Six(6) Reasons Why You Should Invest In Real Estate In NigeriaJuly 18, 2022
4 Easy Ways To Invest In Real Estate In NigeriaJuly 19, 2022
Real estate fraud in Lagos keeps rising and it has affected a lot of victims. Investors have been defrauded of their hard-earned money by fake real estate companies, agents, and omo-oniles, popularly known as land grabbers. This is why it is always advisable to carry out due diligence before you buy any property in Lagos. With this in mind, we have prepared for you fifteen critical questions to ask a property seller when conducting due diligence in order to avoid being a victim of a real estate scam in Lagos. However, do note that these questions are not limited to the list. Some of these questions include the following:
- What is the title of the property or land? This makes you know whether the property you are buying has a titled document or not.
- Who are the developers of this property? This question is vital so that you can know who you are dealing with and as well carry out research on them.
- Have you visited the land or property in question? This makes you know whether the person or agent you are contacting truly has product knowledge of the property.
- Where is the property situated?
- If land, what is the topography of the land? By asking this question, you will know if the land or property is dry or swampy land.
- Request for the survey plan of the property for investigation.
- What are the hidden charges or statutory fees after payment of the property? Statutory fees make you know of the other charges such as the deed of assignment fee, the survey fee, and the developmental fee. However in the case of a house, always ask for the monthly service charge.
- Are agency and legal fees required?. If you are dealing with an agent.
- Does the property have a building plan?. This is necessary if you are buying a house.
- Is the land or property owned by the family or a real estate company?
- Are the sellers or the owners of the land requesting an advance fee before you inspect the property
- What are the terms and conditions of the property?
- Is there any payment plan required?
- What if there is an issue on the land after payment, how soon would I be indemnified? This should be stated on the contract of sale binding you and the company together. Also, in the deed of assignment. This is an important question.
- Are the sellers asking you to pay some money in advance before they can issue you the document or verification?
- Request for a copy of the contract of sale they want to give you. This will give you insight into the contract you want to sign.
The list of questions to ask when buying a property in Lagos are un-exhaustive because you just need to ask questions where necessary. Try as much as possible to get clarity on every question you have. By asking these questions, it aids your decision-making in buying any property in Lagos.