Buying land can be an exciting step, whether for building your dream home, investing, or starting a business. However, it comes with risks if proper due diligence isn’t conducted. Here are key steps to ensure you're making a wise investment: Regard:
https://www.bostonmills.net/https://furnishmyplace.com/flooring/lvp/Investing in real estate can be exciting and rewarding, but it’s also a significant financial commitment that requires caution, especially when dealing with property developers. Unfortunately, my recent experience with Salis Ventilated Homes (SVH) in Abuja serves as a cautionary tale. Here’s what happened, and some crucial lessons I learned on protecting yourself when investing in property.
My Story with Salis Ventilated HomesI started my journey with SVH when I found their estate online. After various engagement with their management team, I made a deposit of 12 million naira in 2023, eager to secure a property in one of their developments. I also applied for a mortgage to cover the remaining balance and was thrilled to receive approval for the loan. Everything seemed to be progressing smoothly—until it wasn’t.
Just before signing off on the mortgage disbursement, I decided to check in with SVH about the property. To my shock, they informed me that the property I had paid for had been sold to someone else. What’s worse, they had no intention of notifying me until I reached out. Despite assurances from the company’s chairman (see image of our chat), they have yet to refund my 12 million naira deposit.
The cost of taking this through the courts is not worth it in terms of time and they bank on the slow judicial process to get people’s money.
Key Lessons: How to Avoid Similar Experiences
This experience highlighted critical steps every property buyer should take to avoid falling victim to questionable practices. Here are my top tips:
1. Do Extensive Research on the Developer’s Track RecordLook beyond marketing materials and websites. Seek out reviews, testimonials, and complaints from previous buyers. Social media groups or forums about property investments in Abuja can also provide firsthand accounts of other clients’ experiences.
2. Always Request Written Agreements and DocumentationMake sure that every commitment from the developer, including timelines, property specifications, and penalties for non-compliance, is documented in legally binding contracts. Insist on thorough written terms for refund conditions and payment schedules.
3. Maintain a Communication TrailKeep a record of all communications, especially when it involves critical updates. Messages, emails, and meeting notes can serve as evidence in case of disputes. In my case, despite promises from SVH's chairman, the follow-through was lacking. Documentation of these conversations can be crucial in seeking legal recourse. This was helpful to me as I had proof of my engagement.
4. Engage Legal Counsel Before Large TransactionsConsulting a lawyer before significant transactions is vital. They can spot loopholes in contracts, advise on the legality of terms, and provide guidance on protecting your interests.
5. Demand Regular Updates on Your Investment StatusAs I discovered, some developers may not proactively update you on issues or changes. Insist on regular updates regarding your property’s status, and don’t hesitate to ask questions.
6. Investigate Title and Ownership Status Before PayingConfirm that the developer actually owns the land and has all necessary approvals and permits. Many buyers assume developers are transparent, but a quick title verification can prevent major headaches down the line.
7. Watch Out for Red FlagsDelays in communication, evasive responses to questions, or reluctance to provide evidence of progress can all indicate underlying issues. If you sense any unease, explore other options before committing.
Final ThoughtsReal estate investment is a serious financial step that can bring great returns, but only if done carefully. My experience with SVH was a tough lesson, but it reinforced the importance of due diligence and caution. If you’re planning to invest, take these tips to heart—your peace of mind and financial well-being depend on it.[/quote]
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13 years ago I wrote this Nairaland article Don't Be A Victim. Investigate Every Property Before You Buy Any Land This Year- https://www.nairaland.com/377377/dont-victim-investigate-every-property to educate people to avoid being victims of land and property scams. 13 years later, a horrible number of people, particularly young professionals in this new generation, continue to suffer agonizing losses at the hands of these land and property scammers.
Buying a land or house in Lagos, especially in popular places like Lekki, Ajah, Ibeju Lekki, Epe, Ikorodu, Surulere, Ebute Metta, Yaba, Festac/Ojo and the outskirts of Ikeja/ Maryland/ Isheri North and Alimosho environs has become painful and stressful because of the rise of land scammers and property fraudsters. Every day, thousands of Nigerians both at home and abroad are victims of losing Billions of Naira due to the following reasons:
1. Dubious real estate companies selling lands that have wahala and serious legal problems attached to them or properties with non-existent documents
2. Questionable real estate developers selling houses with defective and bogus title documents or houses built on government lands,
3. Omo-oniles selling family lands with existing community issues or lands with serious court or police cases attached to them,
4. Private Owners of property selling lands or houses that have incomplete documents or faulty titles or homes constructed on lands belonging to the Lagos state.
Last year alone, I know about 200 people that lost Millions of Naira to many shady real estate companies in Ibeju Lekki, and in the end they had no land and are still hopping from one police station to another in an effort to recover their money back, which they will probably never receive from these shady real estate companies because they bought lands with defective titles or no allocation.
I am also aware of another group of people who purchased multi-million Naira homes in Lekki and Ajah from dishonest developers and deceitful Instagram agents only to discover later that the homes either had defects or were not for sale since the true seller did not exist or the documentation for the homes were defective.
I also know a handful of people that fell victim to Omo-oniles who bought community family lands in Ajah and Ibeju lekki worth millions of Naira and at the end of the day lost the land and their money because they bought stolen lands that belonged to other people and resold to them. Other victims bought lands that out rightly belonged to the Lagos State government and any structure put on it will surely be demolished.
In short last year was a bad record year for property victims who lost Billions of Naira of their life savings to Real Estate Thieves and they were all guilty of one thing.
"They all failed to conduct a verification exercise and investigate that property before paying for the land or house"
Many of the victims who were scammed,
1. were either too impatient,
2. some were in a hurry to buy properties without investigating,
3. some refused to listen to advice to calm down and investigate the property,
4. some were too stingy to spend a token to give a property lawyer, licensed surveyor, licensed Agent, broker or estate surveyor to investigate the property,
5. some were just too busy to worry about verifying a property,
6. some entrusted buying a property to their relatives or close friends without monitoring it or getting an independent person,
7. some were excited by the offer and preferred to buy without verifying,
8. some just bought because of the lies they read in the beautiful flyers promising them a piece of an estate that would look like Dubai
9. while many I know just bought properties because of the beautiful agent or marketer they were dealing with without using their senses.
10. Some were victims of their “I too know” because they read some land purchasing tips online and decided to verify it themselves without covering all the basics.
11. Some were simply not bothered about verifying and put all their trust in the transaction and ended up getting burned.
The summary is that many of them ended up dashing their life savings and family money to a stranger who ended up using their money for frivolous things. These victims ended up having no good land after they were scammed neither have they been refunded their money.
How can you work so hard to save money for many months or years ranging from ₦1,000,000 to ₦100,000,000 and above to buy a land or house and then refuse to pay a small token to verify the property because you are "stingy" or feel pressured by the agent or marketer to pay for the property without exercising caution to verify it?
Instead of giving away your life savings to a land thief and then scrambling to find a lawyer or the police to help you recover the money when problems arise, if you are so wealthy and have money to throw away, why not donate it to an orphanage or NGO? The worst aspect is that many victims are willing to pay 10 times as much money to reclaim the land or money at the police station when the land wahala arises.
If so, does this make sense?
I also know many people are ignorant about the property-buying tricks, tips, and laws of buying land in Lagos so this thread would be dedicated to answering all property-buying questions and would be updated with articles and information about buying a fraud-free land or house in Lagos without falling victim to fraud this year.
On no account should this advice be substituted for conducting a physical verification on land done by a property lawyer. It is just for educational purposes so that no Jibiti developer, wuru-wuru agent or wayo omonile can put wool on your eyes anymore. it is only for educational purposes.
Visit www.omonilelawyer.com for more information on how to avoid becoming the next victim of a land or property scam, or contact me at 08077943514 or 07036681104 or info@omonilelawyer.com to verify your next property.
Omonilelawyer’s motto when it comes to land or property purchase is
“OGA NO VEX - I TRUST YOU BUT I MUST VERIFY YOU. IF YOU WAN VEX, PLEASE VEX BUT I MUST STILL VERIFY YOU”
See you in the comments section.
Properties › Re: Don't Be The Next Land Scam Victim. Verify That Property To Avoid Being Duped by johnjefferisss: 10:53am On Dec 03, 2024*. Modified: 11:10am On Dec 03, 2024
