If you are not careful, it is quite easy to fall victim to a property scam. It’s amazing how many people get duped by land scams.
Purchasing land in Nigeria without the assistance of an expert might be difficult.
Please be smart before you invest in real estate, whether the land is worth N500, 000 or N12, 000,000. You worked hard for your money; you did not steal it, so do not allow someone to defraud you of your hard-earned money simply because you were not smart when you were investing.
My goal is to provide you with the crucial facts you need to know before purchasing land in Nigeria.
Please do not waste your hard-earned cash on fake lands.
Real estate has its own set of red flags, which are warning indications that can help you avoid losing a large quantity of money due to fraudulent real estate deals.
Aside from understanding what to look out for, it’s also critical to do your homework to avoid becoming a victim of a real estate scam.
Here Are Red Flag Warning Signs To Look Out For When Investing In Real Estate
1. No Tangible Documents:
Be careful of buying from any seller that is reluctant to show you previous original documents that proves he is the owner of the land.
Such a Seller would continue to make excuses about how he misplaced the documents and how he only has photocopies of one survey plan that is hardly visible to give you.
2. Seller Kicks Against An Independent Survey Of The Land:
You want to hire a surveyor to come to the property and measure it and conduct some comprehensive inspections, but the seller is being unreasonable.
A seller who refuses to let you bring in your own surveyor to inspect the property is trying to deceive you.
This is a red flag warning sign that the land is fake. A genuine seller will whole heartedly accept to have the land surveyed by your surveyor because he is certain that it is an authentic land free from encumbrances.
3.Gazette In Progress:
Please be wary of buying a land that is still under process.
If the Seller informs you that the land has no Gazette and that it is being processed at the Land Registry and he is unable to provide you with any other information on who is processing it, where it is being processed, file number or what stage it has reached. Please run!! Do not buy such property, it’s a red flag warning sign that the property is defective.
4.The Seller Evades Telling You About The History Of The Land:
You ask him about the land’s history and why certain paperwork aren’t up to current or available, and instead of providing them, he tries to persuade you about the caliber of people who have constructed houses nearby.
He’s attempting to deflect attention away from the underlying issue at hand, which is the land’s inherent flaws, by using other people’s houses as a cover.
He has no idea what those individuals are going through, or if they are even looking for people to buy their defective properties because they know the lands they bought years ago are flawed.
5.Double Check The Date The Land Was Surveyed:
If the seller provides you with a survey plan, always make sure that you double check the date the land was surveyed and compare it to the date on the Deed of assignment or receipt.
Some of these fraudulent sellers try to deceive the Government by backdating the survey plans, thereby creating a defective survey plan
If the dates on all of the documents differ, know that there is a strange narrative behind that land that you must investigate.
6.Ask For Evidence Of How A Foundation Was Built Once You See It On A Land:
This is why physical inspection of a property that you intend to buy is very important.
If you see any foundation on the land, you should demand for documents showing that the seller is indeed the rightful owner of the property.
\Foundation on a land should have a building plan, architects number, cement, gravel and sand receipt payment.
Anyone that is laying claim to a land must provide evidence or document that will prove that truly he is the owner of the property.
If he cannot provide any tangible document, then it is glaring that he is claiming someone else’s property. Please do not invest in such property
7.Pressure To Act Immediately
Most buyers are frequently pressured by real estate scammers to transfer money or personal information right away.
They might utilize a sense of scarcity to convince you that if you don’t act quickly, you’ll miss out on the land.
This should serve as a red flag whenever you’re being forced to act immediately.
Always take your time to do the necessary investigation before purchasing a land. If you feel too pressured to avoid the necessary due diligence, please walk away from such investment.
A genuine seller will give you the necessary information for investigation and encourage you to take your time and do your due diligence.
8.Getting Around Legal Checks
Real estate transactions are legally binding, necessitating the use of a lawyer.
A red flag is when a seller refuses to include legal paperwork in the transaction. Most dubious sellers are usually smooth talkers and generally persuasive, you must be cautious not to fall prey to their deceptive schemes.
Real estate scams can be alarming, but if you know what to look out for, you’ll be able to recognize one when you see one. Hope you found this article useful..
If you are looking to invest in Real Estate in Nigeria, Deka Real Estate AKA the Real Estate Guider will help you invest your hard earned money in safe and secure property.
Contact us on +2348082023568