How to Identify and Avoid Land Scams and Property Fraud in Real Estate Investing

The demand to invest in real estate is significantly growing. More than ever, there is a need to perform due diligence before and during every real estate transaction before you proceed with any decision. This is because the rate of land scams and property frauds in Lagos has increased rapidly over the past few years.

In a report shared by the Federal Bureau of Investigation’s Internet Crime Complaint Center, we had a total record of 13,600 victims from real estate and rental frauds in 2020. This report gives us a glimpse of how land scams and property fraud has become a phenomenon issue today.

Before investing in any real estate deal or offer, ensure you perform the necessary research and ask the right questions.  In this article, we will highlight a few tips for you to consider in order to avoid land scams and property frauds.

Before your next real estate transaction, watch out for Fake Properties;

Always double-check down to the most minute details before buying properties or lands. If such properties have no clear description of their location, hold on with the transaction process. Many property frauds usually seem too good to be true.

Bonus tip: Never accept only pictures or videos before buying any land or property.

No Property Inspection

If the real estate agent or owner keeps discouraging you from inspecting the house physically, it requires a call for caution with the next steps. Once you have seen a property that you want to buy or rent, ensure you inspect the property before making your final decisions regarding the property. 

Unregistered Companies/People

Avoid making real estate transactions with companies or agents you are uncertain about their authenticity. Take time out and research the company or the people you intend to buy the properties from. Verify their identities online, look for any information about them, and ask for reviews about their past deals if possible.

False Documents

Falsifying documents is a recurrent strategy used by common land scams and property frauds. When interpreting legal documents for properties, avoid going through such documents alone. It is best to have a lawyer go through the documents for the property so you can know if there are loopholes or false claims you need to look into. If you are uncertain about any part of the agreement, ensure you ask your lawyer to review it before proceeding with any transaction.

Rushed Transactions

Anything that is rushed cannot be verified. Ensure you do not allow any real estate agent or owner to push you into making payments for a property before you do the property verification. No matter how urgent it may seem, take your time to do the proper research about the offer and the property itself.

Over time, those who engage in land scams and property fraud have become very creative, and much more than ever, you have to be more careful during real estate investments or transactions in general. To get the best, authentic, and verifiable real estate investments.

Kerae Homes the Brand You can TRUST.

With just over 2 years since we came into the scene, we pride ourself in our ability to inspire trust not just in the quality of our buildings but also in the integrity of our entire customer service experience.

We are registered with all the relevant authorities and also in the US. We have also ensured all our properties have valid documentation. As a principle we do not delve into disputed lands or lands that has government interest on them.

Listen to our Chairman Mr UK Elendu, recently on a top radio in Lagos, Classic FM, share his the Kerae Homes Vision.