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The Essence Of Property Verification And Due Diligence Before Purchase. - Properties - Nairaland

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The Essence Of Property Verification And Due Diligence Before Purchase. by Treash(m): 10:21pm On Nov 06, 2021
Treash:
It's not a doubt that influx of property sellers are increasing, especially in developing part of Nigeria: Lagos, Port-Harcourt, and FCT. The sudden wake of property developers, estate agents and related persons can not also be overemphasized. However, it's quite noteworthy that court registries keep receiving fresh lawsuits between parties to lands as a result of communal clash of land ownership, impersonation of title owners, and fraud. Most of the incidences, however are effect of lack of sufficient due diligence on the part of property buyers.

I was briefed by a Nairalander how his hard earned property in Ogun State worth millions was acquired by a judgement creditor, whereas he never knew there was any pending case in court until the copy of the court order was pasted in the house. The best advice a rational person could give is to appeal to the higher court, but nevertheless, the judgement of that court is still valid until it is set aside on apeal. Property verification is essential in your quest to acquire one. Several land buyers have become homeless as a result of court order, government acquisition status and sale to multiple buyers on fraud.

It is however expedient that after verification is confirmed positive, such a buyer can go ahead to register his property with the appropriate government registry immediately purchase is done; due to the fact that the first in time prevails in equity.

Barr Ayo Adeolu Aderinto, 08068088866

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