Tips - News & More - Nigeria Property Centre

Posts with tag "tips"

Without boring you with dictionary definitions, estate agency is a fiduciary relationship whereby a person (referred to as ‘an estate agent’) act as an intermediary between a principal (property owner/landlord) and another party (property buyer/tenant).

Many people (including some Estate agents) have misconstrued who an estate agent is, as well as the functions/roles of an estate agent. Almost everyone, especially if you had ever attempted to rent/lease or buy/sell a property would have come across an estate agent, or someone who claims to be one.

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Prevention they say is better than cure. In the light of this, this essay is an attempt to tack together, some salient and not so salient points to note and where possible to avoid while shopping for a real estate. It takes an old hand to swiftly decipher loopholes or issues that may rear their ugly head after a prospective buyer of a property may have taken the plunge.

  1. You may have heard this old maxim, it still holds true - if a deal looks too good to be true, it damn is! Imagine you been asked to pay five hundred thousand naira for a plot of land that you know is worth at least two million naira even when the seller claims s/he has some financial challenge challenges. probe further, there may be more than meets the eye.
  2. Installment payment plans and promos - This concept is becoming popular by the day in Nigeria. Prospective property bjyers are are promised they are pay in installments over some specified number of years. In reality, this arrangement seldom pans ouy as envisaged. There is always a tendency that the goal post may be shifted at the middle of the match. For one, we lack institutional frameworks or checks and balances that will guard against such sharp practices. Untill proper checks and balances, and an avantgarde mortgage regime, regulation is in place across the country, some experts are of the view that it is adviceable for one to pay for a property at a go and obtain the relevant receipts, documents immediately to forestall cock and bull stories. An Igbo adage goes thus: 'it is not what people say while going to the farm that they say while returning'. For instance, there could be gobbledygook clauses in the terms of sale that the prospective buyer may have overlooked but which will come haunting him later. In other cases, You risk losing your down payment if another person dangles a higher bid to the seller. If you have no choice or the prospects of installment pay plans appear attractive to you, please by all means, look before you leap.
  3. Awaiting government gazette/government acquisition lands - Some of the trick fraudulent land dealers deploy in scamming prospective property buyers in Nigeria is by narrating how the said property is still "awaiting govetnment gazette". Please take care to ascertain this claim.
  4. Buying an uncompleted building or a property under legal contention: As I said ealier, try to find out why the seller is poised to dispose of the property. Is it that he needs money to invest in his business or to cater for some domestic issues? If the property belongs to a family i.e more than one person, are they all in agreement that the property be sold? Should the seller bandy a court order to you as proof of ownership of the property, ensure there is no appellate judgement that invalidates that of the lower court.

You can see why due diligence is extremely important before investing not just in real estate but also in other businesses.

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In the preceding part of this essay, I shared about six tips you need to consider, know while before renting an apartment/office space in Nigeria, here is five more points for you.

7. Beware paying down payment for unfinished or uncompleted properties. This is another booby trap. This headline may interest you: ‘’Developer flees after duping 31 accommodation seekers’’-Punch Newspaper, October 31, 2012. This is a common occurrence in Nigeria but people still fall for it usually out of desperation. So if you are really in dire need of an accommodation, be cautious in paying towards the completion of an unfinished apartment. There is no guarantee it will be finished as at when due.

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Preamble

Searching for and renting an apartment in Nigeria is undoubtedly an arduous task. The Nigerian Public Space is awash with acerbic and nasty tales associated with renting. A lot of people have fallen and continue to fall prey to the caprices, schemes of some unscrupulous so-called "Estate Agents" and landlords hence the need to bring this to the front burner. A while ago, a family friend "lost" a substantial amount to a so-called "estate developer" that absconded with his money and that of five others.

Right now I am sharing six nuggets of information you need to know prior to or during your renting expedition.

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Here are some things to consider before you buy any piece of land in Nigeria.

1. Due Diligence /Investigation

It is crucial to engage the services of a legal professional to carry out investigation at the land registry and surveyor-general's office to verify if the co-ordinates have not been flown (falsifying the survey plan by doctoring co-ordinates to read as free from all encumbrance whilst property falls within a government committed land) or if you're buying from the natives (Omoniles) make sure you are dealing with the principal/accredited members of the family.

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CASE STUDY NO.1 (DODGY SURVEYORS)

Everyone knows that I have been a foremost promoter of doing a survey plan search with a surveyor before buying and if possible going to the land with an Alausa Surveyor to confirm whether it is free from acquisition or not. Well I also fell victim of dodgy surveyors I recommended to people that ended up colluding with the omoniles to decieve buyers and me. Such instances occured in Okun Ajah, Mopo Ibeju, Sangotedo, Ikorodu, lafiaji, Eputu, Akowonjo and Mowe.

These surveyors have found a way to beat the system because of their greed and its almost next to impossible for a buyer or me to know where they have gone wrong. If it is a familiar place they have been and they have met the owners of the land before and upon their search they have found out that the area is not free from government acquisition, they end up colluding with the omonile and the omonile ends up promising to give them a free land or induce them with money far above what the buyer will give them for surveying the land. So when they are to go to the land to investigate it with their GPS, they will search the coordinates and come back with a favourable report that the land is good. Because they are authorities in this department, you have no choice but to accept their word. You end up giving them the contract to do your survey plan and later on when you bring another surveyor there to investigate the land you realize that the land is committed or not free. Even on the survey plan of the land you have bought, they will be so bold as to stamp FREE FROM ALL KNOWN ACQUISTION but in reality your land could be sitting on a Pipeline or Coastal road for all they care. You confront them and all you hear is SORRY or that the instruments they used then were faulty blah blah blah.

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Quite a while I wrote an article on Nairaland relating to property issues and to be honest I've learnt more tricks from land fraudsters in 2010 than I could ever imagined. I thought I knew every trick in the book and how to deal with them but they kept on coming at me like a heavy downpour and I couldn't catch my breath in most situations. In fact it was so bad that I almost gave up handling property matters and questioned my competence in some instances. I have taken a long time to soul search and ponder how to make 2011 more successful and also let people know the tricks and inherent dangers in not doing a thorough search for a property and also lowering your guard in trusting people when it comes to property matters because once they see that slight opportunity that you trust them, they will hit you hard.

Make no mistake about it, no matter how we pray about it or wish it wasn't true, 419 is rampant in Nigeria and its extremely prevalent when it comes to buying landed property in Lagos. These people are tough and cold hearted and they take no prisoners when it comes to making you part with your money. So below are some rules and tips when buying property this 2011 and please learn from them because I also was a victim when I of all people let my guard down.

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You can have your property listings on Nigeria Property Centre automatically posted to Facebook, Twitter and LinkedIn when you add a new listing or refresh an existing one. To set this up, follow the steps below.

Copy your RSS Feed URL

Log into Nigeria Property Centre, click on "My Profile" on the menu bar and copy your "RSS Feed URL".

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Looking to breathe new life into your walls?

While few people would debate the aesthetic excellence of wall coverings over paint, we might be surprised to note that Wall Coverings have returned from the retro times.

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Here's a quick side by side comparison of the features Nigeria Property Centre offers property seekers in Nigeria against those offered by Google Trader Housing.

Features

Advanced property search by location, category, type, price and no. of bedrooms.
Property search result sorting by listed date, price, category and type.
Email alerts when new properties become available.
Detailed property details pages with property pictures, maps, and full agent contact information.
Quick agent contact for property using pre-typed contact message which makes the search experience friendly.
List of estate agents in Nigeria.
Structured property request.
Optimized for mobile phones (Blackberry, Nokia, iPhone, Android, etc).

Start searching for property in Nigeria for sale and for rent on Nigeria Property Centre.

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