The allure of owning property in Lagos is undeniable – a vibrant city with endless opportunities. However, navigating the Lagos real estate market requires caution and thorough due diligence. But before you sign on the dotted line, let’s get real. Buying property in Lagos can be a thrilling adventure, but it’s also a minefield of potential pitfalls.
We’re talking about a city where “omo onile” legends are whispered in hushed tones and where land ownership can get murkier than a Lagos lagoon.
To help you navigate this jungle of paperwork and potential problems, here are 5 red flags to watch out for:
1. The “Too Good to Be True” Price:
While rare finds like distress sales or new developments might offer buyers an opportunity to buy property below market value, If a property in a prime Lagos location seems ridiculously cheap compared to similar offerings, you should proceed cautiously. This could indicate hidden problems such as:
- Land Disputes: Potential legal battles with competing land claims.
- Government Acquisition: The land might be earmarked for government projects.
- Environmental Concerns: The property could be in a flood zone or on contaminated land.
2. The “Ghost Seller”:
This is where things get shady. You’re dealing with someone who claims to represent the owner but can’t produce proper documentation. You could be dealing with a fraudster who’s trying to swindle you out of your hard-earned cash.
Due diligence is key. Always insist on seeing the original documents, such as the Certificate of Occupancy (C of O), Deed of Assignment, and the Government Identification card of the actual property owner.
3. The “Missing Paperwork”:
A lack of proper documentation is a major red flag. For example, an Incomplete title could mean the land ownership is unclear, making it difficult to sell or develop the property in the future. Missing documents could indicate existing legal encumbrances on the property, such as mortgages or court orders. Every property is just as valid as the paperwork behind it.
4. The “Vague Promises”:
Be wary of vague promises from developers or sellers. Some common red flags include unrealistic timelines and promises of quick construction or immediate occupancy. Also, do not take promises of amenities like power, water, and security at face value, ensure to confirm what you get and if a developer is unwilling to provide detailed plans and timelines, it’s a major red flag.
5. The “Gut Feeling”:
Ever heard the saying… “Trust your instincts. If something feels off, it probably is”. If you feel pressured, uncomfortable, or like something isn’t right, take a pause and consult the help of a professional to help you navigate the process..
Buying property in Lagos requires careful research, thorough due diligence, and a discerning eye. By being aware of these red flags, you can make informed decisions and increase your chances of a successful real estate investment.
Disclaimer: This blog post is for informational purposes only and does not constitute legal or financial advice. Consult with qualified professionals like Trustcrow before making any real estate investment decisions.
Our team at Trustcrow boast years of experience and market expertise to help you navigate your property journey.
