In Nigeria, it’s crucial to make sure the property is real before making a purchase. The market is unfortunately filled with scams and fraudulent properties, so it’s critical to understand how to recognize a real property. We will look at some important guidelines in this article for figuring out whether a property in Nigeria is real or not.
Check the title deeds: When purchasing a property in Nigeria, checking the title deeds is one of the most crucial steps to take. To ensure that the property is legally owned by the seller and is free from any encumbrances, these documents should be verified by a respectable attorney or real estate agent.
A valid C of O (Certificate of Occupancy) or an approved building plan are two examples of valid government approvals that should be looked for before buying a property. These permits show that the building complied with regulations and received government approval.
Study the neighborhood: One of the most crucial steps in figuring out whether a property is real is to study the neighborhood where it is located. Learn about the area’s accessibility, safety, and proximity to services like transportation, shopping centers, and schools. This will enable you to determine whether the property is actually situated where it claims to be.
Purchase a property survey: A property survey is a thorough report on the property’s condition, including any problems that might have an impact on its value. You can use this to find out if the property has any potential issues that could lower its value, such as structural problems or boundary disputes.
Use a reputable real estate agent: An agent with a good reputation can guide you through the purchasing process and make sure you’re getting a legitimate property. They can give you helpful market insights and have access to a wide variety of properties. They can also help you arrange for a property survey, check for government approvals, and confirm the title deeds.
Red flags should be watched out for: Be alert to any signs that point to a fraudulent property. These can include inflated costs, time constraints, ambiguous or insufficient details about the property, or a challenge in obtaining title deeds.
In conclusion, buying a property in Nigeria can be challenging, but by heeding these advice, you can make sure that the property you’re purchasing is real. Consider checking the title deeds, looking for government approvals, researching the neighborhood, getting a property survey, working with a trustworthy real estate agent, and keeping an eye out for warning signs. With the help of these suggestions, you can steer clear of shady real estate schemes and locate the ideal, legitimate property for your requirements.