On the surface, real estate investing seems so easy. Passive income, property appreciation, future benefit, rental benefit, watch it grow, low-risk Investment, financial freedom, long-lasting wealth, a way to tie money down for the future and more.
In reality, many who are investing are mostly trashing their money without knowing. Here are the mistakes and how you can avoid that subsequently.
Buyers just visit the “estate” to view it with the developers or marketers, get to their office to collect some documents and fill some forms, make payment… and that’s… This is the most popular way investors lose their money. If you made this mistake and you didn’t lose the property and neither has it happened to someone you know, just thank God first, then go and verify now before you begin to spend more. And never try that again.
1. So just because you’re buying from an estate and you see the land with your korokoro eyes automatically guarantees it’s a safe buy???
How do you even know that the land belongs to the land claimer? or is it just by the sight of a sign board? Wrong wrong wrong.
How about verifying the site (note that an estate is worse these days) to make sure it is free from any government acquisition or any form of encumbrance?, and also authenticating the land documents to make sure they are genuine and then authenticating the histories, the developer and people directly involved?
I can’t begin to mention many stories of loss due to this popular mistake.
If you think this is hyped, wait until you read from the comment section.
Be careful. Verify.
2. Got property recommendation from a friend/family and just paid for it without verifying the property.
Don’t get me wrong, it’s not wrong to get recommendations from family and friends. What’s wrong is basing your decision to buy on absolutely word saying without due verification. Ask yourself if the person recommending is a property professional or he has a property professional as an advisory. I’m not referring to marketers as property professionals here o. Marketers are good and loyal but don’t forget that they mostly depend on the information narrated by the developers/sellers and some even go all out to see the property/land but seeing property solves no problem in land verification.
3. You do not understand the difference in land titles that can profit you and the one that can break you.
There are titles that are generally used across different location like C of O, Governor’s consent, Allocation etc and there are some that are peculiar to different location like Excision.
Yet, there are some that are stupidly popular but they’re never a title and this alone makes it easy for any Investor to keep losing money. Examples of such “titleless” titles include “Registered Survey”, “Excision In Progress” “Excision in View” etc🙄 You can only know this with the help of an ethical real estate professional like land surveyor, Estate Surveyor, town planner, property lawyer etc
Dear investor, know your title and know it well.
4. Because the land has C of O, Excision, Allocation or Governor’s Consent, you just pay for it. How about authenticating the title?
Have you heard about counterfeit before? How about cross checking that the document issued is duly registered with the government? How about comparing the document with the actual property location on site with the help of property expert. How about authenticating the developer/seller as well as the chains of agents marketing to you?
We’ve received a genuine document, found out the land is free from any known acquisition and yet we realized that those claiming the ownership are entirely false. People do temporary documents just to sell a particular land /property do you know that?
Document may not reveal this to you. But authentication will, with the help of a good and reliable real estate professionals.
5. Because the land is genuine and it’s now yours, investors fail to put a structure.
It’s either they use your land to dupe others, encroach on all/part of it or they even sell out your land without you knowing… Which one would you prefer?. Next time you’re buying a land, if you cannot yet afford to put structure on it like gatehouse and fencing please don’t buy yet, come back later.
6. Investors and their lawyers still believe only in the documents
It’s true that the only thing that validates possession of a property is the document it has.
Beside the fact that there are many fake documents, do you know about the latest Document swapping? Ok lemme hint you. Do you know that you may have genuine Document but that document might not belong to the property you’re buying? They can use a genuine document belonging to another property/land at the same location to the one you want to buy, and you will never know until you process your planning permit with the government in the case of vacant land or when the government comes around for monitoring in the case of existing property.
Of course it’ll look the same for someone who strictly rely on document or someone who knows nothing about land issue. But the coordinates will never be the same as long as it’s a different site. This you will not find out until it’s too late.
When some dubious people realize that the property they want to sell doesn’t have a genuine title, all they have to do is to use the general genuine document in the area to sell the property without title. So when your lawyer search it, it’s genuine, but when the deal is closed, you’ll find yourself and your lawyer in court.
This is especially peculiar for some of the recent estates where they don’t have genuine title but they end up sending the genuine document of the general village to dupe unsuspecting buyers.
7. They tell you it has global C of O or Excision and you just went ahead and seal the deal.
Majority of our titled loss investors report are due to this. Before you jubilate on the said title, please go with a surveyor to confirm that the property you’re interested in falls within the said global C of O and Excision.
When will investors wake up to stop losses from simple avoidable information. Sometimes you don’t want to pay to verify ABI? But you risk buying loss with bigger money? It’s ok. Continue.
8. Because you’re buying in an estate, you did not do inspection together with a surveyor before payment.
When a surveyor visit the (estate) site with you, he charts the land and correlates the said land coordinates with the one on paper. This is one major reason people keep losing money because investor already thinks since (s) he is buying from estate, they must have taken away the risk.
Say what? They’re human and business owners. Do your part and stop deceiving yourself.
The majority of the nowadays losses are through estates because buyers have slacked from simple verification to “they have handled it”.
9. So because you went on site with the surveyor automatically guarantees it’s a yes once surveyor says it is.
What surveyor does is to confirm if it’s free from government acquisition or not. And also to confirm if the survey being given tallies with the actual physical location of land. Survey plan do not authenticate the owner of the land. In fact we’ve seen cases where survey plan’s name are different from title documents/owners name and it will not be accepted when processing your building plan approval documents with the government. Neither will such contradiction allow any buyer to perfect their titles.
So how about researching the lineage of previous transaction if it’s stolen property, disputed property or even wrong ownership property?
10. The property seller/developer insist you will use their surveyor to verify and you agree😪
Where are you from please? Must you buy there? Now I’m not saying you should not use their surveyor to do your survey after purchase. What I’m talking about is using their surveyor to verify the land you want to buy from same body? I mean the verification you do before paying for a property? You don’t get? Please think carefully before you do that…
Don’t let spell work on you. Open your eyes.
11. You do not understand some of the terms being used.
An Investor sometimes assume he understands everything about Investment and so he kept nodding in specified field so as not to look foolish. Why being shy when it’s your money being at stake here? Investor! Investor!! Investor!!! How many times did I call you?
If you don’t understand, seek clarification. If you still don’t understand, Abeg Waka pass.
If they call you fool, rock that name with grace as long as your money is still sleeping in your account.
Ask questions and be satisfied or just be passing by.
12. You assume it doesn’t really matter when the estate you’re buying doesn’t have an approved layout.
Have you ever asked yourself about the reason for the recurring demolition without compensation?
Or you think it doesn’t happen to estates too?
Don’t deceive yourself o. Take a tour to Ibeju-Lekki and I’ll show you demolished estates.
When there’s no approved layout, there’s no building approval and when there’s no building approval, anything can happen whether you’re there or in the nearest future. Without approved layout, the government consider the estate as encroachment / unplanned development. Consequences are when you see someone lose his/her property with little or no compensation at all.
Do note that this is true for all estates but someone might get a building approval for same case if the place is just a community and not an Estate.
13. You see it as unnecessary to trace the history and linkage between the seller and the previous seller.
Sometimes, many people are buying a good land but from wrong owner.
A known developer company once bought land from wrong owner and they’ve almost sold out before the real owner of the estate showed face.
Do you know what happened?
The recent popular case of Akinole-Oshiun Family who defeated the Lagos state government after 42-year old legal tussle for some parts of the popular Acme road and Lateef Jakande with over 2000 buildings comprising an Estate, Banks, Churches, Mosques, already erected. This is to tell you how delicate land matters is, even the government is not left out if the court believes it wrongfully acquires any land.
You don’t want to know the stories of individuals that have fallen victim of this…
14. Looking to buy 4 and get 1 free.
Partaking in different awoof land promo. It’s difficult not to fall into mess when you’re enjoying a lot of awoof 😋. So land is now guguru and epa that you can be playing price game with.
I’m so sorry to burst your bubble but most of these land are “Excision in Progress” “Excision in View” or “registered survey” which averagely you don’t know the implications. Of course, these are no title or let’s just say it’s a gamble.
Who will have a genuine land that appreciate very fast as compared to lands without good title that’s subject to government demolition and then sell it at 3 for 10 Kobo?
If you’re buying from a distressed individual, that’s ok, but buying awoof berekete from a developer? He himself must have bought the cheap thing without good title.
Don’t also forget that the developers will make profit, and pay for all other expenses on staff and liability.
Buy affordable land, but don’t buy cheap land.
Shora e o, ko laju e.
15. You assume since there’s plenty houses already built, it shows it’s good to buy.
This is the most misleading step any investor can take in real estate.
So what happened to over 2000 building demolished in Lagos 2 years ago?
What happened to over 400 luxury houses demolished in Ibeju-Lekki few months ago?
What Happened to the mansions brought down at Ibile Holding Abijo few months ago?
Why do you think you see “X” marks on various buildings all over that state/country? this is as a result of illegal or in-complete documentations.
All lands belong to the state government but with a complete and genuine document you will be properly compensated if at all that day comes.
These and more are pointers that you shouldn’t just do blanket research on your real estate investment.
If this has benefited you in any way, first share with your friends and family. Let’s spread awareness.
The feedback was a show of love from those who commented on groups and those who send personal messages… We’re in this together, making Nigeria better in our own excellent way.
We’ve decided we’ll be using
REAL ESTATE REAL STORY; What A Man Can Do To Have A Different And Glorious Story.
And we’ll be starting today
In our bid to make money where the money is, this 2018, we end up losing it all unknowingly.
Before then, I have a message for you.
If you have any real estate mistake or regret that happen to you, please feel free to share it with us and we’ll make it anonymous to our readers so as to benefit the mass with it including your upcoming generation.
Remember, helping others has a ripple effect, it spreads until it reaches those who need it.
When you also share this post with others, it’s like saving your brethren from big shit and he can also see the need to share a story with us when necessary.
Though these stories are real, note that all the names of people being mentioned here are fiction and should never be taken against any real bearer you know nor taken against us.
If this is taken, let’s ride on…
While Mr Laisi was packing the documents and gadgets lying on his office table in preparation for the closing hour after a very hectic business day, his phone vibrated…
At first, he swayed the phone aside as he was too tired to even be engaging in any discussion. He was not even aware of who was calling.
Phone rang the 5th time and he managed to pick It.
On the other side: Ha Mr Laisi thank God you finally picked o
Mr Laisi: Oh my God, could you believe I didn’t know it was you?
On the other end: Nah money matter o … that’s why I no give up until you picked it. In fact I was planning to give you 20missed calls or even call until your phone goes flat… Both: laughing seriously like this.
On the other end: There’s a genuine land in my possession and the owner is in dire need of money.
Mr Laisi: You mean it’s a distress sale?
On the other end: Yes you get it. In fact it falls within the Alatise excision, it’s beside the road, the price of this plot is 1.5m , like half the price you’ll ordinarily get here…
Mr Laisi: Whao, that’s a great deal o. Even me now I’m so eager o. Anyway, expect me early morning tomorrow to come for inspection and coordinates picking.
On the other end:
(Changes tone from an excited one to a monotone) Ha Mr Laisi so which one is that again? You no trust your friend again? After all I know the kind of lands you deal in and I’ve told you all I’m sure of regarding this land.
Mr Laisi: haha “Ore ko to yen nah” (friend e no reach that level nah)
Nah my job I dey do, is it not just to wait till the morning and do my thing? What’s wrong in being double sure of something?
On the other end: nothing o. Ok I go wait but abeg “padi e” (an informal way to call someone your friend) no take long o.
Mr Laisi: sure, so talk to you later.
The next day, Mr Laisi did his thing and his findings contradicted what his friend had boldly told him.
This land had a sign of dispute on it (only someone trained in our work field can know this… muttered Mr Laisi)
It falls just outside the Alatise excision, in fact, it’s on the boundary. So anyone could assume this land could benefit from existing excision.
Mr Laisi told his friend to give him 1 month to conclude because he needed to buy time before he could summon calmness to tell him “he was lying despite being his friend”.
Coincidentally during that one month was when the government came to that area to demolish every houses and fence outside the Alatise excision including the dwarf fence on the said land.
This is reality.
So apparently, the owner is not a distress seller, he wanted to sell off when he’s aware of government notice to vacate the area.
These are what you need to do to avoid this as being your story.
1) Don’t just “trust” family and friend when it comes to property, they might not be aware too even though Mr Laisi’s friend was very aware of the issue of this land when confronted.
2) Hire a trusted Real Estate Company to do the inspection for you, don’t cut corners. It’s better to pay a professional service charge than wailing at a million Naira loss.
3) They didn’t just demand for title, they went to the land to pick coordinates. This is their professional ethics because they’re familiar with the fact that even when you demand the title, they’ll send the general village title which will carry FREE LAND even when the land doesn’t fall within the free parcel. Also, when there’s dispute, it’s by inspection you’ll get the best clue.
4) Before you leap on a cheap deal, do your research. Not all that glitters are gold. Ibeju-LEKKI land isn’t Ibafo land o.
Mr Laisi(thou not real name) is a staff of FloraHomes Global Consult.
Helping individuals and company to get the best verified property deals as well as providing real estate advisory and training to companies and groups of individuals.
What did you just learn? What experience do you or someone you know had in the past similar to this?
Many people are losing money than making it in the “New Lagos” Real Estate Investment
In a bid to make new and existing Real Estate Investors know how to invest right and avoid the numerous scam issues, we started a series “Real Estate Real Story” to unveil what’s going on within the industry especially in the IBEJU-LEKKI investment arena.
Here, we don’t mention the companies that sold lands that are *not free*, neither do we mention the affected individuals.
We just put a random name of the victim but we don’t mention any developer company at all.
Now, we started a project titled ShineYourEye+InvestRight, which is beyond mere story, I call it; UNVEILING THE TRUTH.
What we do here is: we choose a particular hot selling estate and pick their coordinates. It’s risky but we go there as buyers too and we use our devices immediately.
Then we’ll confirm the originality of the said land.
While some of these lands are genuine and safe, we find out that MANY are not free from government acquisition. In fact, just this morning, we discovered 2 of such popular estates fall within a COMMITTED GOVERNMENT ACQUISITION. (Please I won’t delve into explaining this now because that’s not why I’m writing…maybe later).
For your brief understanding of the consequence, It is an Unnegotiable Demolition which happens at anytime when government is ready to execute their project of public benefit and sometimes it happens many many years after you’ve bought it… when you might no longer be there. (Example is what happened a couple of years back in ALATISE, ibeju-lekki, and there are many examples.
All the structures there were bulldozed away.
The problem now is that we’re in a cross road between mentioning those specific estates to the unsuspecting public or not in order for them not to fall into regret.
Please what do you say? And can you please state your reasons.
We’re yet to publish any episode of this series, we just want to start publishing and that’s why your feedback is important.
God bless you as you bail me and my team out of this confusion.
You may help to share it too while opinion should be forwarded to
Dear REAL ESTATE INVESTOR, pause before the scam get to you.
…and the good thing is, this post is not just about the tips on avoiding scam, if you pay attention to the very end, I’ll be revealing some hot real Estate tips that will make you fortune in your next investment.
I recently came across this video on YouTube and I think I
should share my insight with you.
This is a 3 min read which could save you and your family
from future disaster.
The content of this video was an advert of a proposed
residential estate in Lagos by a “real estate consultant”. This man did well to
whao his audience, you and I of cause.
We all want to live in secured environment where everything
works perfectly… good road networks, electricity, serene & secured
environmental and all those stuffs…
The price was also amazingly my affordable with options for
flexible payment plans.
Then he got to the description of title and mentioned EXCISION IN VIEW.
With my experience as a professional real estate consultant
and working with our Surveyor team in the past years, the least title a good
land can have is EXCISION, there is no such land title as EXCISION IN VIEW.
Unfortunately, many people are falling for this.
Wait first, before you feel this doesn’t concern you, let me
tell you about the fire on the mountain.
Even some of the agents and property marketers are ignorant
of this, yet they say it confidently to your conviction because this is what
they’re trained to say.
A land is either EXCISED (free from government acquisition)
If it’s not yet EXCISED, it means it’s under government
acquisition to which government can either grant its excision or not.
Mind you, government acquisition can either be committed
acquisition or non committed. With the non committed, you can become a legal
owner through REGULARIZATION with the government but even with this, it must
fulfil certain condition.
I can go on and on to explain this into details but my reason
for this post is to make you aware of this ongoing trend in the real estate
Reasons like this is why myself and my team hadn’t released
our estate since, despite the fact that we work with many Land Owners to get
their land EXCISED, but the reality is that only few of such processed land are
usually granted by the government.
Sometimes, the price difference between an EXCISED land and
NON EXCISED land is not really much but you fall for it simply because you’re
trying to consider the “best” price.
Other time, the “consultant“ will show you the EXCISION survey
that covers the locality which might not cover the specific land you’re buying.
This is why it’s also important you let a real surveyor verify it. I know this
because it’s our work and we’ve seen a lot. Even if you want to buy from me,
ensure you bring a third party surveyor to verify it.
This might sound petty to you, but you won’t be there when
your children start to face disaster…like government coming to demolish the
structure on the land or demanding the occupant to pay REGULARISATION which is
higher than the amount you originally secured the parcel of land.
My message doesn’t mean that attractive estate offers out
there are all fake, it is just to ensure you do your proper findings and ensure
there’s a confirmed good title for the land you’re prospecting.
I’m excited to let you know that we finally launched our estate
today, 1st of January 2018, even though we have limited available plots to sell
at a giveaway price.
As promised, here is the link to access the Real Estate Hot Tip
That Will Make You Fortune . This link also contain the details of our estate.
...and I’m willing to hand it over to you in the next 2
The other time I was talking about the fact that sealed survey doesn’t guarantee the genuinety of a property, I remember someone commenting that that’s not possible.
Something happened yesterday from a
trusted fellow and I was like… “All because of money?”
Before going on, this was my
response on that day…
“This is our field, and if not because
we don’t just jump on landed or monetary opportunities, I can assure you that
many assistant surveyors usually come to our office with unverified
survey plan but we only stamp the ones we verify while the ones rejected would
be taken to their type of “surveyor”
Now back to the story…
I was introduced to a parcel of land
in Ibeju-Lekki as an option for a client of mine who needed a large expanse to
execute his proposed housing estate project. On the surface, the land looked on
point; standard access road, life electric mains, a couple of on going housing
projects as well as notable infrastructures like airport, seaport, etc. that
are already ongoing in the axis… in short, a lot of promises that gives an edge
to our proposed project. Good business isn’t it?
Excited with what I saw on
inspection, I requested for a document and was given a survey plan duly signed
by a registered surveyor… I was told by my contact that the land is covered
under an existing excision so I wanted to see for myself but guess what I found
On charting the coordinate on the
plan, I was confused whether to cry, get angered or laugh to what I saw!
E ma gba mi ke! What’s all this?
A supposed Ibeju-Lekki land
“located” beside oniru in VI? Shoo! when did land begin to travel from one
local government area to another nah?
At first, I thought I’d mistakenly
inputted a wrong digit but after carefully typing a second time with same
result, I was sure I had been handed a fake survey. Well, the registered
surveyors signature does not make right the blunder on the survery plan.
Mehn believe me, some people will do
just anything to get money be it legit or not. They don’t give a damn about the
implication of their actions on anybody, all they’re after is that money
entering into their account.
My advice: “Don’t get carried away by trusted recommendations or by the site of a survey plan signed by a registered surveyor with the FREE FROM ACQUISITION stamp WITHOUT VERIFYING IT VIA TRUSTED CONSULTANT! They could be mere paparazzi to get you scammed. Unfortunately, your agent may be ignorant of these too.”
Do you have any concern? Share it with us in the comment area below.