FRAUDULENT PRACTICES IN REAL ESTATE INDUSTRY

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FRAUDULENT PRACTICES IN REAL ESTATE

FRAUDULENT PRACTICES IN REAL ESTATE INDUSTRY

The Real-estate industry has been enveloped in serial unwholesome and fraudulent practices in recent years making it difficult for people in the business to earn the trust of their clients due to the history of fraud cases experienced by earlier, encountered dealers in the business. Some investors have been scarred by swindlers who pose as agents, duping clients of their hard-earned money, furthermore reinforcing the belief that buying and selling land is an high risk business.

This has resulted to landowners in the major cities of Lagos and even in Nigeria, habitually placing banners and markers on their properties; whether it is a land that has not yet been developed or a land going through the developmental phases or even a newly completed property, to discourage swindlers from using their properties to launch a fraud scheme and warning potential victims that the land indeed is not on the market, tactically set in motion to prevent the illegal sale of their properties without their consent. The most popular of these signs seems to be the “This House/Land Is Not For Sale. Beware of 419” signs which an average Nigerian is expected to be reasonably familiar with.

  Read Also: OWN A HOUSE IN LEKKI: A GUIDE ON BUYING A HOUSE IN LEKKI

Government over the years has devised and come up with policies to further discourage and wear out this disturbing practice, but many potential opportunists who disguise as property owners wanting to sell a property, are still locked up in this scheme as they view this corrupt practice as a quick means of making money without extensively poring over the damaging effects of such acts or they are really just unconcerned about the effect of their creepy actions .

It is rather not uncommon for fraudsters to sell lands and houses to unsuspecting buyers who in no way have a legal title to the land while pretending to be the legitimate owners of the property.

See Also: PROPERTY AND LAND FOR SALE IN LEKKI

There are diverse methods and ways employed by such corrupt agents and swindlers in duping people out of their money when transacting a real-estate business. Some of the most familiar ones includes a situation where a person who does not hold any legal or equitable interest in a land sells/mortgages the land to unsuspecting buyer or a situation where a land/property is in joint ownership of two or more persons, and one of the owners sells/mortgages the land without the knowledge or consent of the other person or co-owners or where it is a family land, the land is sold/mortgaged by any member(s) of the family without the joint consent of all family members.

Residents in Nigeria and most especially in Lagos state have come up with complaints and resolutions tabled before the government to enact laws that will serve as a deterrent for prodigious and potential fraudsters preying on people who simply want to invest in land and property either for residence or for business purposes. This led to the Lagos state government forming a ‘Special Task force on Land Grabbers’ to enforce action against defaulters of the law in land-related issues. The  state also enforced the Properties Protection Law in the year 2016 to serve as  a deterrent to people found in unlawful land and property buying and selling.

According to specialists on the issue of Law involving real-estate and property acquisition, these measures were pointed out, and according to them, adopting these measures will serve as a means of systematically choking out the fraud stint from our society.

The measures includes:

  • Regulation of Real Estate Practitioners
  • Adoption of a centralized property statistics network
  • Conduct due diligence
  • Enforcement of extant legislation
  • Do not be in a hurry to buy a land

Putting a stop to the menace of real-estate related fraud should be an active, concerted effort by citizens of a state and the residents of cities and towns to take  a stand against the activity of Fraud in real-estate related matters in communities by maintaining due vigilance and clarifying every claims made by a seller in a real-estate deal before confirming a transaction.

Law enforcement agents and the Judiciary also should maintain transparency and be proactive in prosecuting offenders and making sure that justice is served in any real-estate related case they are trying, this will furthermore discourage offenders and reassure the populace that the system is actually working at ensuring justice for all in real-estate related issues.

It is advised that investors seeking to invest in real-estate should seek the services of tested and proven real-estate agents or companies to furthermore reduce the probabilities of a failed investment to the barest minimum,

There are a number of real estate companies in Lekki, Lagos. Victoria Crest real estate company remains one of the most trusted and reliable real estate companies in Lekki, Lagos with an history of professionally conducting their business in a way that meets global standards and regulations and are renowned for actively seeking out the best deals for all of their clients.

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