Everyday thousands of Nigerians at home and abroad hope to buy at least one property in Nigeria, more especially in popular cities such as Lagos, Abuja, Port Harcourt etc but there is common fear in all their minds is how to safeguard their money so that they won’t be duped by scammers.
Because of the prevalent nature of Land Scam artists and dubious Real Estate companies that specialize in defrauding prospective land purchasers.
Below is 9 commandments or Rules every prospective investor must follow to avoid being defrauded.
1. Find The Cost Involved in Buying A Proprty:
No matter the amount you have saved in your bank account, always take the time to research the other fees that are usually associated with buying a property (land) and they come in these form.
- Legal fees 5% of the cost of the land
- Agency Fees 5-10% of the cost of the land
- Survey Plan (usually about N100,000-N300,000) depending on the location of the land and state.
- Cost of signing the documents by land owners (A very strange tradition in Lagos but nonetheless something you cannot escape paying)
- Cost of putting up a fence to secure your land immediately you purchase it
- Cost of perfecting your documents with the Government at the Land Registry such as a C of O, Governors Consent, Ratification fees, Survey Land information, etc. Once you have done the maths to know all these hidden fees that are associated with buying a land, it will adequately guide you on the location and type of land that would suit your pocket.
- Cost for family receipts and family payment for laying foundation/ fence.
This will enable you to do a search on the property and find out if the documents are original or not. It will also help you know the history of the property. If the person selling is the right owner of the property. Anybody trying to transfer land or property to you must show you the documents he executed with the previous owner so as to show proof of Ownership or else anything you are buying from him is a stolen property and it’s as simple as that.
3. Get Professionals in Land Matters involve:- Before you buy a land make sure you get the following professionals:-
a) The agents: - The agent gets you the property of your choice and most times a good deal. He/ she knows the market and the going price of the properties in that area. The agent helps you do most of the leg work.
b) A lawyer: - The lawyer is the only one that can draw up your contract papers legally. Any other landed document drawn up by any other person is null and void and you would not be allowed to process your papers at the Land registry.
c) Surveyor:- Registered Surveyor is the only one that can draw up your survey plans. Without the survey plan you have no description of the land you intend to buy. Use only a registered surveyor please. And where a building is involved please get a Builder/ Architect is the one who would advise you on the type of house you are to build and the cost of putting up that structure starting from the location of the land down to the type of soil.
4. Do a Physical Inspection of The Property: It is very important for that you visit and see the land/ property you intend to buy. No matter how beautiful or attractive the land being advertised may appear, it is very important that you do a physical inspection. Many Real estate developers and Agents have scammed thousands of Nigerians using beautifully designed flyers to promote lands that are equivalent to Aso rock estate in choice locations, only to realize that they are dump yards not fit for human habitation. Where you cannot go yourself send trusted representative to view it. Don’t rely on just pictures and sweet words because there are so many other important things the picture or advert won’t tell you such as the neighborhood, light and water issues, the road leading to that place, amenities such schools or hospitals, transportation ease to and fro, market.
5. Do not pay for any Landed Transaction in Cash: Paying for properties with Cheques or transfer make you have a record of your transaction should there be any issues in future. Everything must be properly documented from the cost of the land down to the Receipt or survey fees. This is the only thing that can save you from problem tomorrow in case you want to track down a fraudulent seller of land. Most fraudulent sellers try to avoid this route by accepting partial cash installment payments to cover up their tracks. Don not fall a victim.
6. Do not ever listen to a land seller’s opinions about the title of land they possess without you verifying it:
Most agents and sellers lies to the prospective buy that the land has Government approved papers such a Gazette or C of O, etc but they do not have any shred of evidence.
Please do personal verification or get a lawyer to do verify the documents for you.
7. All Landed Transaction Details in Writing: This is another very common mistake most purchasers are culpable of. They pay for lands but there is no proof of the deed of assignment or contract of sale between the buyer and the seller. The 3 basic things a Buyer must have when they pay for a land are
i)Receipt
ii)Deed of Assignment
iii)Survey Plan.
Without these 3 things you have a very slim chance of proving ownership if anything goes wrong in future.
8. Do not buy a land that smells of trouble: No matter what happens in life, you must always trust your instincts and 95% of the time, your conscience would never lie.
The moment you visit a land for inspection, follow whatever your guts tell you. If your mind is shaky about the land, then don’t go for it; just walk away. If you see things that make you tremble or suspicious please walk away. If you see things like fenced lands that cannot be justified by the owner or no proof of ownership, no survey plan or its layout, you hear the land is a relocation land or there is a minor dispute that was just solved, so many family owners or sellers etc please kindly walk away and move on. You have just dodged a silver bullet in your pocket. Don’t let anyone pressurize you to buy it.
9. Take possession of the land you bought immediately: As soon as you’ve made payment, PLEASE try to take possession of it by constructing a small fence around it. You don’t have to do 9 coaches, just 2 or 3 is enough to demarcate your land so that any prospective buyer of the land knows that it has already being bought and should stay clear of it. Pour gravel or sand there, do a well on the site and visit it frequently. You may put someone close to you or hire a guard to watch the land till you are ready to build something tangible. Don’t just leave it fallow and expect it to wait there for you when you are ready. Somebody else would end up encroaching on your land and steal it.
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