Can you shed more light.

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PROPERTY DEVELOPERS SHOWED ME WHIN, I ALMOST LOST DEALS TO NEGLIGENCE

I’ve been a Realtor for almost two years and because most properties are vetted by brokerage groups except on very rare occasions I ride on that information on announced titles without further confirmation. This decision messed up 5th - 7th of April 2021 for me and I have to share this experience for newbie Realtors as well as share some clarity for investors. Let dive in.

Two Clients indicated interest in a property and I assured its titled, encourage a search before payment is made as a matter of fact recommended a surveyor to one of them. This was Saturday 3rd April, 2021. A cloudy Monday it was two days later when the surveyor I recommended informed me the land is COMMITTED. Do you know what you are talking about? I retorted! (thoughts of my friend thinking I want to swindle him on this considering how much pressure I mounted on him to make payment and not scratching my tongue jare…..) Then, I remembered the other client who went to Alausa; Ye! Mogbe!. What is this? I have never had a messy deal. Most land I sold has Governor’s Consent and I have the copies.

I started dialing, how far? Any update? What’s the report from Alausa? Meanwhile, a point to note, there are subscribers for this property already. Alausa Client didn't pick my calls, sent messages no response. While all this was ongoing I was chatting with the surveyor, is the land committed or its Lekki Acquisition? Madam! Are you saying I don't know my job. It's a NO GO AREA.

Now, this is what you should know, if a land in Lagos Nigeria is under ACQUISITION but not committed, it's still a good buy provided the developer will regularize it (again that’s where Realtors partnering with committed developers becomes important). All Lands in Urban Lagos are under acquisition so long it doesn’t have a title (Gazette, C of O and Governor’s Consent) before it was declared Urban.

But this surveyor said NO GO AREA and was too cocky to professionally state what the property is committed to, rather he plays the I KNOW WHAT I’M TALKING ABOUT CARD and of course YOU ARE DUMB AND WANT TO MAKE A CLIENT LOSE HIS MONEY TONE. I’m in this business to stay and crisis are capacity building opportunities. This is a negligence on your part Yetunde and you must deal with it.

I called the MD of the company, Madam, they said this land is committed oh; What! Rubbish, Impossible, that land has ACQUISITION. Do you have proofs, (candidly proofs weren’t convincing) so I’m on my own, a disappointed client that may never buy from me again and a memory of potential great relationship destroyed.

I immediately sent all coordinates to Alausa and another surveyor concurrently, later at night both results came, LEKKI ACQUISITION. I HISSED ANNOYINGLY. Lekki Acquisition isn’t a death sentence. The whole community in that area has approved excision (yet to be gazetted, and we all know how the previous administration in Lagos didn't approved titles otherwise this area mostly would have been gazetted). But, you can’t convince a client otherwise. THEY SAID THE LAND IS A NO GO AREA I NO DEY BUY WILL BE THEIR RESPONSE.

Let's check somewhere else tomorrow I concluded with the recommended surveyor. The next property this time is COMMITTED LAND and the company claimed to have[b] GOVERNMENT ALLOCATION with C OF O in PROCESS.[/b] These developers sha wants to spoil my name ehn. Taking their words hook line sinker. I called the COO of the company, your land is committed Oga, he assented. We have allocation though and the C of O is in progress.

Any proof sir? Devil must have taken his time to lift weights that day. COO sent me a file number that a 10 year staff at Ministry of Lands has never seen, confirming the recommended surveyors postulation that I’m professionally negligent on due diligence.

Mr Client, option B is a No No, I have report from Ministry of Lands and the company isn’t giving me reason to believe their claim on approved allocation. Though I heard from a reliable source they actually got the allocation but haven’t completed payment hence no Approval Letter yet. But you would have saved me this ache if you come out plain.

Now, I have further lost my client's trust and redeeming it will only take God’s intervention.

No giving up. Real Estate is what I’d do for at least 50 years.

I rose the next day and went hunting. Found this lovely property with a development projection of 18 Months to 24 Months, has a gazette, got a copy of the gazette. But, I’m wiser, sent these documents to the Lands Bureau and Survey, You shan’t disgrace me again. Title was confirmed, all detailed send from Land Bureau, the volume number and page, Survey sent me the image of the estate on the master plan, gave exact information as disclosed by developer. I am not satisfied, surveyor let’s pick the coordinate again to be sure the gazette wasn’t flown.

Never will I sell a land without my due diligence again.

I learnt the hard way……

As at the time of writing this, the deal hasn’t pulled through. But I left the experience with 2 extra surveyors and 3 contacts at the Lands Bureau; not a waste of a crisis after all……………………….

Yetunde Abisoye
©April2021

Acquisition Lands isn’t a bad buy. Avoid totally Committed Lands. The former can be regularized. The latter will be demolished certainly.

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