The Costly Mistake That Almost Ruined Teddy’s Dream…
Teddy had always dreamed of owning a house in Lagos. After years of hard work and savings, he finally found what seemed like the perfect deal—a beautiful three-bedroom bungalow in the heart of Lagos Island, priced well below the market rate.
The seller, a well-spoken “real estate agent,” assured him the property had a Certificate of Occupancy (CofO), and everything checked out.
Eager to seal the deal, Teddy made a 70% down payment and prepared for the final documentation. But just days before moving in, the real owner of the property showed up with legal documents proving he had never sold the house. Teddy had been scammed!
Unfortunately, stories like Teddy’s are all too common in Nigeria’s real estate market. But you don’t have to fall victim. Here’s how you can secure your dream property without being scammed.
How to Avoid Real Estate Scams In Nigeria
1. Verify the Property Title
Before making any payment, ensure the property has a genuine title. Documents like the Certificate of Occupancy (CofO) and Governor’s Consent should be verified at the relevant land registry. Engage a trusted real estate lawyer to confirm authenticity.
2. Conduct a Proper Land Search
Don’t rely on the seller’s words alone. Visit the land registry or the appropriate government agency to verify land ownership and check for encumbrances.
3. Beware of Deals That Are Too Good to Be True
If a property is significantly cheaper than others in the same area, that’s a red flag sometimes. Many scammers use unbelievably low prices to lure desperate buyers.
4. Involve a Reputable Real Estate Firm
Always buy from trusted real estate companies with a track record of transparency like Definition Properties Limited. Avoid dealing with faceless or unregistered agents.
5. Never Make Payments Without Documentation
Every payment should be backed by a legal receipt and an agreement drafted by a legal professional. Also, ensure payments are made to the rightful property owner or a legally recognized entity.
Don’t let the fear of scams stop you from achieving your home-ownership dreams. The key is due diligence, professional guidance, and patience.
Are you looking for a verified property with no risk of fraud? Contact Definition Properties Limited today for expert guidance and access to 100% secure property deals in Nigeria. Your dream home is just one right decision away!
Click here to get started!
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I give professional real estate advice, negotiate and help smart investors make profitable real estate investments for high ROI, thereby creating wealthy landlords. My ultimate goal is to help you achieve your property investment portfolio goals. If you found this article helpful, don’t forget to comment, like, share, and subscribe to our YouTube channel for more insights!
