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How To Identify, Check Fake Estate Developers - Properties - Nairaland

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Be Very Careful Of All These Big Real Estate Developers In Nigeria. / 7 Leading Real Estate Developers In Lagos / The Real Developers Of Lagos: Top 30 Real Estate Developers (2) (3) (4)

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How To Identify, Check Fake Estate Developers by Nobody: 5:51am On Dec 04, 2017
The desire to acquire decent and affordable housing has lured a lot of Nigerians into temptations that at times cost them their life’s fortunes. Nigerians are therefore prone to the activities of these fake estate developers who do not stop at anything to swindle their victims.

However, most people are swindled because they fail to look before they leap. Those who look are bound to find some facts that could confirm the authenticity of the estate developers who would give you accommodation. Some of the ways of identifying genuine estate developers as enumerated by some analysts include:

Document verification and authentication
The moment you resolve to buy a property, the first thing is to hire a reliable lawyer to oversee the property documentation and verification. The lawyer would do the verification to ascertain the legitimacy and authenticity of the real estate agency. There are a lot of required documents to be ascertained and verified prior to payment. Hiring a lawyer could be an added cost but at the end it serves the purpose.

You can as well handle the property verification by visiting the Abuja Geographical Information Systems (AGIS) or Alausa Land Registry Lagos or the various state land registry department to verify the property location. You can discuss with the agent on a special service for property verification. Of course, a genuine real estate agent would never associate himself with properties and transactions tainted with fraud or dispute, therefore he must have verified the property/transaction himself. To be more satisfied and secured, you must not rely on the agent’s property verification; you must do the verification yourself, your lawyer or chartered secretary.

Buyer/seller agreement
A real estate agent that is authentic must be able to provide the buyer with buyer/seller agreement before the transaction. This is an official agreement between the agent and the buyer/seller. He must tell the commission and other necessary information about the transaction must be outlined and agreed together by the parties involved prior to payment and concluding any transaction. The agreement must include the agent’s official brand name, logo and other vital information as well as the buyer/seller.

Payment
The payment (net sales) could be made into the agent’s or property owner’s bank account as agreed on the buyer/seller deed. Of course, the agent’s account holder’s name must be his company/brand name. Please, insist that at least the commission be paid into the agent’s official company account. Fake agents hardly operate with company account. You can never lose your money while dealing with genuine real estate agents and refund is guaranteed should anything go wrong in the transaction.

Company registration and official website
Aside having a company name, every genuine and qualified estate agent must be registered with the Nigeria CAC (Corporate Affairs Commission) with a brand name. There must be a registered company/brand name with a verified company registration Number. Do not deal with individuals by preference.

All genuine real estate firms are happy to publish and provide you with their registration numbers at any given time. The registration number is always found at the company’s profile (About Us) on their official websites. Of course, you can request for the company’s registration number. Every genuine and qualified company must provide you with its official registration number upon request. You can verify the company’s Reg. Number by visiting the CAC office in Abuja. You can also hire a trusted lawyer or chartered secretary to do the verification. All these must be done prior to payment.

A genuine real estate agent must be registered and recognised by at least one of the Nigeria estate boards – Real Estate Developers Association of Nigeria (REDAN), Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), among others. Most genuine real estate agents are often interested in advertising and publishing their brand names and websites.

Communication
All related communications must be conveyed through the company’s registered communication points. Ensure that your email communication is being conveyed through the company/brand name. For instance, seemee@money.com. Do not communicate/send and receive emails from any agent using a free email account such as yahoo, gmail, hotmail, etc. Insist on using his/her company’s email account. It could be, okekeokafor@gmail.com when his name is Okeke Okafor and not jysmant@yahoo.com, when his name is Okeke Okafor.
The email address must quote exactly the company/brand name and website. Every genuine and qualified real estate firm must operate with an active official phone number (land line/table phone). You can verify this from their official website. Please be wary of real estate agents operating with only mobile phones. There must be an office contact phone (land line/table phone) and not a mobile phone. You must try to differentiate between the two. Most fake agents operate with only mobile phones, which easily enhances their illicit act. Although there could be personal/private contact numbers between the workers but ensure you initiate first phone communication through the company’s office phone (land line/table phone set).

Standard office
Most fake agents do not have a standard and conducive office. Ensure that you engage most of your related communications in the company’s office. Avoid meeting with an agent in a restaurant and fun places. Request for showing of the property afterwards. All related communications and transactions must be done in the supposed agent’s office. Ensure that you are at the right office and not in a connived environment. Ensure that the office address you visited is the same as the address listed on their official website.

A genuine and qualified real estate agent does not incorporate or attach his career to a different profession. For example, some offices placed on the website or advertised in a magazine might finally turn out to be another thing altogether. A genuine and qualified real estate agent stands out firmly and cannot operate under any other office. Although some lawyers do engage themselves in estate management, the genuine real estate agent can deliver a satisfactory service and information about estate management.
The lawyer has some specific services to render in estate transactions.

http://sunnewsonline.com/how-to-identify-check-fake-estate-developers/

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Re: How To Identify, Check Fake Estate Developers by Nobody: 5:52am On Dec 04, 2017
lalasticlala, dominique, mynd44
Re: How To Identify, Check Fake Estate Developers by propertynigeria: 5:54am On Dec 04, 2017
One of the best real estate post. OP you dey try o


check my signature

Re: How To Identify, Check Fake Estate Developers by BruncleZuma: 6:59am On Dec 04, 2017
Ghen ghen
Re: How To Identify, Check Fake Estate Developers by Webman007: 7:00am On Dec 04, 2017
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1 Like

Re: How To Identify, Check Fake Estate Developers by money121(m): 7:06am On Dec 04, 2017
Ok
Re: How To Identify, Check Fake Estate Developers by money121(m): 7:07am On Dec 04, 2017
Shine your face shocked
Re: How To Identify, Check Fake Estate Developers by kay29000(m): 7:20am On Dec 04, 2017
OK
Re: How To Identify, Check Fake Estate Developers by Nobody: 7:29am On Dec 04, 2017
havillaplus:
The desire to acquire decent and affordable housing has lured a lot of Nigerians into temptations that at times cost them their life’s fortunes. Nigerians are therefore prone to the activities of these fake estate developers who do not stop at anything to swindle their victims.

However, most people are swindled because they fail to look before they leap. Those who look are bound to find some facts that could confirm the authenticity of the estate developers who would give you accommodation.

Thank you for sharing.

In all, caution is the watchword
Re: How To Identify, Check Fake Estate Developers by albacete(m): 7:33am On Dec 04, 2017
Nice article
Re: How To Identify, Check Fake Estate Developers by planetx13: 7:42am On Dec 04, 2017
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Re: How To Identify, Check Fake Estate Developers by Eke40seven(m): 7:48am On Dec 04, 2017
The only way to identify a real estate developer, agent or valuer is to check for their seal. Request if they belong, to REDAN, NIESV, ESVRABON, and the likes. You can report them to the bodies they belong to and they will be charged for professional malpractice and or their licence taken immediately. They won't want to lose their licence because it takes quite a lot to get one.

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Re: How To Identify, Check Fake Estate Developers by opalu: 7:55am On Dec 04, 2017
The Author of this article has done a good job. But it is not good enough. I want to list the most important factors to consider when buying from a developer either as offplan or outright.

1. Longterm maintenance warranty against structural issues:- Any Company that wants you to take a risk with your money must be ready to stand behind what they are selling to you. Our Company Daystar Shelter Ltd gives you a Lifetime guarantee to repair any structural issues of the building they build for you. Free of charge all the days of your life!

2. Money-back Guarantee:- Risk must be lifted off the shoulders of those who buy. Hence our Company Daystar Shelter Ltd gives you a Money-back guarantee without asking any questions!

3. Flexible Longterm payment plan:- When must companies say flexible payment they mean 24months or 12 months. How flexible can that be? We offer 10-20 years payment plan for all our projects.

Check my signature for enquiries
Re: How To Identify, Check Fake Estate Developers by opalu: 7:55am On Dec 04, 2017
It's not the company that has the finest Office or the one that does advert repeatedly per second per second on Channels or on Radio.
It is not even about belonging to REDAN or Estate Valuers association. Would those people refund your money when those fine office companies run abroad with your money? Lol
Re: How To Identify, Check Fake Estate Developers by JVExpat: 7:57am On Dec 04, 2017
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Re: How To Identify, Check Fake Estate Developers by Ben6ene: 8:07am On Dec 04, 2017
350,000Naira per plot of land is available in Agbowa Area of Ikorodu. 5 minutes work from Celeb University. The price is a Ember promo price. Call or whatsapp this number for more information.

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Re: How To Identify, Check Fake Estate Developers by engrhorla(m): 8:14am On Dec 04, 2017
Nice post @Op.

These points can never be over-emphasised.

Nigerians at home and abroad should check these out before making the decision.

Check my signature as I represent a verified and authentic real estate firm.
Re: How To Identify, Check Fake Estate Developers by IyfeNamikaze(m): 11:42am On Dec 04, 2017
4 bedroom duplex (semi detached)for sale at dream world africana way, by orchid hotel road off lekki-epe express way Lekki Lagos.
call or Whatsapp this number for more information.

08084079048

Re: How To Identify, Check Fake Estate Developers by IyfeNamikaze(m): 11:45am On Dec 04, 2017
4 bedroom duplex (semi detached)for sale at dream world africana way, by orchid hotel road off lekki-epe express way Lekki Lagos.
call or Whatsapp this number for more information
08084079048

Re: How To Identify, Check Fake Estate Developers by thedondada(m): 12:01pm On Dec 04, 2017
Good afternoon,

Anyone knows of ifitech and associates in ibeju lekki. They are in charge of west point gardens. Anyone dealt with them before.

Are they legit?
Re: How To Identify, Check Fake Estate Developers by Arinzona20(m): 10:47pm On Jan 28, 2023
How Can I Identify a Fake Real Estate Seller?
Now that you know the red flags of a fake real estate seller, it’s time to learn how to identify them.

The most obvious giveaway is if the seller refuses to show you proof of ownership, such as the title or deed. They may also try to rush you into a sale or claim that there are no other interested buyers. Be especially wary if the seller asks for money upfront or requests that you send funds; these are common scams.

Other signs that you may be dealing with a scammer include poor grammar or spelling mistakes in emails or official documents, and being asked to pay for an inspection or closing costs before you’ve even seen the property. If something looks too good to be true, it probably is—so be sure to do your research before handing over any money.
https://mushinmarket.com/fake-real-estate-sellers-fraud/

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