10 Ways To Avoid Abuja Properties Scam?

goldandlandsadmin October 26, 2022 No Comments

There has been a large influx of investment in Abuja Real Estate property, with a lot of people venturing into the purchase of houses and land with little or no knowledge of how it is done.

The real estate industry is saturated with professional Real Estate Agents and con artists. There has been a large influx of scam cases in the real estate industry; as a potential buyer, especially as a first-time buyer planning to invest in some property, you should be very thorough before taking any action.

These real estate scams can be avoided by being cautious and performing transactions strictly with professionals. In this article we’ll discuss:

How To Avoid Abuja Real Estate Scam:

1. Perform Due Diligence

Performing due diligence on a property before buying is one of the surest ways to verify a property’s authenticity before making payment. Each land has a land coordinate number irrespective of its location; generate the potential land coordination number either through a professional surveyor or by using a google enabled GPS. Abuja is known for her numerous earmarked houses and lands, be cautious of making payments without performing your due diligence.

2. Follow the Due Buying Process

Just like any other legal process, buying a property has its due buying process. Buyers that follow this official buying process without boycotting some steps can surely avoid being victims of scams.

The first step in the process is the Real Estate Agent showing you prospective lands. Then hire a Professional surveyor to review the authenticity of the land you intend to buy. Finally, hire a Real Estate Attorney to ensure the seller is the land’s rightful owner and check the Land History to know if the land isn’t put up as a loan collateral or has any legal contingency surrounding it. The Real Estate Attorney also checks the Deed of Assignment of the land.

Also Read: Simple Guide For Buying Properties in Abuja

Always make sure to hire three different people for these roles and not try to cut costs by hiring a Real Estate Agent to perform the duties of a Professional Surveyor and a Real Estate Attorney and vice versa.

3. Stop Relying Solely on Social Credibility

Stop relying solely on social media presence and credibility when choosing real estate agents. Credibility should be verified by a professional and not by social media presence; you need more than that to ascertain the authenticity of a real estate agent.

Many people posing as Real Estate gurus and professionals online, go the extra mile to verify their identity before engaging in transactions.

4. Avoid Working with Non-professional In Abuja Real Estate Business

One common trait common to most buyers that were scammed was working with non-professionals because of their low prices. Avoid working with non-professionals, and don’t ignore any red flags you may notice; the earlier, the better. Non-professionals have a habit of making the offer seem like a sweet dream you do not want to miss.

5. Avoid Rushing Into Finalizing the Deal

It is a human reaction not to want to miss a great deal when presented, and you probably want to act fast so as not to miss this deal with someone else. But one problem with this is you end up rushing the due buying process. Thereby performing not-so-efficient due diligence and having little to no time to question the real estate property. Real estate scammers tend to rush finalizing the deal by presenting it as a one-in-a-million offer that others are largely interested in to get you to jump the necessary verification stages and make you pay quickly.

Take your time, no matter how sweet the deal is, and go through all the necessary processes before making payment.

6. Verification of Professionals

The professionals you choose to work with, down to the Real Estate Agent, should be verified before you perform a financial transaction. Look for professionals with expertise and experience in the industry; if you intend to buy houses in estates in Abuja, it is advisable to hire the services of authorized estate surveyors and valuers.

Thanks to social media and technology, you can check about anybody online, and if they do not have a social media presence, you can make use of referrals. Check their social media pages and websites, read people’s comments and privately message some people to ask about their experience while working with the agents. Make thorough verification from people who have made successful transactions with them in the past.

7. Ask Questions

Ask questions when needed if any issue is unclear to you. Ask questions and ask to be clarified on such matters. Asking questions and demanding answers helps to reveal inconsistencies in the transactions. The earlier you spot discrepancies in the actions or responses of the Real Estate agents, the higher your chances of avoiding being scammed.

8. Inspection

A major cause of concern is if you are persuaded or prevented from doing an inspection of prospective land before making any financial transaction or signing a contract. Desist from making payments for properties without inspection; make sure you insist on an inspection.

9. Avoid Cash Payment

If the seller or Real Estate Agent is making it compulsory to pay for you to pay in cash, avoid paying for such a transaction. The main reason fraudulent agents insist on cash payment is that it cannot be tracked. Nevertheless to be on the safe side, insist on bank payments. You can decide to write them a check or transfer the funds into their account; this gives you a chance of recovering your money if it was a fraudulent transaction.

With a bank transaction, you will have the transaction history or teller showing the receiver’s name and the amount paid, and this can be useful if it was a fraudulent transaction.

10. Protect your Information When Dealing With Real Estate Agents

When making transactions always verify the account and the agent before making any payment or inputting your personal information.

Conclusion

Many Real Estate Agents are frolicking under the guise of fake social media presence looking for unaware buyers to scam. Before purchasing any property in Abuja, or any other places in Abuja make sure you take note of the tips listed above to avoid being scammed. Always perform your due diligence and work with professional agents, surveyors, and attorneys.