5 Scams By Property And Estate Companies in Lagos, Nigeria

It might seem strange, but these are 5 ways property developers and estate companies in Lagos can scam you, you can only avoid these scams when you are aware of it.
.
1) Overselling
Some property and estate companies in Lagos sell more than the available plots or housing units they have in an estate or location, because of greed and high demand.
.
Some of these real estate companies in Lagos would sell double of the plots they have available, they solve this scam by launching a phase 2, 3 or 4 of this estate in another location in Lagos.
.
Particularly for land, most investors buy and keep, so for years, buyers might not ask for their land from a real estate company, so this allows Lagos estate companies to move those with late allocation to another phase of the estate on the pretense that they didn't pay some certain fees.
.
2) Fake Property Papers
Some Lagos property developers and companies release fake or wrong details to potential buyers to do verification, some of these real estate companies announce wrong title on their land.
.
In some cases, the property can have a genuine document, but this title might not cover all the entire land area the estate company is selling, they might acquire 60 acres and the C of O or Excision might cover only 20 acres.
.
Some of these property companies in Lagos goes as far as cloning documents or using fake coordinates just to get investors to buy, same is common in the real estate market in Abuja.
.
3) Document in view or process
You would have come across estates in Ibeju, Epe with C of O in view or Excision in process, you might have bought some plots in these estates already from one of these several real estate companies in Lagos.
.
Frankly, some of these documents are in fact in application stage at the Ministry of Land in Alausa, Ikeja, but some estate companies in Lagos don't even apply for C of O or Excision but just use the in view or in process to deceive investors.
.
Moreso, some property and real estate developers lose interest in completing these applications at the Land Ministry, Alausa after they have sold out the estate, jeopardizing the investment of their buyers to future issues.
.
4) Hidden Charges or fees
The biggest fear a lot of people have about buying a property in an estate in Lagos are the charges, and some estate companies and developers are making matters worse.
.
Apart from the usual Statutory fees i.e Deed, Survey and development levy, some real estate companies in Lagos still charge fees like Default charge, supervisory fee, deed of transfer (when you sell the property to someone else after you bought) etc
.
Some of these fees won't even be clearly stated in the contract of sale or deed of assignment, the estate developer would just put "to be determined later", if you see that, start getting worried.
.
5) No Allocation
Why would you buy a property in an estate, and the estate company refuse to allocate you?, it's odd but it happens a lot.
.
Some estate developers in Lagos do this primarily because they have allocated all available plots in the estate and non is available for you, while some use this allocation delay as a tactic to bring up other charges in the future.

Видео 5 Scams By Property And Estate Companies in Lagos, Nigeria канала Meet The Property Guy