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Monday, 15 May 2017

How to avoid common mistakes when buying a property in Nigeria

There are numerous mistakes people make when purchasing properties in Nigeria and a good number of them would be outlined in this article as well as possible ways to avoid making and repeating such costly mistakes. These mistakes could lead and have actually led to numerous practical loss of possessions for individuals and even cooperate bodies as well as warranting unnecessary legal proceedings for reclamation of properties either by the buyers or the sellers.
Please take care to note as you read through...

1… Take note of “this property is not for sale” tags
Most properties with this tag usually end up in trouble and loss if being purchased. Usually, there is
always a contact number attached to such tags, endeavor to connect and meet directly with the owner of the contact on display and deal with him or her directly, asking to know for sure whether or not the property is for sale or not. Do not for any reason accept beautiful but lame excuses given when you request to relate with the owner of the said contact, if
you can’t be allowed to contact the phone number availed, it’s definitely going to be a bad purchase. I tell you, run with your money!

2… Legal documentation and endorsement
Ensure that whatever properties you purchase or intend to purchase are legally endorsed in writing and stamps or sealed by the appropriate names and
signatories required. It is very important to note that the consequences of not doing this can be avoided if you do it. Do not postpone any step or meeting, ensure you follow everything to the very end.
3… Run a thorough background check on the property in question before proceeding
Ask around, ask questions, ask close and distant
neighbors around the property about the authenticity of the said property, ask for clues, find out if there are any active or past controversies on the said property, if yes be your feedback, pause until there’s been a resolving of the associated problems otherwise you might be buying a bunch of problems all to yourself.  After one of such enquiries, a man, an intending
buyer was able to find out that the property he was just about to purchase worth over Eleven million Naira had been sold and resold 5 times already and none of the cases has been dissolved yet, he would just have been the 6th culprit and you can only help but imagine the disaster.
4… Check for stable conditions and lag areas
If you’re buying a house, check thoroughly to see it’s in favorable state and in good condition at the most a habitable condition. If you’d be renovating, remember the cost of the expenses of renovation should affect how much you’re paying for the purchase so you don’t end up spending more than the average on the net calculation budget. If you’re purchasing a land or several plots of land, check for the availability of development enhancing factors such as nearness of a tertiary institute, a market, a proposed public project, etc. this helps you determine how quick or soon the place can be developed to your benefit and gives you a possible quick and future estimate for your investment. At the same time, check for subtle signs of erosion or flood tracks, all these are necessary to discover.

5… Ensure there is a Guarantor and witnesses if possible
Ensure you have as many witnesses as possible and a guarantor who should be responsible for anything gone wrong, all should be good recommendations. These witnesses help in any case of future controversies or misunderstandings. Do not sign a purchase deal or pay without real witnesses being provided, no matter how real it may appear to be at the moment, chances are you may lose out on the long run.
6… Registration and obtaining C of O is paramount for each and every landed property you purchase
Certificate of ownership is a type of legal certification from the Government that portrays their awareness of a purchased property and the owner of the purchase, it usually has more application on lands and landed properties, real estates. It is usually obtained from the state’s registration quarters. As a matter of fact, admittedly it’s quite an expensive process, large sums of money are paid to acquire this, However, it’s very much worth it as a sure security for your properties. Ensure to get it done and skip that mistake.
7… Avoid restrictive mediator dealerships
Some dealers or dealerships do not want the buyer and seller to meet one-on-one, fearing that their due commissions would not get to them if they’re allowed to meet. In spite of how true that might be, it’s always an avenue scammers use to do their jobs. Insist on meeting the seller and give them a legal security and guarantee that their commissions would be paid, whatever way you see best fit to accomplish that. The main aim is to erase every possibility of dealing with ghost sellers or non-existing sellers. Many have made the mistake of accepting to deal this way and have been heavily scammed severally like this, you wouldn’t want to make such a mistake before learning how you can avoid this.

Written by Wayne Michaels

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1 comment:

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