Sunday, 10 May 2015

HOW TO PROTECT YOURSELF FROM BUYING PROPERTY WITH FRAUDULENT TITLE?

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 
Email: folynoa@yahoo.co.uk   or landsurveymatters@gmail.com


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