund request;
Relevant transaction documents;
Evidence of payment;
Grounds for disputing the decision; and
Any additional information supporting the request.
FortuneRealtors will review the matter in good faith.
Where the dispute cannot be resolved internally, the parties may pursue the dispute-resolution mechanisms available under the applicable agreement and Nigerian law.
46. CONSUMER RIGHTS
Nothing in this Refund Policy is intended to remove or restrict any mandatory consumer protection right available under Nigerian law.
Where applicable legislation provides a Customer with a right to a refund, cancellation, compensation or another remedy that cannot lawfully be excluded, that right will prevail over any inconsistent provision of this Refund Policy.
47. NO AUTOMATIC REFUND FOR MARKET LOSS
FortuneRealtors does not guarantee that the market value of a Property will increase.
Accordingly, a Customer cannot demand a refund merely because:
The market price has fallen;
The Customer cannot find a buyer;
Expected appreciation has not occurred;
Rental income is lower than expected; or
The Customer’s financial expectations have changed.
48. NO REFUND FOR CHANGE OF MIND EXCEPT WHERE PROVIDED
A Customer’s change of mind does not, by itself, create an automatic refund right.
Any cancellation resulting from a change of mind will be assessed under the applicable Reservation Agreement, Sale Agreement, Transaction Documents and applicable law.
49. NO REFUND OF UNAUTHORISED PAYMENTS TO THIRD PARTIES
Where a Customer voluntarily pays an unauthorised individual or third party instead of FortuneRealtors through an officially confirmed payment channel, FortuneRealtors may not be responsible for refunding that payment.
However, where FortuneRealtors receives funds through an unauthorised arrangement involving its personnel or representatives, the Company will investigate the circumstances and determine its obligations in accordance with applicable law and the facts of the matter.
Customers should always verify payment details before making substantial payments.
50. POLICY CHANGES
FortuneRealtors may update this Refund Policy from time to time to reflect:
Changes in law;
Regulatory requirements;
Business practices;
Property transaction procedures;
Payment methods;
Customer service processes; or
Other legitimate business requirements.
The updated policy will be published with a revised “Last Updated” date.
Changes to this Refund Policy will not automatically alter refund rights already established under a binding Transaction Document unless legally permitted and properly agreed.
51. RELATIONSHIP WITH OTHER TERMS
This Refund Policy forms part of FortuneRealtors’ broader contractual and customer-service framework.
It should be read together with:
Terms of Service;
Privacy Policy;
Property-specific terms;
Reservation agreements;
Sale agreements;
Payment schedules;
Allocation documents; and
Other applicable Transaction Documents.
Where a specific signed agreement contains a different refund provision applicable to the particular transaction, the specific agreement will govern that transaction to the extent of the inconsistency, subject to applicable law.
52. GOVERNING LAW
This Refund Policy shall be governed by and interpreted in accordance with the laws of the Federal Republic of Nigeria.
Nothing in this policy prevents a Customer from exercising mandatory rights or remedies available under applicable Nigerian law.
53. SEVERABILITY
If any provision of this Refund Policy is determined to be invalid, unlawful or unenforceable, the remaining provisions shall remain effective to the extent permitted by law.
Where legally possible, the affected provision shall be interpreted or modified to preserve its lawful purpose.
54. CONTACT INFORMATION
For refund requests, refund enquiries or questions regarding this Refund Policy, contact:
FortuneRealtors & Property Ltd
Address:
No. 14, Maj Gen Omali Block,
Acada Arcade Shopping Complex,
Nigerian Army Post Service Estate,
Ojo, Lagos, Nigeria.
Telephone:
+234 916 000 7472
+234 916 000 7473
Email:
info@fortunerealtors.com
55. EFFECTIVE DATE
This Refund Policy is effective from [Insert Effective Date] and was last updated on [Insert Last Updated Date].
FORTUNEREALTORS & PROPERTY LTD
No. 14, Maj Gen Omali Block, Acada Arcade Shopping Complex, Nigerian Army Post Service Estate, Ojo, Lagos, Nigeria.
Tel: +234 916 000 7472 | +234 916 000 7473
Email: info@fortunerealtors.com