REAL ESTATE TIPS: How to detect and avoid Real Estate Scams

Tales of scams in the real estate sector are rampant. There are repeated cases of various issues or cases of people being duped either by estate agents, con artists and the so-called Omo-oniles (Landgrabbers). However, you can be ahead of these scammers if you follow these easy guides.

Due Diligence

First and foremost, do your due diligence! Be thorough before you put your money down. Don’t be quick to pay; refuse to be rushed or pressured into getting a property. If they say it’s too good to pass up, check it and be sure, otherwise, pass it up! There will always be great legitimate deals. They might not come often but they will come, so take your time and do your homework well.

Run away from dead cheap property

Secondly, don’t look for dead cheap property. If it is, it’s probably fraudulent. Properties in Nigeria, especially in Lagos, aren’t cheap. The areas determine how much a land or property is being sold for; so know the asking price for a property in the area you are considering. If it is too cheap, check again and be sure. Yes, it might be a favour, but it’s safe to be sure.

Never pay Cash

Thirdly, avoid paying cash. If you are going to pay, do it through a means that can be traced. Insist on writing checks or any other type of payment that doesn’t leave you hanging in the loop if anything goes wrong. You want to be able to hold someone liable when all is not what they seem; so be wise and avoid payments you can’t trace.

Use a reputable agent

Above all, use a reputable estate agent or developer to help you through the process. If you do, you can be sure you will get exactly what you are paying for. (Courtesy: nigeriarealestatehub)