13/12/2021
5 TIPS THAT WILL HELP YOU AVOID REAL ESTATE SCAM
Over the years, I've had many lamented bitterly of losing large sum of money to quack real estate agents. Now imagine losing millions of your hard-earned money by falling victim to land fraudsters. No land, no money. Gosh, that must hurt! Right? It's something you will never forget in a hurry.
That said, in this write-up, I will be discussing some few tips that can help you avoid being scammed in a real estate deal.
1. Don't Be In a Rush
One of the usual tactics scam agents deploy is that they try to rush you. Now, this is designed to place you under the mindset that the offer is for a very limited time. This makes you think that if you don’t pounce in good time, you might lose out on the deal. Scam! A good deal isn't worth rushing.
No matter how mouth-watering a deal is, the agent or property owner needs to give you ample time to evaluate your choices, else it isn't worth it.
As long as you have not paid for a land, the scam is not yet successful. So we advise that you should always hold on to your money. Also, buy yourself as much time as you need to verify the owner’s numerous claims. Don’t allow the owner rush you. Give explanation that you need to carry out due diligence before you make payment. Let the property owner know that you don't like being pressured into making important decisions.
2. Never Make Payment for a Land You Have Not Inspected
A physical inspection of a land you are interested is very important. Never put yourself in a situation where you have to pay for a land that you have not inspected.
Some people might take such a risk due to pressure or assurance from the scam agent. The buyer might be fortunate, but this increases the chances of getting into a land fraud.
Before you pay for any land at all, you must carry out an inspection of the property. An inspection lets you know how much value you are getting for your money.
In a situation where you are outside Nigeria and you want to inspect a land, send someone whose judgement you fully trust to inspect the property on your behalf. This person can be friend, relative or even a professional realtor. They can carry out an inspection on your behalf, record live videos of the property and its neighborhood and send it to you.
3. Ask for the Survey Plan
There are quite a number of documents that a seller could use to prove to you that the land belongs to him or her. One of such documents is the survey plan.
Ask for the survey plan before you buy the land. This document tells you that the government is aware of the land in question. A genuine seller should not hesitate to show this to you.
When the survey plan is shown to you, check the name on the survey plan, is it the same as the name of the seller? If the name is different, he or she doesn’t have the right to sell the land to you.
Check the coordinates on the survey plan to be sure that they are the same as the coordinates on the beacon on the land you are planning to buy.
In a situation where the seller can't show you the survey plan, what this translates into is that the land has probably never been surveyed. It could also mean that the land belongs to someone else.
If you are having problems getting the seller to show you the survey plan, it is not a good sign. Don’t hesitate to walk away.
4. Very Cheap Land In Prime Location Should Raise Flags
Buying land isn't cheap. Hence, don’t let anyone tell you otherwise. Land in Nigeria can be affordable but not cheap. For instance, if a seller tries to sell land to you at a price that is ridiculously cheap at a prime location, please tread with caution.
If a land is listed at an excessively cheap price, it's probably fraudulent.
One of the factors that determine how much a land sells for is its location. This explains why a plot of land in Banana Island is more expensive than the same land space in Ibeju Lekki or Ajah.
The only exception to cheap land is when the owner is someone you have a personal relationship with. For example, a wealthy uncle or aunt could sell a plot of land at a giveaway price.
If for instance, you see a full plot of land at ₦7 million in Lekki Phase 1, please run for your life! Don't touch it with a ten-foot pole. Trust me, has fraud screaming all over it.
So to avoid being defrauded, please beware of cheap land at prime locations.
5. Get Help From a Real Estate Expert
The safest way to avoid land fraud is to work with a real estate professional or company. Let an expert guide you with his or her wealth of experience within the real estate space.
A reliable property expert will ensure you get the best value for your money. Many of the things to look out for before buying land will be provided by the real estate expert.
Buying a property is a landmark experience with a lot due process and due diligence involved. When you work a with a real estate professional, he will help you navigate the through the processes involved, help you with your due diligence and give you a terrific property buying experience.
By working with a real estate professional company like Oxford Real Estate and Calculations (OREC), you will always be in safe hands.
Click on the attached Whatsapp link to view some of our real estate locations in Lagos and Ogun States.
