HOW
TO PROTECT YOURSELF FROM BUYING PROPERTY WITH FRAUDULENT TITLE?
Being aware that land
scam is real and how they work is usually not enough. Land fraudsters tend to
target unsuspecting clients, so if you are on look out for them, you are far
less likely to fall victim.
Take the following steps and you can be sure of safe transaction.
a)
Approach every property sale with
caution, regardless of how that contact is made.
b) Get
an experienced property lawyer to thoroughly investigate ownership and handle transaction.
c)
Get to confirm the titled documents
(governor’s consent or C of O) in
Land
Registry.It is not safe to stop at the stage,as there are countless illegal title documents in Land Registry (obtained with fraud or fictitious survey plans).
d)
Consult an honest registered surveyor to inspect property
i.
To find out status of property.
ii.
To
find out if survey plan annexed to
titled document properly defines and describes the property.
iii.
To
possibly determine size (area) of property. This is to ensure you get value for
your money.
e)
Insist on getting all information about land sale before you agree to buy property.
f) Resist high pressure sales tactics.
Agent pushes you to buy quickly, giving you ‘warnings’ about competition from
others buyers or rising prices.
g) There is no small issue concerning
any land matter, it is usually bigger than it literally seems to be. It is also
important and good practice to meet actual owner of property before payment.
As a point of principle, when buying property,
always seek advice from independent parties- i.e. someone not acting for the seller.
Get
an experienced property lawyer and surveyor. I just can't begin to state how
important it is to have competent, honest and qualified professionals working
on your behalf.
Surveyors
who foresee possible problems with survey can be a valuable asset to their
clients. Those who carelessly fail to protect or inform the client in all
survey matters may find themselves burdened with defending negligence.
Getting
a site inspection survey at the time of purchase can save time, money and
protect you from having bad investment
in long run.
The
importance of a land survey inspection before you make the most important
financial decision of your life has never been greater. No one can locate your property boundaries on
the ground, map and certify that location except for a registered land
surveyor.
Do not entrust the most valuable
asset you have on this Earth, your real property, to chance. Call a registered
surveyor.
ABOUT THE AUTHOR
Mr. Folarin N.O is a
registered surveyor in private practice in Lagos. He dedicates his time to provide
solutions to real property needs and continuing education to clients and professional
service providers on land matters.
For further information
or in case you have any comment or feedback, don’t hesitate to contact the
author.
Mobile:
+234(0)8028541100, +234(0)8037046468
