Terms of Service

These Terms of Service (“Terms”) constitute a binding legal agreement between you and Pronact, governing your use of the websites, applications, and other services provided by Pronact (collectively, the “Platform”). In these Terms, references to “Vesspor,” “we,” “us,”or “our,” mean Pronact, the entity responsible for operating the platform and with whom you are entering into this agreement.

The Vesspor Platform enables users (“Investors”) to search for, buy, sell, and manage ownership units of real estate properties. Investors who search for and buy units of a property are “Buyers” and Investors who sell units of a property are “Sellers”. Buyers and Sellers are collectively referred to as “Investors”. Through the Platform, Investors can access listings of real estate properties (“Properties”), purchase fractional ownership units (“Units”), trade these Units with other Investors, and participate in the management and benefits of co-owned Properties (collectively, “Investment Services,”and each property or unit offering, a “Listing”).

1. Acceptance of Terms

By accessing or using the platform, you agree to be bound by these Terms of Service; therefore in the event of any form of clarifications or resolutions, the following terms and policies will govern the rights and claims from all investments with us, before any applicable general rules and regulations; therefore, if you do not agree with any of these terms, you are prohibited from using or accessing this site.

2. Description of Service

The platform facilitates the co-ownership of real estate properties by connecting buyers, sellers, and investors. Services include listing properties, managing co-ownership agreements, and providing a platform for property management and communication among co-owners.

3. Eligibility

• • You must be at least 18 years old or at the legal age of majority in your jurisdiction to use the platform;
• •You must provide accurate, current, and complete information during the registration process and keep your account updated.

4. Account Security

You are responsible for maintaining the confidentiality of your account and password and for restricting access to your computer, and you agree to accept responsibility for all activities that occur under your account or password.

5. Use of Service

You agree to use the platform only for lawful purposes and in a way that does not infringe the rights of, restrict, or inhibit anyone else's use and enjoyment of the platform.

6. Identity Verification

To ensure security and compliance, users must undergo identity verification before engaging in any transactions on the platform. This process includes:

• • Verification through personal information like name, address, date of birth, and sometimes biometric data if required by law or for enhanced security.
• •Attempting to gain unauthorized access to the platform or other users' accounts.
• •The platform may use third-party services to verify identity and will comply with privacy laws regarding the storage and use of personal data.

6. Financial Transactions

All financial transactions, including property purchases, trading fees, and profit sharing, are managed through the platform using integrated payment services.

7. Intellectual Property

All content on the platform, including text, graphics, logos, images, and software, is the property of Pronact or its content suppliers and protected by international copyright laws. Users retain ownership of content they post but grant us a non-exclusive, royalty-free license to use, reproduce, adapt, modify, publish, or distribute such content for the purpose of operating, promoting, and improving our service and operations.

7. Ownership, Trading, and Fees

When you purchase a co-ownership interest in a property through the platform, you acquire a percentage of the property as defined in your co-ownership agreement. This includes rights to benefit from the property according to the agreement's terms. Additionally, investors who purchase units of properties listed on the platform have ownership rights limited to buying and selling these units within the platform. While these units represent a fractional share of the property's value, investors do not have direct physical access to the property or the ability to enforce property rights. The only exception is when a single investor owns 100% of the units in a particular property.

As a co-owner, you may trade or sell your ownership units through the platform. However, trading of property units can only occur after the property has been listed on the platform for at least six months. The platform facilitates the listing and sale of these units, ensuring that all transactions are legally compliant. Co-owners can also buy units when offered by another user, either through direct transactions or public listings. Every transaction on the platform is recorded, specifying details such as the price, ownership percentage transferred, and other relevant information.

A trading fee is charged to the seller for each sale of property units. The exact fee amount will be specified during the transaction process.

8. Dispute Resolution

You agree to resolve any disputes related to co-ownership through mediation or arbitration as specified in their co-ownership agreement. Pronact may offer mediation services but is not involved as a party in these disputes.

8. Termination

We may terminate or suspend access to our Service immediately, without prior notice or liability, for any lawful reason, including without limitation if you breach the Terms.

9. Limitation of Liability

We will not be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses from any investment especially when such investment is frustrated by an act of God, or change in the National Economy or depreciation of properties/commodities invested into.

10. Changes to Terms

We reserve the right to modify these Terms at any time. It is your responsibility to check these Terms periodically for changes. Your continued use of or access to the website following the posting of any changes constitutes acceptance of those changes, However depending on the nature of the changes, the new change may not apply to investments made earlier. In the event that it applies, investor may be presented with the new terms.

11. Governing Law

These services shall be governed in accordance with the laws of the federation of Nigeria, without it being in conflict with the provisions here within

12. Benefits of investing in real estate

Please note that Investing in real estate can bring both short-term passive income or long-term appreciation of your net worth depending on the co-ownership agreement

• •Property Appreciation: As property values fluctuate, the value of your investment may increase significantly, allowing you to build equity over time. This appreciation can enhance the overall return on your investment, contributing to long-term wealth growth.
• •Rental Income: One of the key advantages of investing in rental property is the potential to generate reliable monthly cash flow. This income can help offset your initial investment and contribute to long-term financial stability.

13. Depreciation and Maintenance Costs

As a property owner, it is important to recognize that property values may appreciate or depreciate over time, and these fluctuations cannot be precisely predicted. To ensure transparency, the VESSPOR team is committed to keeping owners informed about maintenance and repair cost updates, housing market trends and property appreciation as values rise over time. In some cases, renovation costs may be added to the property's purchase value. We strive to minimize these costs by working with experienced professionals who ensure that renovations meet code requirements while maintaining affordability. Whether it's bringing a property up to standard or transforming it into an ideal home for first-time buyers, our goal is to maximize value while keeping expenses reasonable.

13. Ownership Agreements and Conflict Resolution

We ensure that every co-ownership arrangement is governed by a clear and comprehensive contract that outlines the rights, responsibilities, and positions of all owners. While we strive for seamless collaboration, we acknowledge that unforeseen circumstances can arise, and individuals may react unpredictably when faced with life’s challenges. Having a well-defined contract in place provides a structured framework for resolving any potential disputes, ensuring fairness and clarity for all parties involved.

14. Communication Disclaimer

Sometimes, Renovation Costs may be added to the purchase value of a property. We always endeavour to hire experts to achieve cheap costs to get something up to code or to renovate it into a first-time home-buyer's dream.

15. Content Disclaimer

We do not provide personal legal, financial, or litigation-related professional advice. The content on this platform is for informational and educational purposes only and should not be considered a substitute for individualized professional guidance. Additionally, all data, facts, and figures presented were accurate at the time of publication but may be subject to change over time.

16. Investment Risks and Funding Considerations

Investing in a property and its future interests is highly speculative and involves a degree of risk. It should only be undertaken by individuals who fully understand the nature of such investments, including potential appreciation and depreciation in property values. An investment in a property represents the number of shares allocated to your bank deposits and constitutes ownership in that specific property, not in our company shares. Additionally, there is no guarantee that our company will secure full funding or reach the required target to acquire a particular investment property. In the event that a property is no longer available for purchase or has been removed from the market, investors will have the option to:

• •Redirect their deposited funds to another investment, which may have a different share allocation.
• •Withdraw their deposited funds, subject to applicable conditions.

If the investment property is no longer available, certain operational costs or banking expenses may remain non-refundable. These costs will be explicitly communicated to investors before any deductions are made.

If you have any questions about these Terms, please contact us at support@pronact.com.