Investing in real estate in Lagos can be very profitable, but it also has its risks and challenges. From fake documents to buying lands that do not exist, or buying lands with multiple owners. A lot of unsuspecting buyers have fallen prey to these fraudulent scams. This is why you must protect yourself from property fraud in Lagos.
You can safeguard yourself from these scams by taking the necessary precautions as stated in this article. We’ll be sharing some of the measures you can employ to protect yourself and your investments from property fraud in Lagos.
1. Conduct research at the land registry
To conduct a thorough research, visit the Lagos State Land Registry located in Alausa, Ikeja. This is where the records of all lands within the state are held. To ensure you don’t fall prey to property fraud, carry out research on the land at the land registry.
Conducting a search at the Land Registry will help you ascertain that the land you are about to buy is free from any legal issues or land disputes.
2. Verify title documents
Fraudsters can lay claim to the rights of sale to a given property and present fake documents or documents that are outdated. Without doing your due diligence, you may end up with counterfeit documents.
Verify every property document presented to you by the seller like the deed of assignment, certificate of occupancy, survey plan and governor’s consent. Ensure that these documents are readily available before making any commitment.
If you can not do this on your own, then get a professional lawyer or a trusted real estate agent to assist you. Working with any of these trusted professionals can protect you from property fraud in Lagos.
Also Read: How Do I Verify The Authenticity of a Land in Lagos
3. Get a qualified real estate agent
Fraudsters can act as real estate agents in Lagos to carry out their fraudulent acts. They can pose with a fake seller identity. These sellers are neither registered nor have the rights to sell any land.
When transacting with any real estate agent, ensure they are registered with the proper agencies like the Nigerian Institution of Estate Surveyors and Valuers (NIESV) or the Real Estate Developers Association of Nigeria (REDAN). This will save you from investing your hard-earned money with scammers.
4. Consult a legal professional
Engaging the services of a legal professional, especially a property lawyer will ensure your titles are verified, and will also help in handling all legal documents. A property lawyer already has experience in land and real estate issues, they can conduct due diligence when it comes to the property you intend to buy as well as the seller’s identity.
Also Read: Guidelines on How to Get Your Building Approval Plan in Lagos
5. Visit the property in person
Physically inspect the land to ensure that it actually exists and matches the description and boundaries in the document.
Look out for the plot size and number of the land, the location surrounding the property and the boundaries. In most cases, you’d need a surveyor to help out with this verification.
Inspecting the physical location helps in confirming that the land you are about to purchase is the same as the one tied to the C of O.
6. Avoid cash transactions
Cash transactions are not traceable, as they leave no substantial evidence. There is no proof you paid a certain amount if any issue arises in the future. It is better to use a traceable means of payment like a bank transfer, to have proof of payment. Ensure you also get a receipt after payment.
Without receipts or a traceable means of payment, it can be nearly impossible to recover your money if the seller turns out to be a fraud. Beyond that, it’s even against EFCC policy, especially if the transaction is above 5 million naira.
7. Verify the seller’s identity
Ensure the seller is the real owner of the land and is not posing as a fake to avoid getting scammed.
To confirm, request the seller’s identification and check if it matches with that on the C of O. If you are dealing with a representative or real estate agent, you can make a request for an official letter from the actual owner. If there are inconsistencies in the documents, then it may likely be a fraudulent transaction.
Also Read: How Omonile Scams Work in Lagos and How to Avoid Them
8. Beware of offers that are too good to be true.
Before you go ahead to purchase land that seems too good to be true, take the time to compare the price with other properties around the same area, and if it is incredibly low, then think twice before investing your money.
Sellers can use cheap prices to lure innocent buyers, giving unreasonable discounts and incentives so you can part with your money. At the end of the day, you will have no land to point to and the fraudster will disappear with your money.
Conclusion
Investing in real estate properties in Lagos can be a risk, especially if it is your first time purchasing a property in Lagos. It is essential to carry out due diligence like verifying title documents, consulting a legal professional, verifying the seller’s identity, conducting thorough research and visiting the property to avoid the risk of losing your investment.
Following these steps will help minimize the risk of falling prey to property fraud in Lagos. It will also help you stay alert and aware of the tricks that these fraudsters employ to trap unsuspecting buyers.
Also Read: Other Charges You Need to Know When Buying Real Estate in Lagos & Why
Frequently Asked Questions
What are some common property frauds in Lagos?
Property fraud in Lagos takes various forms, including selling a particular land to multiple buyers, selling a land with fake documents, impersonating the rightful land owner, selling a land that is in dispute or a land that is under government acquisition. It is advisable to verify documents and the identity of the seller before going ahead to purchase any given property.
How can I verify the ownership of a property before buying?
To verify the ownership of a property, request a copy of the land titles like the Deed of Assignment or Certificate of Occupancy (CofO) from the seller. Carry out a search at the Lagos State Land Bureau to crosscheck if the title documents match with the ones in their records. This will confirm if the seller is indeed the owner of the property and has the right to sell it.
Do you desire to buy land in Epe, Ibeju-Lekki or Enugu, send a WhatsApp message to +2348134794494