In the real estate market, as in every other economic sector, there are those that engage in dishonest practices. There are those who claim to be landowners or realtors but are neither.
Sadly, these fraudulent people have refined the skill to such an extent that it could be very challenging for you to recognize their criminal tendencies when making a deal with them. But it’s critical to keep yourself safe from this kind of deception.
Make no mistake: ‘419’ is rife in Nigeria and incredibly common when it comes to purchasing landed property, despite our best efforts to pray against it or wish it weren’t true.
Here are some strategies for preventing fraudulent property purchases:
1. Send a trusted representative or visit the property yourself.
It seems sensible to want to see a product before purchasing it. For real estate, this is also accurate. Be certain of what you are purchasing.
2. Always request the papers for any land you are interested in purchasing.
One of the most important documents to request is the survey plan. The copy of the original receipt the Seller used to buy the land and from whom he bought it are both crucial pieces of information on the deed of assignment and how the property was transferred from the beginning to the present-day Seller. a copy of the gazette, the C of O, or the governor’s land approval.
3. Never believe any Omonile who produces documentation for a property that is clearly brand new but the docs appear to be old.
4. Never believe any marketing material you encounter in the media without first conducting your own independent research to verify it.
An investigation should involve a variety of expert inspectors who can look at the property under a metaphorical microscope to find hidden flaws.
5. Never rush the purchase of a landed property. Give it some time. Only act after you are certain of both the property’s veracity and your willingness to invest in it.