Tips to Avoid falling prey to fraudulent land transactions.
Owing to the increase in the profitability of real estate in Nigeria, at every major city, all sorts of property development would be observed.
However, akin to everyone's aspect of our national life, the real estate sector have had its fair share of unscrupulous elements. We have all sorts of dubious elements preying on the gulllible for quick profit.
Land fraud is a burning issue in Nigeria and it doesn't appear as though it would go away anytime soon.
In the past, all a scam agent needed to defraud unsuspecting buyers like you was to pose as a wealthy man also known as a ‘big man/woman’ and get his/her hands on some fake documents. Today, however, a lot has changed and so have scam agents. Scam agents have become more creative and innovative in their criminal acts.
To curtail the possibility of becoming a victim of the malicious machinations of these voracious entities, I'll walk you through vital tips that could safeguard you from losing your money to scam agents and fraudulent real estate vendors.
1. Do not be in a hurry. Calm down.
One of the most successful tactics scam agents deploy when trying to add you to their list of victims is that they try to hurry you up.
Rushing you is designed to place you under the mindset that the offer is for a very limited time and that if you don’t pounce in good time, you might lose out on the deal.
This is a fallacy.
A good property deal is not something you would want to be hasty about.
No matter how mouth-watering a deal is, if the agent or property owner does not afford you sufficinet time to evaluate your choices and decision, it’s not worth it.
That should be a red flag.
Something is not right about a decision you're been compelled by external pressure to make.
As long as you have not advanced payment for a land that a fraudulent agent is trying to sell to you, the scam is not successful so you should always hold on to your money and ensure you buy yourself as much time as you need to verify the owner’s numerous claims.
If the owner tries to rush you, counter this with an explanation of how you carry out due diligence before you make payment.
Be bold to let the property owner know that you do not like being pressured into making important decisions.
2. Diligent land inspection
Never advance payment for a Land You Have Not Inspected.
A physical inspection of a land you are interested in is incredibly vital.
Never put yourself in a situation where you have to pay for a land that you have not created time to inspect.
Some people might take such a risk and be lucky enough to get away with it but this increases your chances of getting scammed.
Before you pay for any land at all, you must not just see the land physically but 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 carry out an inspection for you.
I would strongly suggest you secure the services of a seasoned attorney/legal practitioner, with h in-depth knowledge of Property Law practice.
His presence would definetly reveal so much about the land you intend to purchase.
3. Insist on seeing the Survey Plan
Avoid Land Fraud By Asking 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/her. One of such document 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 the same as the name of the seller. If the name is different, he/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’re planning to buy.
In a situation where the seller cannot 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’re having problems getting the seller to show you the survey plan, it’s not a good sign. Don’t hesitate to walk away.
While consulting for organizations in need of acquiring lands, I usually would insist on having my own copy of the Survey plan. This enables me engage in independent investigations of the title of the land.
4. Cheap Land Should Raise Flags.
Buying land is not cheap.
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, tread with caution.
If a land is listed at an excessively cheap price, it is 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 Victoria Island and Lekki is more expensive than the same land space in Ikorodu in Lagos.
The only exception to cheap land is when the owner is someone you have a personal relationship with. For example, a wealthy uncle/aunt could gift you a plot of land.
5. Get Help From a Real Estate Expert
The safest way to avoid land fraud is to work with a real estate professional.
Let an expert guide you with his/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.
A legal practitioner with knowledge of real estate transactions would be of immense assistance at this point.
Final Thoughts
In addition to the tips we have shared, when buying land, avoid paying cash.
Always ensure your payment can be traced.
Don’t pay through a transfer through your mobile App. it might be a smart way of making payment for other things but when buying land, it isn’t a smart thing to do.
Make the payment within a banking hall. When you deposit the money into the seller’s account with a teller to show for it. The teller would contain the name of the seller. If something goes wrong, you are not left hanging.
Finally, when purchasing land, it is your right to demand a duly signed receipt. On the receipt, ensure ‘payment for land’ is boldly written on it.
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