Real estate scams can be a significant concern in Nigeria and Ghana, where the property market is active and growing. Here’s how you can identify and avoid common real estate scams in these countries:

1. Verify the Legitimacy of the Seller or Agent

• Check Credentials: Ensure that the real estate agent or agency is licensed and registered with the relevant local regulatory bodies. In Nigeria, this could be the Estate Surveyors and Valuers Registration Board (ESVARB), and in Ghana, the Real Estate Agency (Licensing) Act, 2020 (Act 1047) governs this.
• Ask for References: Request references from past clients or check online reviews to gauge the agent’s reputation.

2. Conduct Thorough Property Checks

• Verify Ownership: Request proof of ownership from the seller or agent, such as the land title deed or property certificate. Cross-check these documents with local land registry offices to confirm their authenticity.
• Inspect the Property: Visit the property in person to verify its condition and ensure it matches the description provided. Be wary of properties that seem too good to be true or are offered at unusually low prices.

3. Be Cautious with Payments

• Avoid Advance Payments: Be cautious of agents or sellers who demand large sums of money upfront before any formal agreements or contracts are signed. Legitimate transactions typically involve escrow accounts or formal agreements.
• Use Secure Payment Methods: When making payments, use secure and traceable methods, such as bank transfers. Avoid paying in cash or through informal channels.
  
  
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4. Review Contracts Carefully

• Read the Fine Print: Always thoroughly read and understand any contract or agreement before signing. Pay close attention to clauses related to payment terms, property description, and penalties for non-compliance.
• Seek Legal Advice: If you’re unsure about any terms or conditions, consult a legal professional specializing in real estate to review the contract and advise you.

5. Be Wary of Common Scams

• Fake Listings: Scammers might create fake property listings to lure potential buyers. Verify the property’s existence and confirm that the listing is legitimate.
• Identity Theft: Be cautious if asked for personal information such as your national ID, passport number, or other sensitive details. Ensure that any information shared is necessary and handled securely.
• Phantom Properties: Some scams involve properties that do not exist or are not for sale. Verify with multiple sources and confirm the property’s status with local authorities.

6. Use Reputable Platforms

• Choose Trusted Real Estate Platforms: Use well-known and reputable real estate websites and agencies. Avoid dealing with unknown or unverified websites or individuals.
• Verify Platform Authenticity: Check the authenticity of online platforms by looking for reviews, verifying contact details, and ensuring they have a physical office or contactable business address.

7. Engage with Local Authorities

• Consult Local Authorities: If you suspect a scam or encounter suspicious activity, report it to local authorities or regulatory bodies. They can provide assistance and may be able to take action against fraudulent practices.

8. Stay Informed

• Educate Yourself: Stay informed about common real estate scams and fraud tactics. Regularly update yourself on best practices for safe real estate transactions.

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In summary

Avoiding real estate scams in Nigeria and Ghana involves a combination of verifying credentials, conducting thorough checks, being cautious with payments, and understanding contracts. By following these guidelines, you can better protect yourself from fraudulent activities and ensure a safer real estate transaction.

Samson Akanet

Software Architect, Real Estate Agent, Blogger & Entrepreneur
21 August 2024
945 views