HOW TO AVOID SCAM WHEN BUYING ESTATE PLOT IN ABUJA

So many people have lost their investments and hard earned money to scammers and their dreams shattered because they didn’t do the right thing, and I feel very sorry for them. Avoiding scams when buying an estate plot (property) in Abuja requires careful research, due diligence, and following some essential steps. Real estate transactions are capital intensive and involve a significant financial commitment, so it’s important to take the necessary precautions to ensure you’re dealing with legitimate sellers and properties in order to avoid stories that touch.

In this article, I’ll like to share a guide on how you can avoid being scammed when looking to invest in estate plots in Abuja even if you are a novice or a first time investor:

1.Research the Developer and Area you’re looking to invest:

There is need to do a background check on the developer to know their credibility and reputation over the years. This checks will also help you know the price range of plots in the area and whether there is any dispute. Most times it is recommended that you check online to read reviews and testimonials of people that have done business with them, read articles and consult associates that are in the same line of business. Though there is no guaranty on the information you gather but it will help you make an informed decision.

2. Engage a Reputable and Licensed Real Estate Agent:

It is best to work with a professional who has advanced knowledge and expertise to guide you through the processes of land administration and ownership in the area and also render professional advice as necessary. Sometimes he can also help you negotiate to ensure that you get the best price for your investment. Sadly, most potential investor tend to cut corners because they don’t want to pay fees thereby risking their investment.

3. Inspect the Site

It is very important to visit site to see what you are paying for. There has been cases where people sell non existent or government land to unsuspecting investors because they are too busy to busy to go for site inspection. When you visit site, there are possibilities of questions arising from what you see which may include: encroachment or encumbrance, communual issue, environmental hazard e.t.c Make sure you ask questions and get clarity on anything that comes to mind.

4. Confirm Title, Documentation and fees:

This is one of the most important aspect of buying a land. Many investors have lost their investments due to poor documentation and defective title. Before you make payment, it is very important to get clarity on the type of title to the land and all fees required before you start what you cannot finish. Some developer will require you to pay infrastructure fee, building approval fee, DPC etc in addition to the price of the plot while others sum it up to a single figure. Whatever the case, find out all the cost required. This will help you plan your finances appropriately.

It is very important to request to sight the title document and building approval of the estate before you proceed with payment, if possible, collect a copy for verification purpose. Do not compromise this aspect as it is the determining factor on whether the transaction is genuine. At this point some developers will come up with stories, if you can’t see these documents, DON’T BUY!

Area council plots are usually problematic so I’ll advise that you avoid it especially those that are yet to be recertified.

5. Visit Government Office for Verification

Before you make payment for any land, make sure you do proper verification with government authorities concerned. Use copies of the title documents given to you to conduct search at AGIS to confirm the authenticity of the Estate. You will be informed via a report if the Land is genuine or not.

6. Make Payment and Collect Documents

After a successful due diligence, you can then proceed to make payment for the land. Make sure everything is in writing. Ensure all terms and conditions, agreement are properly documented. Upon full payment, ensure you collect: Payment receipt, Allocation letter, Contract of sale (deed) which transfers the ownership of the plot to you.

Remember that patience and thorough research are key to avoiding scams in real estate transactions. Don’t rush into a deal without proper verification and consultation with legal professionals.