Real EstateAVOID BEING DEFRAUDED IN REAL ESTATE INVESTMENT (II)

October 7, 2021by Silver Pacific0
fraud

 

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.

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 a 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 judgement you fully trust. This person can carry out an inspection on your behalf.

Don’t Be in a Rush
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, else it is not worth it.

As long as you have not paid for a 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 rush you. Give 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.

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 payment 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.

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