10 GUIDELINES TO OBSERVE IN YOUR NEXT LAND DEAL IN ORDER NOT TO FALL VICTIM OF FRAUDSTERS
Tony Aspire Kolawole is a multi-award winning Real Estate Entrepreneur with key interests in Real Estate Marketing, Commercial Real Estate, Real Estate Advisory and Strategy, as well as Property Development and Investment. He is deeply skilled in small business strategy, sales and negotiations, and digital strategy for business. He is the MD/CEO Aspire Heights Realtors Ltd
Here he shares10 key guidelines to observe before investing in Real Estate.
The most important investment decision ones can make in life is buying and owning a landed property. As a matter of fact, buying land is the first step in the journey of every Nigerians family.
As it is every family’s dreams to own a house, so also it is the dreams of every land fraudsters to get people that will fall victims of their fraudulent land deals.
No matter how hard we pray against it, the activities of land fraudsters can never be eradicated in our environment. Therefore, to avoid stories that touches the heart in your next land purchase, here are 10 rules most land buyer often ignores, and as a result make them fall victims of dubious land deals.
1. Your Real Estate investment is as strong as your Real Estate link. It is advisable never to deal in Real Estate without a trusted link. Your link could be a registered Realtor/Consultant.
2. Make proper investigations before parting with your money in any land deal. Investigate if the land you’re paying for is not under dispute between the families involved, or under any government interest.
3. If there is anything not clear to you during negotiation please ask questions. In Real Estate deals you don’t know what you don’t know.
4. Never pay directly to a Realtor, Real Estate Consultant/Agent. Rather pay directly to the land owners or to the account number of the Real Estate Company involved. Spell out in the transaction narration the purpose of payment, for reference purposes, should the seller want to start acting funny. Please call the deal off if you’re not allowed to do this.
5. Go for site inspection before buying a land, and watch out for inscriptions so as to be sure you’re not paying for someone else’s property. If for one reason or the other you can’t visit the site, (this applies to those outside the country) you can send someone you trust to help do a physical inspection on the land before you part way with your money.
6. Involve the services of a good lawyer who has knowledge in land deals. Good property lawyers spot loopholes quicker when it comes to land deals.
7. Don’t be in a rush to close land deals. Always take your time to be sure you’re dealing with the right people.
8. When making payments, make sure you document the whole process. Take pictures with the people involved, writes down your agreement, do video recordings, and collect receipts.
9. After payment of the land, survey your land immediately, and start processing all necessary papers.
10. Be a wise investor! Before buying a land, be on the lookout for government policies and economic indicators because they contribute to capital appreciations of landed properties. Invest in properties/land at locations close to fringe of developments, and wait for capital appreciation for good Return On Investment (ROI). Example of such area is Ibeju Lekki, Lagos State.
In your Real Estate investment journey, you’re going to need these guidelines in other to make the right decision. These guidelines should be adhered to in order to avoid another story of land and property purchase scams.