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The Need For Due Diligence Before Buying Property In Nigeria - Properties - Nairaland

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The Need For Due Diligence Before Buying Property In Nigeria by johnca(m): 9:59am On Oct 10, 2015
The wanton incidents of prospective property, land buyers been duped of their hard earned money can be attributed to the paucity of doing a due diligence investigation prior to paying for the envisaged property or parcel of land. This is because many survey plans, deeds of assignment, certificates of occupancy, government allocation letters, and government gazettes bandied about by fraudulent property sellers out there, are forged. It takes an expert to figure this out. There are nasty tales of people falling prey to the whims and caprices of desperate and unscrupulous so-called land sellers, omoniles, and quack surveyors. Prospective land buyers are strongly advised in their own interest to stringently investigate the genuineness, validity or otherwise of a property before parting with their money.
A survey search on a property will reveal whether for instance, that area has been designated for any specific purpose in the near future by the government. For instance, a piece of land mapped out for agricultural purpose is definitely a no-go-area if you look forward to building a residential apartment. You will have yourself to blame if you unwittingly purchase any of the so-called "committed lands or government acquisition". It takes a good surveyor to ascertain the precise coordinate of a piece of a property and to figure out whether a land gazette or any other document is fake or not.
From the foregoing, it goes without saying that you need the services of a qualified and a street smart property solicitor, a surveyor or any other expert well knowledgeable about land matters to guide and help you in ascertaining the genuineness or otherwise of that property. So before you pay for a property, it is advisable you collect if possible, photocopies of the property's survey plan, deed of assignment, certificate of occupancy from the person that wants to sell the property to you, pass them to your solicitor, surveyor or a professional and they will in turn use the information to do a property search at the land bureau or land registry. If for any reason, a prospective property seller refuses to release photocopies of the said property's documents to you for investigation prior to payment, you don't need a soothsayer to tell yo that something is wrong somewhere.
The proposed Geographic Information System by Lagos State government will put an end to sharp practices by fake property agents. As they say, to be forewarned is to be forearmed. Better to part with little professional fees than to foolhardily part with your money and regret later. Once more, investigate before you take the plunge.

8 Likes

Re: The Need For Due Diligence Before Buying Property In Nigeria by Viktoreze(m): 10:55pm On Aug 29, 2016
Nice one OP...Keep up the good work!! wink
Re: The Need For Due Diligence Before Buying Property In Nigeria by PrinceAbinibi: 6:33am On Aug 30, 2016
,
Re: The Need For Due Diligence Before Buying Property In Nigeria by Nobody: 6:34am On Aug 30, 2016
Seriously! I don't understand what's this thread is doing in Fp
Re: The Need For Due Diligence Before Buying Property In Nigeria by wildchild1: 6:35am On Aug 30, 2016
.
Re: The Need For Due Diligence Before Buying Property In Nigeria by younglawya(m): 6:46am On Aug 30, 2016
If you need due diligence or any property related issue, fee free to call Barrister Mark on 07037836881
Re: The Need For Due Diligence Before Buying Property In Nigeria by dayleke: 6:46am On Aug 30, 2016
Nice
Re: The Need For Due Diligence Before Buying Property In Nigeria by Ehins22(m): 6:56am On Aug 30, 2016
wink
Re: The Need For Due Diligence Before Buying Property In Nigeria by gist4kidsblog: 7:06am On Aug 30, 2016
shocked
Call/WhatsApp 08085310359 for your roofing project

Re: The Need For Due Diligence Before Buying Property In Nigeria by Aspireahead(m): 7:10am On Aug 30, 2016
Stelvin101:
Seriously! I don't understand what's this thread is doing in Fp

fake land seller spotted.
Re: The Need For Due Diligence Before Buying Property In Nigeria by edebemba(m): 7:11am On Aug 30, 2016
Stelvin101:
Seriously! I don't understand what's this thread is doing in Fp
Do you not know that 'people perish for lack of knowledge'? Wisdom is the principal thing, and in getting wisdom, also get understanding.
Re: The Need For Due Diligence Before Buying Property In Nigeria by LordaGuru: 7:25am On Aug 30, 2016
Thanks.
Re: The Need For Due Diligence Before Buying Property In Nigeria by EternalBeing: 7:26am On Aug 30, 2016
Nice post.

1 Like

Re: The Need For Due Diligence Before Buying Property In Nigeria by opalu: 7:47am On Aug 30, 2016
Great
Re: The Need For Due Diligence Before Buying Property In Nigeria by fendorf(m): 7:49am On Aug 30, 2016
Ok
Re: The Need For Due Diligence Before Buying Property In Nigeria by Nobody: 7:55am On Aug 30, 2016
Aspireahead:


fake land seller spotted.

grin grin grin. Funny enough that at not my line of business
Re: The Need For Due Diligence Before Buying Property In Nigeria by Nobody: 7:56am On Aug 30, 2016
edebemba:

Do you not know that 'people perish for lack of knowledge'? Wisdom is the principal thing, and in getting wisdom, also get understanding.

For your mind you have said something reasonable this morning. I hope you have breakfast to eat this morning
Re: The Need For Due Diligence Before Buying Property In Nigeria by Nobody: 8:04am On Aug 30, 2016
Log on to http// realestate03.mywapblog.com for more details.

Re: The Need For Due Diligence Before Buying Property In Nigeria by BiafraIShere(m): 8:36am On Aug 30, 2016
Very important! check my signature if you want to buy land in Owerri
Re: The Need For Due Diligence Before Buying Property In Nigeria by Emeka71(m): 8:36am On Aug 30, 2016
I want to buy land at Sango-Otta.
Re: The Need For Due Diligence Before Buying Property In Nigeria by kunlesehan(m): 8:36am On Aug 30, 2016
For sale at Oceanbay estate by Orchid hotel just after Chevron roundabout, Lekki Lagos :

6bedroom mansion (carcass) :

Features

6 spacious bedrooms, all en-suite with walk-in closets.
2 living rooms
Very spacious kitchen with adjoining store & laundry room

1 Study

1 Gym ( penthouse)

1 Box room

An extra storage room.

1 Boys quarters

House situated on 450sqm corner piece land.

Title : C of O


Price : 70m asking

Call/whatsapp :
08080586686
08034900367
Re: The Need For Due Diligence Before Buying Property In Nigeria by kunlesehan(m): 8:40am On Aug 30, 2016
DISTRESSED SALE:

Brand new 5 bedroom detached duplex with Boys Quarter at CHEVY VIEW ESTATE, CHEVRON, LEKKI, LAGOS.

Price: N45m asking

Title: Governor's Consent

Call/whatsapp :
08080586686
08034900367
Re: The Need For Due Diligence Before Buying Property In Nigeria by Kobicove(m): 8:47am On Aug 30, 2016
How can one verify if an estate that is selling developed plots with bungalows is free from encumbrance?

- The estate in question is already partially developed and has already sold houses to members of the public.

- It is located on the Mowe-Ofada axis
Re: The Need For Due Diligence Before Buying Property In Nigeria by platinumtt: 9:35am On Aug 30, 2016
@ OP, good done.
This topic can not be over-emphasized. Most especially, if you have fallen victim once, you will understand this point. I fell victim once and this was what prompted to creating a site ( http://www.naijalandproperties.com/community/ ) to document procedures on land acqusition, documentations per region/locality and other relevant topics in order to help potential property buyers from falling victim to problematic properties thus losing hard earned money coupled with unimaginable stress, this site has been put together to gather information from community of professionals and make it available for individuals to make an informed decision and to be aware of available options.


http://www.naijalandproperties.com/community/

Re: The Need For Due Diligence Before Buying Property In Nigeria by johnca(m): 10:20am On Aug 30, 2016
platinumtt:
@ OP, good done.
This topic can not be over-emphasized. Most especially, if you have fallen victim once, you will understand this point. I fell victim once and this was what prompted to creating a site ( http://www.naijalandproperties.com/community/ ) to document procedures on land acqusition, documentations per region/locality and other relevant topics in order to help qpotential property buyers from falling victim to problematic properties thus losing hard earned money coupled with unimaginable stress, this site has been put together to gather information from community of professionals and make it available for individuals to make an informed decision and to be aware of available options.


http://www.naijalandproperties.com/community/
for most of us that have falling victim before will understand that it is an experience that you wouldn't even wish for your enemies, but I'm always very excited when i see some of them doing something to make sure that other potential buyers didn't go through what they went through. Great site @ http://www.naijalandproperties.com/community
Re: The Need For Due Diligence Before Buying Property In Nigeria by Nobody: 10:25am On Aug 30, 2016
Proudly estate manager.
Re: The Need For Due Diligence Before Buying Property In Nigeria by petchi: 10:46am On Aug 30, 2016
Thanks!
Re: The Need For Due Diligence Before Buying Property In Nigeria by igbanbajo(m): 3:24am On Aug 31, 2016
younglawya:
If you need due diligence or any property related issue, fee free to call Barrister Mark on 07037836881

Your location pls?

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