UncategorizedAVOID BEING FRAUDED IN REAL ESTATE INVESTMENT (I)

October 5, 2021by Silver Pacific0
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loosing money is never something so easy to handle. Its always painful to see an investment go down the drain without it yielding substantial returns. In real estate investment, by falling victim to fraudsters is something still being tackled on daily basis. One has to be careful , so as to not fall into the hands of scammers.

Today i will share a few tips with you on how you can avoid loosing money in such a painful way .

Certificate of Occupancy/ Governor’s Consent
Getting a survey plan is to avoid being scammed is very important. Now 2 other important documents to have are: a C of O, or a governor’s consent. The basic difference?

The first person on a Virgin Land (so many parts of ibeju lekki) that has neither been occupied by another person nor under acquisition by the Government is entitled to get a Certificate of Occupancy on that land. A Certificate of Occupancy (C of O) is a Land Document issued by the State Government to officially lease any land under the state to you (the applicant), for 99 years.

If that person with the C of O decides to sell his land to another person after so many years, that person must now obtain the Consent of the Governor before that transaction can be deemed legal in the eyes of the Government. It’s this land document that lets the Governor and the public know that the land in question has changed hands. If the new buyer now decides to sell the land again to a third owner in future, that Third owner must also obtain a new Consent of the Governor and so the process continues every time the property changes hands to a new buyer.

There can only be one (1) Owner of the Certificate of Occupancy on that Land and it will not be replicated for another person once the land has been sold or transferred to another person.

 

Cheap Land Should Raise Flags
Buying land is not cheap. Don’t let anyone tell you otherwise. Land in Nigeria can be affordable but not cheap. For instance, if a seller tries to sell land to you at a price that is ridiculously cheap, tread with caution.

If a land is listed at an excessively cheap price, it is probably fraudulent. One of the factors that determine how much a land sells for is its location. This explains why a plot of land in Banana Island is more expensive than the same land space in Ikorodu.

The only exception to cheap land is when the owner is someone you have a personal relationship with. For example, a wealthy uncle/aunt could sell a plot of land at a giveaway price.

 

Get Help From a Real Estate Expert
The safest way to avoid land fraud is to work with a real estate professional. Let an expert guide you with his/her wealth of experience within the real estate space.

A reliable property expert will ensure you get the best value for your money. Many of the things to look out for before buying land will be provided by the real estate expert.

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