09/01/2024
HOW TO AVOID SCAMS AND FRAUDS IN LAND TRANSACTIONS IN 2024.
It's no longer news that landscam is the major problem bedeviling real estate transactions in recent times. The following are steps land buyers can take to avoid being scammed in their real estate transactions:
1. DISCOVER: The first thing any land buyer would do is discover the land or property that caught his/her interest and make a decision to buy such property.
2. CONTACT SELLER: After discovering the property, the next thing is to meet or contact the seller and inquire about the property, prices, location, and value.
3. TITLE DOCUMENT: At this point, the buyer should ask for a copy of the title document from the seller in order to inquire into the authenticity of the document for the property.
4. APPLY FOR VERIFICATION: Upon getting a copy of the property documents from the seller, proceed to apply to the land registry for title verification. Letter of verification and attached a copy of the document to obtain and pay the prescribed fee.
5. VERIFICATION REPORT: Upon the application, the land registry will check the authenticity of the title document, confirm the owner of the seller, and then issue a verification report to the applicant.
6. PROCEED TO BUY: Having confirmed the ownership of the seller through a verification report, the buyer can now proceed with the transaction. However, where the verification report varies, the buyer can discontinue the transaction with immediate effect.
In conclusion, when leveraging the above steps, buyers shouldn't forget the role of legal practitioners in perfecting the above process and making it effortless and seamless.
Abiola M. Sunday
Legal Practitioner