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STEP 1 DECIDE ON A BUDGET AND LOCATION

Buying a property is a big step involving a substantial long-term financial commitment, so think hard about what you can afford. Also, if you intend to live in the property, then you need to be sure that it is in a location you are happy at and can be for a very long time. Once you decide on a budget and location, then you are good to go and you can move on to the next step.

STEP 2 – HIRE A COMPETENT LAWYER

Not all lawyers are experts in property transactions. It is not enough that you hire a lawyer, yes all lawyers have some idea about property law, but there are some nuances and issues which someone who is not a specialist in property matters would easily miss. Therefore it is critical that the lawyer you hire can prove to you that they know what they are doing. You will need a lawyer in all the next stages, so it is important that you hire the right lawyer. Let you decision to hire a lawyer be based not on convenience or price, but on competence and experience.

STEP 3 LOOK FOR THE PERFECT (OR ALMOST PERFECT) PROPERTY

Once you hire a lawyer, the next step is to begin the search for properties which match your budget and location. At this point, you can engage the services of an estate agent. the estate agent will look for properties which match your criteria, create a shortlist for you, and then organise for you to view the properties shortlisted. Your lawyer can also assist you in recommending a trustworthy estate agent. if your lawyer is involved in many land transactions, he/she should have several estate agents they work with and can recommend to you.

STEP 4 INVESTIGATING THE SELLER

When you find a property you are interested in, you should always ensure that the person you are dealing with is the owner of the property or someone who has the valid authority to sell the property. A lot of times when dealing with property in Delta, you hear of fraudulent individuals who try to sell property which they do not own to unsuspecting buyers. This stage is where your lawyer begins his/her work fully, the lawyer will conduct the proper searches, ask the right questions, and request for the right documentation to determine if the person you are speaking to about the property, is the real owner. This is EXTREMELY important especially when the property in question is family land.

STEP 5 – INVESTIGATING THE PROPERTY

If you pass step 4 and you can confirm that the person you are speaking to regarding the property in Delta which you want to buy, is the real owner of the property or has the authority of the owner, then you can move on to this stage. In this stage, your lawyer will also play a big role. The lawyer will conduct the relevant searches and examine the appropriate documentation to ensure that the property is free from any encumbrance or pending litigation, that the property is not the subject of any Government acquisition, and that the property is not subject to any overriding interests

STEP 6 – VIEW THE PROPERTY

At this stage, if you have confirmed that the person you are dealing with has title, and the property is free from any issues, then you should visit the land to physically inspect it. At this stage you want to ensure that the land and the environment meet your expectations. It is also advisable to conduct a site visitation with a registered surveyor who will look at the survey plans and advise on the property as well.

STEP 7 NEGOTIATION

This stage is explanatory, the buyer and the seller have satisfied themselves that the deal can proceed, it is now a matter of agreeing on an acceptable price for the land. Your lawyer will be very instrumental here as well, as the lawyer will also be able to give you a solid indication of what future liabilities will exist for you (stamp duty fees, other government fees), so you can factor that in when making an offer. It is also a good idea to have an independent valuation of the property carried out in order to have a guide regarding the value of the property and whether the amount being negotiated represents fair market value of the property.

STEP 8 DOCUMENTATION

If the negotiation goes well and the offer is accepted, then your lawyer (and the seller’s lawyer) can move to the stage of drafting and negotiating all the completion documents In land transactions in If the negotiation goes well and the offer is accepted, then your lawyer (and the seller’s lawyer) can move to the stage of drafting and negotiating all the completion documents. In land transactions in Delta, there are 2 main documents – the receipt and the Deed of Assignment. The lawyers will deal with this, and ensure that the interests of both parties are addressed.

STEP 9- COMPLETION, EXCHANGE & POSSESSION

At this stage, the land transfer process is gathering pace, the buyer and the seller have signed and exchanged contracts, and the buyer is now in possession of all the original title documents and transfer documents. The purchase price of the property has also been made at this stage. Once all that is complete, the buyer becomes the owner of the property and can take possession

STEP 10 – POST-COMPLETION

Once the buyer has taken physical possession of the property, the next step is to file all the necessary documentation with the appropriate government authority and then commence the process to obtain Governor’s consent of the transaction. Once Governor’s consent is obtained a Certificate of Occupancy is issued, and the property transaction is then complete. Please note that by virtue of the provisions of the Land Use Act, ownership of all property in a State vests in the Governor, and a right of occupancy is given to a person for a maximum of 99 years.

If you have never fallen for a rental scam, then consider yourself lucky because they are still very popular in Nigeria. As you must have guessed, victims of rental scam suffer financially and psychologically. Apart from the clog it throws in a victim’s financial plans, it’s largely humiliating to lose money this way. Sadly, for most victims, this means they have to start planning all over again.

You don’t have to go through the horrid experience of falling for a rental scam before you understand how they work. This will help you avoid getting cheated when hunting for an apartment/property. Below are some tips from seasoned professionals on ways to spot a scam before it happens.

Apartment/Property Unavailable for Inspection

You should never forget the fact that shady agents and fake real estate practitioners are very dubious and have successfully scammed several people like you. In other words, they are very convincing when dealing with potential tenants. One of the glaring signs to look out for is that before a rental scam, they make it literally impossible for you to inspect the property. Of course, they will come up with several excuses, but the end goal is the same – They don’t want you to inspect the apartment/property.

The smart ones will go as far as telling you that they are out of town, which means they are not physically available to arrange an inspection of the property. In most cases, he/she (scam agent) will ask you to hold on till he/she gets back. This is just a tactic they use to buy time.

Anyone who keeps you away from an apartment/property you intend to rent has rental scam written all over his/her intention. Don’t fall for this trick regardless of the excuse they come up with.

Urgency of Transaction

Be wary of any situation or scenario where you are put under pressure to make a financial commitment way too early; an example is trying to make you pay before an inspection. This is a red flag that gives a rental scam away. Professional agents know that they need to give you time to make an informed decision on whether you want the property or not. Scam agents: also known as ‘419 agents’ in Nigeria are known to stage the rental process in such a way that it puts a lot of urgency on the financial transaction involved.

The biggest hook they throw at unsuspecting victims is that they have received lots of applications and offers from other potential tenants. The goal here is to lure you into making that financial commitment. Once that is done, you are hooked and what follows is merely a familiar plot to nail the coffin of deception that you have unknowingly walked into. Don’t fall for the line of showing your commitment by paying a deposit too early.

No property agent with good intentions asks for payment upfront regardless of how professional they might have come across before pulling that move. Do you know how to find a house to rent in Nigeria? It’s not difficult and you should never be afraid to ask questions.

The Rent is Too Good to be True

If what you are being asked to pay as rent is way cheaper than the value of what you should have been asked to pay, then this is another sign of a scam. One way to find out the value of an apartment/property is through research. You can check trusted real estate websites to compare prices. Another way to achieve this is through a real estate expert. If the figure still falls below what you should be paying for the apartment, then it is most likely a trap set to lure you in.

Uncompleted Buildings

If you are ever shown an uncompleted building by an agent or developer who gives you reasons why you need to pay quickly to secure the apartment, this is a major red flag. Many unsuspecting individuals have lost their money to this scam.

One way to avoid this is to work with a property lawyer or a real estate expert; whose years of experience can be relied on to avoid falling into such traps.

In March 2018, a Lagos court jailed an estate agent (also a self-proclaimed site engineer), Babatunde Habeeb. He was sentenced to 1,230 years imprisonment for scamming unsuspecting victims of N28 million.

Keep an Eye on the Application Form

The application form also gives many shady agents and scammers away. A typical application form should be thorough, and the homeowner should not put you under any kind of pressure to complete the form. Remember that this form is the landlord’s way of ascertaining that you are the kind of tenant he/she wants.

Don’t lose sight of the fact that when you are trying to rent an apartment, you want to be sure that the landlord is not trying to take advantage of you. However, the landlord also uses this document to size you up. The homeowner knows it is important to check you out to affirm that you will not end up a bad tenant.

On the application form, the homeowner tries to establish the kind of person you are, why you are leaving your previous residence as well as whether you will be able to pay your rent subsequently. Therefore, the less concerned the homeowner is about this part of the rental process, the more he/she tilts toward giving himself/herself away as an agent of a rental scam.

If your potential landlord/landlady does not care about your employment history or a reference from your previous landlord, then he/she is probably just in a hurry to swindle you.

Don’t Be Fooled By Photos

No matter how captivating the pictures of an apartment shown to you by a real estate agent is, it cannot replace an actual inspection. There are millions of images online that a scammer can easily download and present to you.

It’s okay to have images shown to you but don’t be naive enough to believe that once these are shown to you, everything checks out as being legitimate. In a situation where these images are emailed to you, you can verify their authenticity by uploading them on Google search to see if they pop up in a totally different listing.

No Written Lease Agreement

An agent looking to scam you will either be deliberately clumsy with the written lease or will not make it available to you. When renting an apartment, the only form of agreement you should take seriously is a written one and the reason is simple. A written agreement can always be used as a reference in cases of disagreement and clearly spells out details of what the lease covers.

It is important that the lease identifies who the property owner is. Anyone claiming to represent the interest of the legitimate owner of the home must have a legal document to back this.

In a situation where the property has more than one owner, you should request for a written confirmation from the other party. What this does is to communicate his acknowledgement of the ongoing rental process. Without the other party’s approval, the entire thing might be a sham.

No Meeting With the Owner

No excuse is good enough to justify not being able to have a meeting with the owner of a property before you rent his/her apartment. This meeting legitimises the rental. If you are renting any house, insist on seeing the documents of the ownership.

A popular trick used by con artists is to tell you that the necessary documents will be sent to you. This is one trap you should never fall for because no legitimate homeowner would refuse to show you the documents you have requested to see.

In a situation where the document is eventually shared with you but the name on it does not match the name of the person who claims to be the landlord, this should mark the end of your conversation.

The Subleasing Trap

Subleasing remains one of the riskiest waters to navigate and this is because you put yourself into a situation where you would be paying for an apartment that does not have your name in the original lease agreement that was signed.

Verifying the claim that the lease agreement leaves room for subleasing is another headache entirely. You should be careful not to make any financial commitment to such an arrangement. One safe way to go about this is to get the original tenant to include your name in the original lease agreement that was signed with the landlord.

Please note that if the sublease is forbidden in the lease agreement and you pay for the apartment without knowing this, both you and the original tenant can be ejected by the landlord.

No Research

In the course of hunting for an apartment, you will be told a lot of things especially if you carry out due diligence and ask a lot of necessary questions. However, regardless of what you are told, it is important that you carve out time to carry out proper research. Google should be your friend at this point. Check the name of the agent as well as the landlord you have been introduced to.

The internet always remembers names and incidents that they have been associated with. For instance, what would you do if you discovered that your supposed landlord was arrested and jailed 10 years ago for collecting rent from 15 different prospective tenants for the same apartment? Would you still go ahead to sign a rental agreement?

Final Thoughts on Rental Scam

Always trust your instinct. If that inner voice or your gut tells you that there is something off about the agent or the property that is being presented to you, you’ll most likely be safer going with that hunch.

Some other things you can look out for that will help you avoid a rental scam include:

1. Don’t be moved by the galaxy of reasons the person might give for not being able to help you view/inspect the property.

2. Restrict your search for an apartment/property to trusted real estate websites like Private Property and others that come to you via referrals from your friends and family

3. If the property is excessively cheaper than similar apartments within the same neighbourhood, it’s a good time to ask questions.

4. Any real estate agent who is constantly impatient with you should also raise a red flag; especially one who tries to goad you toward making payment.

5. No form of money should be paid until you carry out a thorough inspection of the property and you are satisfied with it