How to Avoid Common Real Estate Scams in Nigeria(2024)

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How to Avoid Common Real Estate Scams in Nigeria(2024) - Omoseye Alebiosu - 05-17-2024

The Nigerian real estate market can be exciting, but unfortunately, there are also those who try to take advantage of unsuspecting buyers. Here's how to steer clear of common scams in 2024:
Phony Listings and Fake Sellers:

Be wary of unrealistic deals: If a property seems too good to be true in terms of price or location, it probably is.
Verify everything: Only deal with reputable real estate agents and verified platforms. Don't engage with sellers who pressure you to deal directly, especially online.
Physical inspections are crucial: Insist on seeing the property in person before making any commitments. Don't rely solely on photos or online descriptions.

Title Fraud and Ownership Issues:

Double and triple-check titles: Always conduct a thorough title search through a lawyer to ensure the seller has legal ownership and there are no outstanding claims on the property.
Beware of forged documents: In 2024, with the rise of digital documents, be extra cautious. Your lawyer should be adept at verifying the authenticity of electronic documents.

Pressured Payments and Cash Transactions:

Never pay upfront fees: Legitimate transactions involve secure payment methods after legal agreements are in place. Don't be pressured into sending cash deposits or money transfers before everything checks out.
Use secure payment methods: Opt for bank transfers, cheques, or verified online payment platforms for secure transactions.

Rushing the Process:

Don't be pressured by urgency: Scammers often try to create a sense of urgency to prevent you from conducting proper due diligence. Take your time, research thoroughly, and ask questions.
Trust your gut instinct: If something feels wrong or the seller seems overly eager, walk away and consult your lawyer or real estate agent.

Additional Tips for 2024:

Stay informed on digital trends: As the sector embraces technology, be aware of potential scams involving fake online platforms or fraudulent digital documents.
Consider digital security: When communicating online or using digital platforms, prioritize secure channels and be wary of unsolicited offers.

By following these tips and exercising caution, you can significantly reduce your risk of falling victim to real estate scams in Nigeria. Remember, knowledge is power. The more informed you are about the market and common scams, the better equipped you'll be to make safe and secure property investment decisions.

RE: How to Avoid Common Real Estate Scams in Nigeria(2024) - yogiholy - 11-25-2025

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