21/11/2021
1) Don’t rush the buying/renting process
One of the common antics of scammers is trying to speed up the buying process. Most of these real estate fraudsters have mastered this strategy to the extent it works like magic on their victims. And they do this by persuading you to make a down payment which serves as commitment. And when you do this, most times, they come up with different stories & tactics to con more money from You and by this time, backing out of the deal becomes a problem because you have already committed yourself by making down payment.
2) Verify the person you’re working within the real estate transaction
As stated earlier, it is very important you verify the person/company you’re doing real estate transactions with. Because there are a lot of persons/companies who portray themselves as real estate experts but are scammers. So, you need to verify which of them are genuine and which is fake.
3) Avoid Paying Cash
If the homeowner or agent is asking you to pay in cash then you should tread carefully of that real estate transaction. Because when you make a cash payment, the money is not traceable unlike paying in a bank instead you insist on writing checks or paying at the bank as this means of payment does not leave you hanging dry if the transaction goes wrong.
4) Use a reliable source in your search for properties
This is very important; especially when you are starting out as an investor. The best decision you can make as an investor is to invest with a reliable company/person. And you will get to know a reliable source if you carry out your due diligence – proper research. Check for their track records. This is where Deluxe Residences is king. As a real estate company, we have done real estate transactions with many clients both in and outside Nigeria. We offer quality, genuine, and customer satisfactory service across our product line. We also ensure full-fledged after-sales service support to our customers, backing them even in their smallest of needs.
5) Verify All Documents
Take your time to verify all documents from the appropriate authorities to help you ascertain who the legal owner of the property is as well as avoid buying a property under acquisition or Investigation by the government. For Lagos State, you can easily verify the documents at The Ministry of Housing and Urban Planning, Alausa Ikeja.
6) Never skip inspection
A major red flag for any real estate transaction is when the property owner or agent is trying to discourage you from inspecting the house. If there is nothing suspicious to hide then inspection is not negotiable. Insist on inspection and if not granted by the property owner or agent then it is advisable to terminate the real estate transaction immediately.