What To Look Out For When Buying Land In Nigeria…
Don’t Send Money To A Sibling To Pay For A Land For You
Don’t Send Money To A Sibling To Pay For A Land For You
We are an experienced real estate company. We help individuals home and abroad find and process applications for genuine affordable lands and properties in Lagos. Part of our services as an estate company is to advice and guide clients through the purchasing process involved in buying a land in Lagos, so they find the land that meets their desires and don’t get scammed or loose legitimately earned money to scammers.
One thing we always stress to clients is to never send money to anyone to pay for a land for you, not even if they think they can trust the person with their lives.
Any estate company or professional, who has got your best interest at heart, will tell you this. As expected, many people unfortunately do the contrary either out of ignorance or over confidence that their siblings would never try to steal from them or get away with their money
The First RULE of sending payment for a land/property
The very first rule of sending payment for land or property in Nigeria when living abroad is to NEVER, in spite of who they are, send money to a personal account other than the company’s account you are buying the land or property from. They have company bank accounts, request for it.
It is stated on all our land application forms that you never have to pay to a consultant or agent. Not necessarily because our agents are scammers but because it’s better to be professional in dealings.
All real estate companies are registered under the corporate affairs commission. Paying into the company’s account would make it easy for you to take it up with them in court should any problems arise about the payment, which has never happened in our years in the business.
Someone called one of our agents some weeks back about her interest to buy a land. After talking about the available options and prices, she said she didn’t have up to the amount but would send the money she had at the moment to his bank account and keep paying it till it gets up to the required amount. The agent discouraged the idea, saying it was against the company’s policy and that she shouldn’t even suggest that to someone else. It isn’t just about trust but rather about playing by the rules and keeping it professional. When doing a property transaction it is imperative that you do things by the book so that if things ever go downhill, you have a case to fight.
There are other people with the best intentions who have found themselves in situations they never imagined. Imagine someone who is struggling to make ends meet in Nigeria, one who has never had N500k in their account and then out of the blues, someone deposits millions of Naira in there. It would be easy for the person to think he could borrow out of it and pay back later and then purchase the land. But then, days and weeks go by and he still hasn’t paid the money back. And if they are a sibling to the person who sent the money, they may feel relaxed because they are related by blood.
There are many cases of siblings embezzling money sent to them to purchase a land or erect a structure. There was a recent one about a man who had been sending money home to his parents for a few years to build a house for him and also do other things on his behalf. When he finally came home, he realized that nothing, nothing at all was done for him with the money he had been sending. He was so furious he put his parents behind bars.
It is advisable not to put people in circumstances where they can easily take advantage of you
How to pay for a land/property yourself anywhere you are in the world
A lot of things are now easier with the advent of Technology. You can conveniently do business with anyone anywhere in the world without having to leave the comfort of your home. You should read the article How to Buy a Land in Nigerian from Abroad without Fear of Being Scammed. There we presented two options for people who want to buy a land while living abroad. A large number of our clients are based outside the country, and the common option they often go for is to transfer money to their Nigeria account and then make necessary payments from there.
Money doesn’t come by easily. We know how difficult it is to make money especially abroad like in the UK, US or in Italy where you may have to work round the clock to make money. It would be sad to lose money to your siblings, relatives friends and even lawyers because of some sentiments or carelessness on your side. There was a time someone said that he sends money to his lawyer whenever he wants to buy a land and that the lawyer processes everything. He was asked whether he had copies of the documents. He said yes that he did have some. He was also asked if all the documents carried his name. He said no not all of them. We were completely shocked! Yes, lawyers have a role to play in buying a property, that’s if you can afford one. However their Job description does not include filling an application from and signing it. The person’s name on the application is the person recognized by the company as the owner of the property. So you are supposed to fill the application form yourself.
Whenever you are processing an application for land from abroad, always ensure the soft copies of your receipt and contract sale are scanned and sent to you.
May the odds be in your favor for you as begin to buy and grow your property portfolio in Nigeria.
Never ever send money to anyone to pay for a land for you. Pay directly into the account of the company you are buying the land from. To be forewarned is to be forearmed.