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Must Ask Questions When Buying Real Estate In Nigeria - Properties - Nairaland

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Must Ask Questions When Buying Real Estate In Nigeria by citygoldholding(m): 2:47pm On Aug 05, 2015
I think it is high time to address shoddy job being carry out by so called estate surveyor practitioners in Nigeria. As per property transfer and documentation in Nigeria.
There are a lot of complaint needed to be address. Most buyers who have make up there mind to purchase property for one reason or the other.
When they approach estate agent either formally or informal about there intention to buy real estate, unknown to them that the document they demonstrated to them can in no way be accepted to complete the transaction. The agent in charge would have conduct inspection many time with client before he got a serious buyer for the property and sometimes the client may have request for bank-loan and may have been granted the loan, only to discover that the property he wanted to purchase have issue, in the first place the buyer will doubt the loyalty of the agent. The agent himself will be in psychological trauma for time energy and resources wasted. All the same, the agent has the fault for his inability to get the fact on the demonstrated property and ability to start and complete the transaction
Be prepared to offer information,facts,and document on the property during negotiation
This demand early preparation that will help unravel hidden information and hitherto unknown information.
When information arrives late in negotiation sometimes it can trigger mistrust or truncate the transaction entirely.
Some estate agent find it difficult to give answer to under listed question when they were ask. Before going-out there to market property to interested buyer.
Whenever instruction come from potential buyer it is important to confirm the under-listed faqs.

1, Is the property tenanted? Are there any tenant difficulties?
2, When are they leaving? ( Tenancy duration and anniversary)
3,Is the owner alive?
4, Who is selling?
5,How old is the property? Why are they selling?
6, How much is the property? Will they accept x figure?
7,What is the accomodation? Are the rooms big?
8, How many toilets/baths are available?(Services)
9,Is the property free from debt? (Mortgaged)
10, Is there a Letter of Administration
(probate)
11,What is the size of the land.

On most occasions this lack of promptness holds up the transaction longer than necessary. A well organised list of answers help solve this problem and it eliminate time wastage on the both side.
A good realtor should site the document demonstrated to him in the first place at the lands ministry to know if the property is under encumbrance, some properties are under mortgage which the administrator do not know, some are not well documented by the owner. Which can be a tragedy to the new occupant in the nearest future.
Main points that bring a sale into anticlimax
-Incomplete information
-Incomplete documentation
-Disagreement between parties(vendor/purchaser
-un serious vendor(seller)
-un serious buyer.
-poor agency handling.
I implore the estate agent to do there due diligence before demonstrating property to potential buyer, rendering professional service create value,bring better image to organisation.
Kindest regard

Citygold properties and Integrated business limited have been an established and popular company with an excellent track record for the best customer satisfaction. render service in property management,building construction,sales,letting repairs as well as interior decorations.
Address: N0 2 Adeleke close off liberty road Ibadan. +2348104967138. BBm: 29D5040A
Twitter: @citygoldholding.
Re: Must Ask Questions When Buying Real Estate In Nigeria by ladyF(f): 2:49pm On Aug 05, 2015
Educating...

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A Plot Of Land For Sale In Oke-mosan, Abeokuta / A Standard Room To Let At Ilupeju Estate, Obanikoro, Lagos / For Sale........bungalow @ Ogba For 30m

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