Over the years, i have given out free advices and helped loads of Nairalanders to purchase properties and assist what ever way i can to ensure due diligence. I will never come out to say everything has been smooth when conducting a transaction but i try my best to do whatever it right and will provide maximum happiness and when there is a problem, i will do everything within my power to assist in rectifying it but there is a problem i have noticed that has been creeping up and up these days and most people dont know the legal ramifications of this and its the issue of part payment for lands.

Everytime a cheap property is being advertised on Nairaland, the first thing people ask for is whether they can pay instalmentally or what are the chances of part payment for lands. They normally state that because maybe they dont have the funds now or they are anticipating for future funds or consider it to be a flexible mortgage on land.

Nairalanders please this is the greatest mistake ever and those that go through it unscathered shouldnt continue to try their luck with such an issue.

Your just giving Omonile the opportunity to use your money to drink more ogogoro and wack pepper soup without reciept.

I always ask my self, what document or title do you get after you pay part payment for a land?

It is so rampant in Mowe/ Ofada and that is the genesis of all the wahala in that place. Now slowly it is creeping into the Lekki/ Ajah Axis with all these new ploys to make people buy lands and giving you the opportunity to spread payment.

[size=14pt]General Jamb Questions you can answer for me![/size]

How do you claim ownership of that land when your dealing with omonile?

How do you account for it?

What stops the omonile from re selling that land if someone comes with the full amount to outbid you despite you paying countless installations

What document do you really possess?

A. You cannot claim to have a letter of Allocation because there is none

B. Your not entitled to any survey plan

C. Your not entitled to any deed of transfer or assignment

D. You are not covered with any C/O or Gazette

E. What if the omonile decides to abscound?

F. What if they inflate the price half way?

G. Talking about the estates surrounding Mowe and Ofada that are having troubles fulfilling their subscriber base for those that even paid in full, talkless of those paying instalmentally?


Your just walking into a lions den because legally the only remedy open to you is suing for SPECIFIC PERFORMANCE but we both know how many years that will cost in terms of money and time that will over shadow the N1Million Land that your paying 2 or 3 times to get.

Property Developers, Bankers and Agents will woo you to pay instalmentally for lands but the success rate is less than 20% without complaints, problems or wahala associated with it.

Take it or leave it, 75% of Nigerian Property Merchants have the tendency to be fraudulent to dupe you off your money once you give them that loop hole or chance and in most cases than none, it takes a  miracle to get your money back.

The police will only flog and flog and flog the Omonile and charge him to court but he will be granted bail one day and the case will go on for years till your tired but you wont see NADA of your money.

I have seen the harzards of Part Payment for Property Issues so many times that i am compelled to warn people about it. Its not by force to buy that land if you dont have the money. Wait for God's Chosen time and you will even get something better than for you to rush and throw your life savings on a land as part payment and the Omonile parts with it.

Do not be mistaken, Omoniles are very very very dangerous and dubious People and it takes a wise head, Good counsel and wisdom from God for you to scale through these people. They dont mean you well and they are only after your money. Dont give them the small opening they crave to wipe you clean. Do your due diligence, save your money till you have it complete and pay for it at once. Collect your documents and be glad of your achievements.

P:S: My advice doesnt extend to Mortgage Issues or part payment for Existing Property because it has a structured channel and mode of paying instalmentally and because it deals with large sums, there are always provisions for refunds and back up collaterals. I am merely talking about all these cheap properties ranging from N250,000 to N5Million.


Please share your views either for or against!
Cheers

Its the omo oniles that complicate things, but I can remember paying in istalments (to a responsible landlord) and there were no problems.

Right now am with 30% of somebodys cash for a plot of land and he promised to pay up before the end of march. I still hold my documents and signed for his lawyer that I collected so and so amount, tell me this is not wrong?

Dlaw, how about all these property developers that have invaded Mowe/ofada are they glorified omoniles too.

They come up with payment plan  for lands for up to 2 yrs. They have registered companies and potray themsevels  to be geniune, What can u say about them.

@lawyer,
laughing, i think(might be wrong) that your post comes out of your own personal experience with the 'omoniles' which is respected but shouldnt be spoken about authoritatively to influence other peoples decision. some of us have good bargains along that axis of mowe/ofada.

the hullabaloo of that axis is enough, not all transactions with the traditional families are bad.in this times of economic meltdown the instalmental/flexible payment option is the way out for many people,after losing much in the"structured stock market" those advise steps are good for any interested investor and the long age wisdom of "CAVEAT EMPTOR"

i find this to be very biased and untrue and are you insisting that this companies went thru all this trouble to dupe buyers? please be careful before you pass judgement. I want to very much believe you are making sense but since you are nothing but a liar misinforming people about a system that has easen the burden of home ownership within the country, I wont expect you to mention any Estate Company that has done this to its clients since you have no proof.
i am an agent and I dont post on nairaland because thanks to your poor unvisionary job, it is unregulated and has no standards. I have purchased land from different estates within mowe and ofada and have purchased for some friends outside the country and confidentally say their prime plots are safe and all legal documents have been passed to them after full payments for their plots.

"Take it or leave it, 75% of Nigerian Property Merchants have the tendency to be fraudulent to dupe you off your money once you give them that loop hole or chance and in most cases than none, it takes a  miracle to get your money back."
Please speak for yourself. If you are a fraud, kindly say you are and dont just sit down and write rubbish without giving sources or evidences.

Any member of The Real Estate Developers Association of Nigeria (REDAN) should take note of this, and hereby correct this unbalanced and faslehood.
And what kind of lawyer are you? A property lawyer? Do you have a registered firm. I notice you dont include that in any of your post. No office address. No RC number. Please provide some to quiet me. Please people, beware of this fraud who prefers pushing people misguidedly to unprotected plots rather than coming straight. Real Estate is risky, and its a charlatan who try to justify hes more qualified by selling volatile and empty plots in Lekki while claiming properly registered and secured estates are fradulent.

@lawyer,pls what advise do you have to give about some estate developer in Abuja that accept 50% down payment for service plots with a letter of conditional allocation.They do want people to start developing their land asap in most case though.Thanks

ibogurrl:

i find this to be very biased and untrue and are you insisting that this companies went thru all this trouble to dupe buyers? please be careful before you pass judgement. I want to very much believe you are making sense but since you are nothing but a liar misinforming people about a system that has easen the burden of home ownership within the country, I wont expect you to mention any Estate Company that has done this to its clients since you have no proof.
i am an agent and I dont post on nairaland because thanks to your poor unvisionary job, it is unregulated and has no standards. I have purchased land from different estates within mowe and ofada and have purchased for some friends outside the country and confidentally say their prime plots are safe and all legal documents have been passed to them after full payments for their plots.

"Take it or leave it, 75% of Nigerian Property Merchants have the tendency to be fraudulent to dupe you off your money once you give them that loop hole or chance and in most cases than none, it takes a  miracle to get your money back."
Please speak for yourself. If you are a fraud, kindly say you are and dont just sit down and write rubbish without giving sources or evidences.

Any member of The Real Estate Developers Association of Nigeria (REDAN) should take note of this, and hereby correct this unbalanced and faslehood.
And what kind of lawyer are you? A property lawyer? Do you have a registered firm. I notice you dont include that in any of your post. No office address. No RC number. Please provide some to quiet me. Please people, beware of this fraud who prefers pushing people misguidedly to unprotected plots rather than coming straight. Real Estate is risky, and its a charlatan who try to justify hes more qualified by selling volatile and empty plots in Lekki while claiming properly registered and secured estates are fradulent.

whats your point and why do i smell guilt here? the lawyer guy just raised some very fundamental issues that could help naive guys not to make mistakes and now you are taking it out on him, if you are very sure that you are not one of dem fraudulent agents then you have got nothing to fear rather than accusing the lawyer who has a good heart and intention of warning people to be weary of the so called omoniles you are castigating him for mentioning the kind of fraud you guys commit out there, if he was fraud would he come out here and display their tactics and tricks?

"My Problem With Instalmental Payment For Land" means, his own personal opinion, which he is entitled to.
"Why I Will Never Endorse It" is also his own personal opinion, which he is entitled to. If his opinion changes in future, i hope he will refer to his earlier position.

@Lawyer, what did you expect that others will seat down and watch you rubbish their profession and goodwill which they have built over time Expect more flak man.

Anyway, @Lawyer was simply trying to say CAVEAT EMPTOR i.e. Buyer Beware!!!

lawyer, pls note that its not in all cases,u can have a good bargain,your relationship and documents given while making first instalment will tell who the developer is,a gud example is GOLDEN HERITAGE ESTATE,MOWE sold by NEW CREATURES PROPERTIES for N280,000 in 2007 sept,now it is 1.2m or thereabt and subscribers who made payment have started building, some are already living in d estate now,i didnt know them before i started selling for them,all one needs to do is comfrm d documents of the estate in abeokuta or any state u r buying from,Xplicit properties is running a promo sales of N3M in JOURNALIST ESTATE,AREPO PHASE 1,before MFM,this is an already developed estate where we hav people staying in there already,beautiful houses are all around d estate,,seeing is believing, u can call 08034256009,07083492999,019507029 for inspections.thanks

@ibo girl

Read topic before you post. I am refering to omoniles and paying instalmentally.

Read my P.S: where I said it doesn't apply to mortgage institutions and exisiting properties because they have documentation to back it up. Virtually all estates in mowe/ofada are mortgage institutions because they have all clauses for interest recoup in case of default by the subscriber.

I am talking about buying lands from omonile and paying instalmentally.Why then would ibogirl take it so so personal?

Its a forum and just as I criticize, I expect criticsm too but back it up with congent reasons to show why I am wrong but not going as far as calling me a liar, fraud, biased etc and every inconcievable thing you can dream off!

I have learnt how not to exchange words with people because that is your aim whenever you feel threated or am stepping into your territory to point out gaping holes!

One more thing ibogirl, I now understand why you said you don't post on Nl because if you do post, you obviously would prefer to insult and insult till you run out of vocabulary!

Everybody take a deep deep breath. Calm down.

Lawyer is right. Omo- oniles only take part payments if they intend to dupe you or look for other unsuspecting buyers who they will join you to. As he rightly mentioned, proper estates and land with C/O are harder to manipulate because of the processes involved. It doesnt take a genius to work out the fact that if you do pay in instalments, you really dont have any real claim to the land, other than you paid one Alagbara(Strongman) x amount of your hard earned cash.

I also have 'previous' with land dealings so dont just look at my postings as Bobo Londoner.

A word is enough for the wise.

For the minority of Omo-oniles that may be genuine, all I can advise is that you have strong connections to the aforementioned, otherwise you will end up regretting the whole deal.

Remember its a discussion not a slanging match. .

@ibogurl

Dont know why you have to take your grievance on lawyer, when he is merely trying to warn those vulnerable in our midst from fradulent omoniles. I can assure you that he is a reliable person whose integrity has been tested personally.If you must know, Lawyer saved my ass in a land transaction that would have cost me a loss of 6.5m naira even though l dont live in Nigeria.I think people like ibogurrl is on cheap crack and should even sharrrapp their smelling guts.

@laywer pls advice,i was paying for covenant garden estate to NEW CREATION PROPERTIES LTD located @ cmd rd magodo estate,i started sept 2008 and suppose to complete the payment after 6 months,i did not pay a dime in 2009 and now in 2010,i am demanding for a refund less the charges,but the company is acting funny,despite the fact that they made provision for refund in the contract,they prefer to be fraudulent,what do i do

Ehemm! So the estate companies dey imitate the omo oniles now? Well I blame the whole thing on our president's illness!

@lawyer, dont mind Ibogurrl. Ibogurrl actually belongs to the group you critisised, so am not surprised at his response. Please keep up the good work. Ask any of the so-called property consultants posting on Nairaland to show you a site, the first thing they will ask from you is site inspection fee of over 5k. They will then take you on an Isrealite's journey to a thick forest which they know that you will not like. Your 5k is gone!! My friend just tasted one of them on Nairaland!!! He was not an "OMONILE" but a so called Property Consultant.

@neighbor, don't hate the consultants as they play a vital role in the chain of events in the property market.

lawyer:


I have seen the harzards of Part Payment for Property Issues so many times that i am compelled to warn people about it. Its not by force to buy that land if you dont have the money. Wait for God's Chosen time and you will even get something better [/b]than for you to rush and throw your life savings on a land as part payment and the Omonile parts with it.

[b]Do not be mistaken, Omoniles are very very very dangerous and dubious People and it takes a wise head, Good counsel and wisdom from God for you to scale through these people. They dont mean you well and they are only after your money. Dont give them the small opening they crave to wipe you clean. Do your due diligence, save your money till you have it complete and pay for it at once. Collect your documents and be glad of your achievements.

P:S: My advice doesnt extend to Mortgage Issues or part payment for Existing Property because it has a structured channel and mode of paying instalmentally and because it deals with large sums, there are always provisions for refunds and back up collaterals. I am merely talking about all these cheap properties ranging from N250,000 to N5Million.

@Lawyer:

Thanks for the great advice.

A few things:

1. What exactly are back up collaterals?

2. Besides waiting "for God's Chosen time", what other precautions can one take to avoid being wiped clean by the omo-oniles?

Arsenally

i started an instalmental payment for covenant garden estate ibafo in 2008 with NEW CREATION PROPERTIES ltd located@cmd rd magodo estate ,could not make any payment in 2009 and now i want a refund less charges as stipulated in the contrct but they are acting funny,what do i do?

You made a clear statement!

The quest for land acquisition is on but all intending to so must watch out big time.

Thank you dearly.

Lawyer is right. He know wetin hin dey talk. Shine ur eyes,

i think ibogrrl will need a lesson on reading and comprehension. a passage(a post) may be faulty but will require you learn how to reply appropriately. if truly you are a girl then you dont need to be on this forum; we need adults who can understand basics of post interpretation.

@lawyer,with this kind of post,are u telin us that all property sellers are dubious? Wat do u tink is the solution cos u r dèfinitely givin pple wrong impressiöns abt real estate firms lyk us who have genuine intentions, So what do we do? Always tel them to pay at once even when they dnt have the money? What's the alternative to 'instalmental payment' ?

^^^

@segeonline

Once again Read post well! If you are an Omonile, this post is directed at you with no apologies but if you are a mortgage institution real estate company, it is not!

I have not for once said real estate companies should not do instalmental payments plan to subscibers. At least you have documents to back it up?

So why are the real estate agents here getting so worked up? At least for everytime you say a client should pay N1million per plot but to spread it in 10months at N100,000 per month, you have your profit inserted in it and if the subscriber fails to complete it, you minus your running costs from it and return the rest backed with documents. Its a win win situation for the real estate developers that is why you are real estate mortgage institutions. So where is the confusion here?

What docs do omonile or third party agents give subscribers to back up their claims?

Please this is the last time I am clarifying this post and if more real estate agents cannot see the difference I have pointed out, you can continue to throw your toys out of the pram. I won't repeat myself anymore again!

READ POST WELL BEFORE POSTING!!!

End of discussion. Aluta continua!! Victoria acerta!!!

For some people, the more they read the less they understand.

@Lawyer,
I am soo happy d way u maintain ur cool replying Iboguurl, thats the way to go, more power to ur elbow and keep enriching us. However try to slow down a little on agents seems you have cultivated a lot of enemies among them, I'll prefer u let us know how to get the good ones, they are also useful u know, Some people have actually complained both privately and public, lol

Buying properties from the omoiles can be very complicated sometimes, however the emphasis here is going into an agreement with them to pay for properties on installment, a deal that could go sour and sometimes become dangerous because of their violence and fetish beliefs. In my case i have completed quite a number of deals like this without setbacks. some people i know have also gotten their fingers burnt by the omonile syndrome my advice is that a proper due diligence be carried  before going into any property deal not necessarily with the omoniles but also with any property owners, developers, agencies, realtors, mortgage institutions, banks and Banks!