70% Of Lands in Ibeju Lekki are Fake, don’t be a victim.
As of 2020, the report has it that 7 out of every 10 people that bought a land in Ibeju-Lekki were a victim of Land fraud. Don’t Buy any Land currently for Sale in Ibeju-Lekki without Reading this First!
Let me share you a case of Mr Ben. Mr Ben reached out to us earlier during one of our Valentine’s Day promo, indicating interest in one of the investment properties, we took him on an inspection and walked him through all he needed, the day he was supposed to make payments, Mr Ben called complaining the property was on the high end, that he found another property that sold for cheaper and wants to go ahead with it, I personally congratulated him and encouraged to go ahead if it suited better but advised he reached out to a professional Real Estate attorney to conduct a due diligence before effecting payments.
Good thing he took my word for it, a month’s later Mr Ben called exclaiming how the property turned out to be a Government committed property. As a matter of fact, a proposed cemetery ground on the government’s master plan from the search result. That was how we saved him from losing 12M to fraudsters. He came back buying the same property we showed him for 2M more as the previous discount had elapsed.
Have you bought a Real Estate property in Ibeju-Lekki, Lagos recently or know someone who has, go back and check! As that property may be a fake property.
The essence of this post isn’t to scare you, but to help you. As the rate of fraudulent activities we’ve witnessed going on in this location will scare you even more.
Another client called me personally again, recently to help him acquire a good affordable property as 8 out of the 8 properties he intended to buy turned out to be fake after conducting a due diligence.
If you’ve been looking to buy a genuine and affordable Real Estate investment property in Ibeju-Lekki or know someone who has, please read this post to the end as this post will save you from 10s of millions of being a victim of Land fraud in this location.
I will give you the 3 key bulletproof action steps to take that will help you avoid being a victim of fake land properties in this location.
Don’t miss this 3 key steps I’m about to show you for any reason, no matter the urgency, you could share this post too to people in your network circle who might need this too.
Before we proceed further, you might probably be wondering, why are people even investing into properties in Ibeju-Lekki? Despite the high fraud alarm.
According to Vanguard Nigeria, everyday, at least 1000 migrants move into Lagos, guess the first thing this people need the moment they cross into the Lagos border, it not food, it’s is not clothes, it’s a roof over their head. This has made the Lagos, Nigeria Real Estate industry a non negligible market in the investment chain.
While there may be lots of niches to invest into, nothing beats the joy of buying a property at an almost ridiculous price only to have it drip so much value in return in the shortest unprecedented time.
Think of it like, being in the 90s and foreseeing VI, Marina, Lekki, Ikoyi and the rest being a centre of economic attention and going ahead to acquire properties around the neighbourhood to sell for a high return in 2021.
Think about all the economic baits that lure people to a location as in the case of VI and Lekki, Ibeju-Lekki has it all and more. The Lekki deep Seaport is sighted here, and proposed to commence construction in 2022. The Lekki Airport, the famous Dangote refinery, the Lekki Free-trade Zone housing over 500 top tier companies from different industries are all resting here waiting to blow up this location.
Ibeju-Lekki is the new Lagos. That’s why everyone is hurrying to invest.
Sounds like a goldmine right? It absolutely is!
But before you buy any property in Ibeju-Lekki, Do this First!
3 Things you Must Do Before Buying a Land In Ibeju Lekki
- Hire the Service of a Professional : One key mistake people often make when they’re about to buy a property, is failing to consult a professional for help. It’s more like being sick and deciding to self-medicate oneself instead of contacting the service of a Doctor for diagnosis and prescription. You can never know more than a professional, just like you can never know so much that you don’t need a professional, even a doctor can not be a doctor to himself. You need a Real Estate consultant to work you through the buying steps to avoid making mistakes where it could be avoided. A Real Estate professional would also help you take advantage of ongoing discount promo offers you ordinary would never have known of and save you from buying properties from fraudulent companies masking around selling fake properties.
Please note, just because a person is in the Real Estate space marketing properties does not pass him/her for a professional. Most realtors don’t even know the ABC of what it means to be a Real Estate consultant, they’re just marketers. Take out time and do your due diligence and go with who you feel comfortable with and can trust. However, we’ll be more than happy to be the Realtor of your choice:)
2. Conduct a Due Diligence: Please, for whatever reason, even if you failed to hire a trust worthy Real Estate consultant, never ever fail to conduct a comprehensive due diligence when buying a property in this location. A comprehensive due diligence will flow through these sequence.
a. Picking the Coordinate of the Land Property to Buy: more often than usual people make the mistake of requesting and working with the land coordinate they got from the Real Estate company selling the land. Can I shock? Just last month, a client of ours uncovered two different properties from two separate companies issuing out exactly the same coordinate for a property he wanted to buy. Incase you didn’t entirely understand me, the two different properties from two different companies he was looking to buy from bore exactly the same coordinates.
By implication, these fraudulent companies issued him fake coordinates which when chatted could have presented the property as credible while it’s not. Things dey happenooooo LOL. Reason you have to shine your eyes like never before when buying a property in Lagos as not all companies are what you think they are.
The appropriate step is for the surveyor to go to the property itself and pick the coordinates directly on the site. Please be careful of the surveyor you hire to do the work, a lot of them are fraudsters, these fake companies has their influence as far as the Land Bureau in Alausa, Ikeja. They can go as far as bribing them to issue out a fake report, while others might sabotage a good property just to say you too buy another property from them. At every step through this process, you have to be very careful of who you choose to trust and be sure they have 100% of your best interest at heart and not just after the transaction.
Incase you’re wondering what a coordinate is, a coordinate is a special unique number that covers every location or land space. Just like we humans have our unique special names, every land and location, have a unique special number attached to it.
You can learn more about a coordinate
The main essence of charting the coordinate is to verify if the property truly bears the certificate it says it bears on the paper and ensure the property is not already committed. The coordinate will basically help you analyse the legal stand and condition of the property in terms of ownership.
b. Study the Deed of Assignment: The Deed of Assignment is another very important and delicate information that should never ever be taken for granted when it comes to acquiring a property. The Deed of Assignment shows the ownership history of a property. It is a certificate issued after the purchase of a property to prove ownership of that property. It’s more like buying a TV from an electronic shop and being issued a buy receipt. After confirming and being sure the property projects what it says on the book. Demand to see the Deed of Assignment, check the precedence of the transaction, did the company buy the property from a family or company, did the authorities with previous claim to the property authenticate their approval by virtue of their signature? How about the other people that form the voice of ownership like the companies secretary as in the case where the property was bought by a company and family head, family secretary etc as in a case where the property was bought from a family.
These are very important steps that should never be neglected for any reason.
3 Legal Background Check: a lot of people have bought into properties only to realise the properties were previously by the owner as collateral to service a loan. This is why I strongly hinge on having a strong team by you during the buying process. Work with a professional Real Estate consultant and experienced local Real Estate attorney who would guide you through these processes to ensure a hitch free acquisition.
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More so, insist on an indemnity clause on the contract of sale. The indemnity is more like a mini insurance to protect you, should anything up thereafter. The indemnity clause simply takes responsibility on the company that should anything go wrong after the transaction, they’ll take up full responsibility by refunding you the capital invested or allocate you to another property of equal value.
Hey, I hope you drove something home today. Real Estate won’t be complicated because we’re here for you.
Click the link the find out the best investment property selling in Ibeju-Lekki under 3M and claim a black Friday discount slot before it runs out.
WHO WE ARE!
Real Estate with Sally is a Lagos, Nigeria based team of savvy Real Estate experts, helping investment focused individuals invest right in the Lagos, Nigeria Real Estate space by recommending the right properties in the right location with optimal value appreciation prospects and guaranteed returns.
Our core services include, property acquisition, advisory and investment portfolio management.
We’re value focused, young, fun, exciting and aggressively hardworking to meet up with our cooperate goal of delivering exceptional quality service, over transaction.
Find us at Realestatewithsally.com
Call 08067813426 or add us on WhatsApp at: 09153078422
Have you ever been a victim of fake properties or know anyone who has or probably on the verge of buying a property
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