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Protecting yourself- A guide to avoiding shady real estate agents in Lagos

Strengthening Your Land Banking Portfolio for Profitable Returns in 2024

The Lagos real estate market is vibrant and offers immense opportunities for property buyers and sellers. However, amidst legitimate agents and trustworthy professionals, there are a few unscrupulous individuals who may try to take advantage of unsuspecting clients. Falling victim to shady agents can result in financial losses, legal complications, and unnecessary stress. To safeguard your interests, being well-informed and exercising caution when dealing with real estate transactions in Lagos is crucial. This article serves as a comprehensive guide to help you avoid falling prey to fraudulent practices.

1. Research and Due Diligence

Before engaging with any real estate agent, conduct thorough research to verify their credibility and reputation. Seek recommendations from friends, family, or colleagues who have had positive experiences. Additionally, explore online platforms, and social media communities, to gather insights and reviews about the agent or agency in question. By investing time in due diligence, you can minimize the risk of encountering fraudulent agents.

2. Verify Property Ownership and Documentation

Before committing to any property transaction, independently verify the ownership and legality of the property. Request relevant documents, such as the Certificate of Occupancy, survey plans, and title deeds, and cross-check them with the appropriate government agencies. Engage the services of a reputable lawyer to review the documents and offer legal advice to ensure your interests are protected.

3. Physical Inspection of the Property

Always inspect the property physically before making any payments or signing agreements. Shady agents may misrepresent or exaggerate property details and conditions. By personally visiting the property, you can assess its actual state, amenities, and surrounding environment, making an informed decision based on your own observations.

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4. Be Wary of High-Pressure Tactics

High-pressure sales tactics are manipulative techniques employed by unscrupulous real estate agents to pressure potential buyers or renters into making impulsive decisions. These tactics are designed to create a sense of urgency and fear of missing out, pushing individuals into unfavorable agreements that they may later regret. It is essential to be aware of these tactics and protect yourself from falling victim to them. Beware of agents who employ high-pressure sales tactics to force you into making hasty decisions. Legitimate agents will provide you with adequate time and information to evaluate the property and its terms. Take your time to carefully consider all aspects of the transaction and seek professional advice, if necessary, to avoid being coerced into unfavorable agreements.

5. Insist on Written Agreements

Never rely solely on verbal promises or informal agreements. Insist on written contracts that clearly outline the terms and conditions of the transaction. Carefully review the agreements, seeking legal advice if needed, before signing any documents. This will protect you from unscrupulous agents who might attempt to change terms after an oral agreement has been made.

6. Monitor Payment Channels:

Be cautious when making payments and ensure they are directed to legitimate bank accounts associated with registered agents or agencies. Keep detailed records of all financial transactions and insist on receipts for every payment made. Avoid making cash payments whenever possible, as they are difficult to trace and provide limited recourse in case of disputes.

In a bustling real estate market like Lagos, it’s crucial to remain vigilant and proactive to avoid falling victim to shady agents. By conducting thorough research, verifying credentials, inspecting properties, and insisting on written agreements, you can safeguard your interests and minimise the risk of fraudulent activities. Remember, professional assistance from reputable lawyers and estate surveyors can provide invaluable guidance throughout the process. By following these guidelines, you’ll be better equipped to navigate the Lagos real estate market and make informed decisions, ensuring a secure and successful property transaction experience.