Purchasing a house and land for sale is a significant decision that must be carefully considered because there are numerous variables at play. One of the riskiest kinds of investments in Nigeria is in real estate, particularly given the country’s murky regulatory environment. It takes a lot of time, money, and work to afford a piece of real estate, therefore getting conned should be avoided.
The country’s housing need has been estimated at 17 million units for many years. Various estimates have ranged between 20 million and 22 million in recent years. The Federal Mortgage Bank of Nigeria and the International Human Rights Commission’s most current estimate is 28 million units.
A small error could cost you your entire life’s savings or other hard-earned funds. But don’t worry; there are steps you can take to safeguard yourself from falling for a land scam.
It is crucial to do extensive research on potential investment partners. In fact, it should be your primary priority. Since thorough research will disclose many secrets about the real estate firm or family you are purchasing a property from, you can make a smarter selection armed with this knowledge.
1. Seek registered real estate professionals
In order to engage, look for experts who have expertise and experience in the field. The authorized estate surveyors and valuers are the experts you should use. Prior to making the listings public, they have a method of performing due research on the houses up for sale or rent, then interacting with purchasers and potential tenants.
2. Do not rush the rental or purchasing procedure
Scammers frequently try to expedite the purchasing process as one of their regular strategies. The majority of these real estate fraudsters have perfected this tactic to the point that it appears as a miracle to their victims. And they accomplish this by convincing you to put down a deposit that functions as a commitment. And when you do this, they frequently come up with new tales and con tricks to steal more money.
3. Protect your information and your money from dishonest real estate agents
Online transactions may appear highly practical, but they also provide criminals with a simple opportunity to steal your money. Never forget to double-check anything before moving forward with a transaction. Verify that the realtor, lot owner, or homeowner you contacted is a real person. Never submit your information to a website without first checking it, as there are phoney websites out there.
4. Verify the person with whom you are collaborating on a real estate transaction
As previously mentioned, it is crucial that you confirm the identity of the individual or business with whom you are transacting in real estate. Since many people and businesses pose as real estate gurus while actually being frauds. Therefore, you must determine which of them are real and which are fraudulent.
Thank goodness, this is now simpler than ever thanks to the internet. Simply conduct a Google search for the person or business, then visit their social media pages to read customer evaluations.
5. Avoid using cash
You should proceed with caution in a real estate purchase if the homeowner or agent demands cash. As opposed to paying at a bank, insist on writing checks or paying at the bank because doing so won’t leave you high and dry if something goes wrong with the transaction. This is because when you pay in cash, the money is not traceable.
You would have your teller, which contains the name of the vendor and the amount paid if you paid at the bank, so there is an advantage. This will be used as proof if an issue arises in the future.
6. Neglect unwanted offers
Some financial offers are simply too good to be true. Unsolicited offers often sound too enticing to pass up. Consider your options carefully if the offer has a quick return on your investment because it could also be risky. If fraudsters actually attempt to create the impression that investment is certain and would make many people wealthy, do not be readily convinced. Big returns always come with high dangers. As they frequently say, there is no quick route to success.
I was defrauded by Pragmatic Homes Ltd. For 3yrs, no allocation was given upon completion of all payments. It’s a NO- NO recommendation from me.
A contract was signed that I shall be allocated plots upon completion. I was being tossed about after 3yrs and they have the audacity to deduct 30% (N600,000) from my money for their failure to allocate when I demanded for my funds. They are the same owner as Pretoria Atlantic Properties and Diamond estates.