Again, I Choose To Write About This, Out Of A Strong Passion To See Prospective Smart Investors Have Values For Their Money.
At Brightsideconsultinglimited, We Feel Deeply Obligated To The Security Of Client’s Investment.
In This Piece I Have Outlined Tips On How Investors Can Checkmate The Process Of Their Property Acquisition And Thus Avoid Being Scarm In The Process. At Brightsideconsultingltd, We Are Committed To Selling Wealth, Not Sorrow, Hence Our Painstakingly Commitment To Honesty And Integrity In Our Service Delivery.
Let Me Add That, The Caption Here Does Not In Any Way Restrict Its Application The Lagos Environment, But Can Be Also Be Applied Outside Lagos With Similar Positive Effect.
Points:
- .Do A Land Search If Buying Privately.
If You Are Buying Any Land Or House From A Private Individual, Endeavour To Do A Property Search. For Lagos, This Is Usually Done At The Ministry Of Land And Housing, Alausa. Majority Of Properties In Lagos, If Not All Genuine Properties Have One Form Of Bearing With The Lagos State Government. Such Confirmation Will Go A Long Way To Help You With Details Of What Intend To Buy. Through Such Search, You Can Know If Property Is Under Or Free From Government Acquisition. It Will Also Enable You Know, The Actual Title Of The Property.
- Get A Lawyer.
Again, If You Are Buying, From A Private Sale, I Would Advise You Get A Lawyer For It. Having A Good Lawyer Will Help Your Confidence And That Of The Transaction. Lawyers Have A Way Of Making Necessary Enquiries That’s Aimed At Ascertaining The Validity Of All Necessary Documents Relating To The Property. It Is Also A Major Back Up Should Any Issue Arise In Future.
- Cross Check Documents/Documentation.
When Buying Any Property, Whether From A Private Sale Or Developer, Ensure To Enquire And Cross Check The Documents Given To You. The Reason Is Simply That Land Is An Immovable Object By Nature. This , Means That , It Cannot Be Move From One Point To Another. Therefore, The Only Thing That’s Gives You Legitimacy or Evidence of Possession Is the Necessary Document Relating to the Land. Endavour Therefore To Have All Eligible Documents Of The Property In Place Such As, Receipt Of Payment, Deed Of Assignment, Registered Survey Plan Etc.
- Pay Deep Attention To Survey Plan.
A Survey Plan Is A Very Important Document Of A Property Bearing The Different Invisible Characteristics Of The Said Property, Such As The Coordinate Points, Size Of Land, Shape, Geographical Location, Topography Among Others.
For A Private Sales, When Getting A Surveyor, Ensure To Get A Surveyor To Survey The Land Fully And Get You A Copy Of Registered Survey, And Not A Site Plan. There Is Difference Between A Site Plan And Survey Plan, Although Both Process Is Carried Out By A Surveyor. The Difference However Is That While A Registered Survey Plan Has A Seal Of The Surveyor, Signifying Its Registration With The Ministry Of Land, The Site Plan Usually Does Not Have Any Seal Of The Surveyor, Not Registered.
A Site Plan Is Also Not Tenable Before Any Court Of Competent Jurisdiction. Site Plan Is Usually Cheaper, In Cost Because Its Basically About Picking The Different Coordinate Points Of A Land Through The Use Of A Hand GPS.
Therefore, Ensure That When You Engage The Services Of A Surveyor For The Property You Want To Acquire, The Surveyor Should Give You A Registered Survey Plan. Let Me Also Add Here, That Carrying Out A Survey Is One Of The Ways Of Also Knowing, If A Property Is Free From Government Acquisition Or Has Even Been Surveyed Before. Through, The Survey Instrument Or Equipment, They Are Able To See Every Geographical Detail Of The Property Which They Later Imprint On A Paper As A Document.
5.Be Ware Of And Cross-Check Properties That Appears To Good To Be True.
This Is Another Key Factor To Beware Of When Buying A Property. Price Of Property As I Had Earlier Mentioned In One Of The Previous Edition Of Realvestguide Is Determined By Various Factors , Of Which Location Is Key.
Now, This One Of The Latest Trick Of Fraudsters Whose Stock Of Trade Is To Defraud Unsuspecting Members Of The Public. Often Times, What They Do Now, Is That, This Bad Eggs, Reduce The Price Of A Property From Its Original Price, And Then Post It On Jiji Or Any Other Property Site Where-In,The Property Has Been Listed With Its Original Price.
Now, When Members Of The Public See This Property, Lets Say, A Property Worth 250million Naira In Its Original Price, This Fraudsters Will List Same Property For 120million For Example. Now, When A Clients Who Obviously Will Be Tripped By Such Lower Price, Since Every Buyer Or Investor Ordinarily Wants To Buy At The Most Affordable Price, They Will Contact The Fraudster Who Posted The Property.
They Can Proceed With An Inspection,Upon Which The Client Will See The Outside View Of The Property And If The Fraudster Is Not Able To Access The Property Due To Security Of The Place And He/She Not Actually Having Any Contact With The Owner Of The Property, They Will Claim That The Security Personnel To The Property Is One Leave And Mistakenly Left With The Key To The Property Or One Of Such Stories And Excuses.
The Next Thing Will Be For The Fraudster To Talk To The Unsuspecting Client To Contact An Arrangee Lawyer In-Charge Of The Property For Payment And Documentation. Prior To This Time, The Fraudster Would Have Arranged With The So Called Lawyer Whose Phone Numbers Is Also Displayed In The Online Listing, When Contacted, The Pseudo Lawyer Will Further The Lies By Telling Client That Landlord To The Property Lives Abroad And Has Commissioned Him/Her To Sale The Property On His Behalf.
This Is The Major Catch, And Ones The Clients Makes Any Payment To That Bank Account That Will Be The End Of The Matter.
This Is Usually Well Arranged To Make Sense, Than It Actually Is. Investors Therefore Needs To Be Very Discerning And Cross Check Prices Of Properties Before Getting Involved, It Is A Major Trap Currently Been Used By Fraudsters To Cash Out To The Detriment Of Investors.
When, You See The Price, Consider The Quality Of The Property, The Location And Then Do Your Personal Mental Check Of The Cost. Infact, If Possible, Check Up The Price Of Other Properties Within Same Location, Then Compare And Contrast.
It Will Aide Your Decision, Don’t Fall For This Cheap Article Vendors Of Doom, Many Have Already Fallen Victims. This However Does Not Imply That, One Cannot See Affordable Properties To Buy In The Nigerian Property Market.
- Avoid Overzealous Sales: Due Your Deligence.
When Confronted With Any Seeming Unusual Quick Sales From A Private Individual, Be Calm And Patient To Slow Down The Process To Make All Necessary Enquiries Pertaining The Transaction, Not Minding Whatever Emotion Claims That May Want To Arise As A Substitute.
- Buy From A Real Estate Company.
Again, I Will Always Recommend That You Acquire Your Property Through A Real Estate Company. It Is The Most Stable Means Of Investing In The Nigerian Property Market. I Had Already Enumerated The Many Benefits Of Buying Through A Real Estate Company In Previous Editions Of Realvestguide. (See…….Vol….Of Realvest Guide).
It Brings Peace Of Mind, Security Of Investment And Almost Zero Risk With A Comfortable Return On Equity. This Is The Dream Of Every Investor.
- Don’t Pay To Lawyers.
When buying a property, avoid the temptation of paying money to the lawyer except on the instruction of the landlord. Such payment can be dedined by the recip[ient and then clouded with dubious litigation.Some Investors are quick to trust and pay money to a lawyer without getting nccessary approval from the landlord. This can be very damaging. Only make payment to the lawyer on if directed by the Landlord.
- Avoid Payment without a trace.
Avoid physical cash payment for any property. Every payment made should have a trace, as such it advisable to either pay via a USS Dollar transfer, Bank Deposit, Issued Bank Cheques etc, all of this provides you with a receipt or proof of payment which a physical cash payment will not possible provide you. Upon payment, you are issued a receipt, as proof of payment by the property owner, which then forms a vital part of your documents. Don’t make payment to any lawyer without the consent of the Landlord.
- Avoid any property under judicial contention.
Avoid properties under contention, be it among family members or among two opposing groups. Any property be it a land or house under contention with case files in any court of competent jurisdiction or even diabolical traditional courts (shrines ) should be avoided by any investor. Unless, perhaps, there has been a final court ruling or proclamation by such courts as a Supreme Court Of Nigeria, being the highes court in the land, such judgement is deemed valied and unappeliable. Such property can then be bought with a title of court judgement. However, being buying, the investor should make frantic effrorts to solidify the title of the property to strong titlers like Certificate Of Ocuiupation alias CofO, or Governors Consent.
- Always try to establish Contact with Original Owner (Landlord) before proceeding to payment. This enables you confirm validity of property.
When interested in any property, always try to reach the original owner of the property to express such interest of possession. This is because, a lot of times, quakes sale peoples properties without the consent of the real owners. This often leads to double selling and other complications.
- Use a Realtor.
Using a reliable source in your search for properties is Key. This saves you lots of energy and resources. A Realtor, Consultant, or Agent is ones who serves as mediator between a buyer and seller of a property. Also known as broker, a realtor is very knowledgeable about the Industry and provides all round information about a particular Property, guids through the acquisition process and also helps to keep updated on the property. A Good realtor or Property consultant posses basic knowledge about every property been sold as well the possible forcast on the return on investment. From Introducing the product, to conducting an inspection and land search, your realtor helps us you make your property acquisition process very seamless. Work with a Realtor to avoid scarm. Do not learn on your own knowledge alone.
- Never Skip Inspection.
Inspecting a property before purchase is key. This can be done physically or virtually. You can as well send a third party trusted person to inspect on your behalf. However, it is advisable you set your eyes on what you intend to buy before putting in your money.
Visiting a property site through inspection helps you confirm to confirm and affirm property features such location, title, topography, Size, Neighbourhood etc.
Verify The Person You Are Working With Guide or the Real Estate Company.
- Do a background check on the person you are working with as a Realtor, as well as the Real Estate Company.
Majority of the Property owners or Developers have official websites were-in every details concerning them can been seen. Verification of Property and owership is key.
I Do Hope I Made Sense To You, Its Always A Pleasure To Provide You The Needed Guide, You Don’t Have To Make Mistakes In Your Real Estate Investment Journey Because It Is About The Future.
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