Buying properties in Nigeria can be a risky venture because there are more swindlers in property sales than genuine people.
Notwithstanding, that doesn’t mean you won’t buy any property at all. Ignorance is a major factor here. Quite several sellers are only interested in your money and not the property they want to sell to you.
Unfortunately, so many people get duped when it involves buying properties in Nigeria.
There are lots of safety measures, though tedious which you can take so you don’t end up getting scammed. However, these processes are worth the stress.
Tips to avoid being swindled or scammed by Dennis Isong
1. Find out the real owner.
Before paying for a property, investigate the real owner. Find the details about the person(s) and be sure that the names match with the person you were told. Be sure the person has the valid authority to sell the property.
A lot of people get scammed because they bought from the wrong owner without making accurate research and inquiries about the original owner.
And in the case of an intermediary, find out if the middleman has the right to sell the property on behalf of the owner.
Some of the important documents are Power of Attorney, Deed of Assignment, and Certificate of Ownership, among others.
2. Exercise ownership:
When you buy a property such as land, it’s better to exercise ownership by doing a foundation or fencing it round. Apart from these, make sure you do all legal documentation as appropriate.
When all of these are done, it sends a message to people, especially land swindlers that the property is already owned by someone. And anyone who tries to buy it is at risk.
Also, your land would not be illegally resold.
3. Get proper advice on the fees you are meant to pay by your lawyer:
When buying a property, you are told to pay different fees of which part of these fees are supposed to be paid by the seller. But ignorance can push you into paying for what you should not. Get legal advice for this.
Some of the fees you are expected to pay are:
- Fees for survey plans.
- perfection fees.
- agency fees.
- legal fees
4. Ask questions from people living around the property:
This is very important. People in the neighborhood know about the property and can tell a story about it. Speak with them to find out if there had been any controversy in the past concerning the property.
5. Request all documents regarding the property:
As a layman, you may not know everything needed to be requested, then, it’s vital to seek the services of a property lawyer to serve as an interface between you and the seller.
6. Payment of property should be traceable to the seller, documented, and also with receipts.
7. Buy from a reputable company:
The greatest disservice you can do to yourself is buying a property from companies without a solid foundation in genuine property business and management.
How do you know the right companies? Search for their track record online.
Dennis Isong helps individuals invest right in Real estate. For questions on this article or enquiring about Real estate. Email: [email protected] or Whatsapp/Call +2348164741041