Privateproperty.com.ng, has warned property buyers to be cautious when buying property in order to avoid falling prey to scammers.
This advice was given by Joel Uwabor, an analyst at privateproperty.com.ng. Uwabor said that, buying property is no doubt a worthwhile investment, but just like any other business, property buying has its own inherent risks.
Uwabor also said that falling prey to scams is one of the risks property buyers face and this has led to a lot of buyers losing their hard earned money in the process.
He listed the following tips as should help a buyer avoid property scammers:
Verify Before Payment: “Some scammers operate by posing as genuine property owners and selling property they have no right over.
In order to avoid falling prey to property scammers, ensure that proper verification is carried out on the property and the seller (or agent) before making payments.
Always have a lawyer present during all property transactions for proper verification of all property documents at the appropriate quarters.
Make sure the real estate agency you are dealing with is properly registered under the Corporate Affairs Commission and the relevant real estate regulatory agencies.
This verification process might be a bit tasking but it pays off eventually as it helps to avoid endless legal tussles and loss of money.
Get Help: The waters of the real estate market could be murky sometimes and you definitely need the help of experts to guide you through.
Real estate professionals have invaluable experience in purchase transactions and their advice can help a buyer avoid falling prey to scammers.
Employ the services of a real estate lawyer to help verify all title documents and ensure that your best interests are represented.
Avoid Paying in Cash: When paying for property, avoid using cash payments as they are difficult to track. Make use of bank transfers and post-dated cheques instead.
This makes the payment easier to track in case things go awry.
Be Cautious: It is always advisable to be extra careful when buying property. Trust your instincts and if anything seems fishy, avoid it.
Scammers offering houses for sale at ridiculously low prices prey on the greed of some buyers.
If a deal sounds too good to be true, it most probably is and should be avoid