Top 5 Tips to Avoid Getting Scammed
Our Take on How to Avoid Land Fraud
We’re here to help!!!! How many times have you had to lose money in a very painful way no matter how little? Even if it is just 1000 Naira, it bites and flogs so does land fraud. Now imagine losing millions of your hard-earned Naira, by falling victim to fraudsters. No land, no money. Gosh that must hurt, something you’ll never forget in a hurry.
Well, here are 5 tips to avoiding being scammed in a land deal. 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 is not 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, or else it is not worth it.
As long as you have not paid for 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 to rush you. Give an explanation that you need to carry out due diligence before you make payment. Let the property owner know that you do not like being pressured into making important decisions.
If you are considering buying land, do not let the following myths some perceive as conventional wisdom stop you. There’s not as much truth to it as you think there is.
Here goes:
Real estate agents are always late for inspections: Lol punctuality is very essential, it is key to any real estate Company or agent. Just like other professionals are careful to arrive on time. Some agents could be late, but it doesn’t necessarily translate to Painting ALL agents in Nigeria as always being late.
Overpricing will help you Avoid Underselling: I have come to acknowledge that this tends to be one of the most common fallacies in real estate. Sellers want to protect their asking price, so they think overpricing it is an effective defense mechanism against selling too low. Newsflash people: overpricing your home often leads to the home sitting on the market for a long time, and not receiving much interest.
There is only one way to buy and buy or sell: Everyone’s process can be tailored to their unique need: preparation for land purchase costs, payment plans, finding the right neighborhood, getting the right and complete documents, authenticating and verifying said documents and land – the process is all about knowing what works best for you.
You don’t need a real estate agent to buy land now, all that information is online: Today it’s more important than ever to have a great local real estate agent or company on your team. They help and assist you with all the procedures for purchasing or selling a property of your own. It is important to work with a real estate company of your choice who is really experienced in their line of work. The truth is, you get to ask all questions, clear doubts, and make the very best of informed decisions.
Skip the inspection: The land-buying process can be a long one and can drain every vestige of every emotion you can imagine. Many might think skipping the inspection makes your work a lot easier and less stressful. But the truth is, it is tempting for buyers to speed up the entire procedure by skipping inspections, however, it will cost you more in the end.
So break and smash the chain of myths and go purchase that dream land of yours.
We’re here to help!!!!
Never Make Payment For a Land You Have Not Inspected
A physical inspection of a land you are interested in is incredibly important. Never put yourself in a situation where you have to pay for 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 lucky 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 judgment you fully trust. This person can inspect on your behalf.
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.
Certificate of Occupancy/ Governor’s Consent
Yesterday, we talked about how quintessential getting a survey plan is to avoid being scammed. Now 2 other important documents to have are: a C of O, or a governor’s consent.
The basic difference?
The first person on a Virgin Land that has neither been occupied by another person nor under acquisition by the Government is entitled to get a Certificate of Occupancy on that land. A Certificate of Occupancy (C of O) is a Land Document issued by the State Government to officially lease any land under the state to you (the applicant), for 99 years.
If that person with the C of O decides to sell his land to another person after so many years, that person must now obtain the Consent of the Governor before that transaction can be deemed legal in the eyes of the Government. It’s this land document that lets the Governor and the public know that the land in question has changed hands. If the new buyer now decides to sell the land again to a third owner in the future, that Third owner must also obtain a new Consent of the Governor and so the process continues every time the property changes hands to a new buyer.
There can only be one (1) Owner of the Certificate of Occupancy on that Land and it will not be replicated for another person once the land has been sold or transferred to another person.
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 ridiculously cheap price, 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 Banana Island is more expensive than the same land space in Ikorodu.
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 sell a plot of land at a giveaway price.
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.
Our Final Thoughts on Land Fraud
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 payments 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 buying land, ask for a receipt. On the receipt, ensure ‘payment for land’ is boldly written on it.
Are considering buying a piece of land, that comes with peace of mind? Have a look at our now-selling Estates and plots of Land.