ATTENTION fellow nairalanders,

For those interested in property acquisition be it for investment, speculative or on personal ground. It is eminent to be aware of unscrupulous dubious

vendors or imposters who impersonate as vendors. Their mode of operation; they show u a land which is actually in the market for sale (as such the

property documents will be flying around), after joint inspection, being that u don’t know the owner, they impersonate the owner and getting a made

believe original document to the land is not difficult, as it could be forged easily (mind u going for search will reveal any encumbrance and the

identity to the property, but yet not enough to stop a fraud).

1. The land is right and real

2. The search is perfect

3. The “owner” is established.


Yet the possibility of fraud on the property is high, reasons are that:


1. The alleged owner is an impersonator

2. The original document to the land is forged

3. They play on your ignorance

4. Lands for sale are everywhere with the photocopies of the original

5. So the search report just gives you the details u think u ought to know for the transaction (but it could give u more)


WHAT You HAVE TO DO


1. Get an authority for search from the property owner, duly signed by him and not a second party

2. Verify the signature with that registered in AGIS

3. If the owner is a secondary owner then make sure the deed of assignment was a registered one with AGIS and the corresponding signature conform accordingly

4. Insist on meeting the owner in person and get a confirm and traceable address to him/her.

5. Make use of a professional an estate surveryor and valuer where possible.

6. Don’t always be in a haste or don’t act desperate to a transaction so u won’t be taken advantage of

7. Get to know the owner’s legal representative (office address, his legal status with the legal institution etc.)

8. Don’t forget to get the original document from the owner and also execute the deed of assignment and irrevocable power of attorney which should be duly registered.


BE CAREFUL IN YOUR PROPERTY TRANSACTIONS

it is lot safer to patronize property briefs marketed by estate surveyors and valuers cos they are recognized professionals by law in the practice of Realtors

services, they are guided by a body with a written constitution. they can also be held accountable and sanctioned.

Good piece of information as usual, Hakir.