Expert harps on why scrutiny is needed in property purchase

Victor Usoro, CEO of Webbihomes Ltd, a real estate firm has advised potential property buyers or lessees to engage in proper investigation and examination of a property before investing in the project.

He believes that with rising demand for properties, it is also fraught with risk and this surge in demand presents a minefield for unsuspecting buyers. He therefore highlighted the need for thorough due diligence.

According to him in a statement, buyers face a minefield of potential pitfalls, including fraudulent claims of ownership and properties susceptible to flooding. “A recent case involved a client nearly purchasing a property unaware it was part of a family dispute, with one sibling attempting a sale without the knowledge of others. Thankfully, a thorough title check by us revealed the murky ownership situation,” he said.

He also said essential infrastructure can also be lacking. “Potential buyers may find themselves charmed by a property, only to discover later it lacks reliable electricity or water access, or it is situated in an area prone to seasonal flooding”.

However, he said innovative solutions are emerging to combat these challenges. Real estate firms like Webbihomes Ltd are offering meticulous due diligence services, conducting thorough checks to verify legal ownership and identify potential red flags like flooding risks.

According to him, the future of Lagos real estate appears to be one that prioritises both buyer protection and environmental responsibility.

“We have carved a niche by offering comprehensive due diligence services. These services include verifying land titles at government registries, ensuring access to essential utilities, verifying authentic owners and factoring in the impact of future development plans and ecology on a property’s value’’

“Before recommending a property to a prospect, we consider proximity to services and transportation. Also, we do proper findings if the area is flooded. We confirm the availability and reliability of water, electricity, and other essential services. This protects buyers from fraudulent schemes and ensures they are making informed decisions,” he said.