January 22, 2024
Like anywhere else, avoiding property scammers in Nigeria calls for caution, diligence and research.
Tips to help you avoid falling victim to property scams
- Deal with Reputable Agents: Choose established and reputable real estate agents and agencies. Look for reviews and testimonials from previous clients.
- Verify Agent Credentials: Verify the credentials of the real estate agent or agency. Confirm their registration with relevant real estate associations.
- Physical Inspection: Always physically inspect the property before making any payments. Beware of deals where the agent or landlord insists on remote transactions.
- Be Skeptical of Unrealistic Offers: If a deal sounds too good to be true, it probably is. Be cautious of properties being offered at significantly lower prices than market rates.
- Request Legal Documents: Ask for and thoroughly review all legal documents related to the property, including the title deed and survey plan. Consult with a lawyer if needed.
- Use Reputable Listing Platforms: Use well-known and reputable online listing platforms for property searches. Be cautious of listings on unfamiliar or suspicious websites.
- Check Property Ownership: Verify the ownership status of the property by checking with the appropriate land registry or government authority.
- Avoid Upfront Payments: Be wary of agents or landlords who request large upfront payments before any legal documents are provided or before a physical inspection.
- Meet in Safe Locations: Conduct meetings with agents or property owners in safe and public locations. Avoid isolated or unfamiliar places.
- Google the Agent or Agency: Perform an online search for the agent or agency. Check for any negative reviews or scam alerts associated with their name.
- Beware of High-Pressure Tactics: Scammers often use high-pressure tactics to create a sense of urgency. Take your time to thoroughly assess the property and the deal.
- Use Escrow Services: Consider using escrow services for financial transactions. This ensures that funds are held securely until the terms of the agreement are met.
- Ask for References: Request references from the agent or property owner. Speak with previous clients to verify their legitimacy.
- Consult with Local Contacts: If possible, seek advice from locals, friends, or colleagues who are familiar with the real estate market in the area.
- Trust Your Instincts: If something feels off or if you have doubts, trust your instincts and proceed with caution. It's better to be safe than sorry.
Recall that con artists/scammers frequently prey on those who are pressed for time or who don’t do their research well. The likelihood of being a victim of Nigerian real estate scams can be greatly decreased by taking the time to confirm information and seeking competent advice.
