As the real estate industry in Nigeria continues to boom, the number of fake real estate company has greatly increased despite the strict laws that govern the sale and purchase of any property.
Identifying a fraudulent real estate agent can be difficult, especially when you are dealing with those ones who have been in the industry for a long time. They know the ins and outs of the industry and are able to come up with strategies to fool less savvy investors. However, there are things you should lookout for when dealing with real estate companies in Nigeria.
Here are some ways you can detect a fake real estate company in Lagos:
Before using a real estate company for your real estate investment, you need to carry out a thorough research on the company to find out if the company is duly registered with Nigeria CAC (Corporate Affairs Commission). One of the ways to do this is by asking the company for its registration number; all genuine real estate companies are proud and happy to provide their registration number to you on request.
If the company refuses to present its registration number to you, this is a sign that the company may be a fake real estate company.
If the company presents its CAC(corporate affairs commission) registration number to you but you are still not fully convinced about the registration number, you can verify the company’s registration number by visiting the CAC office in Abuja. Alternatively, you can hire a lawyer to do this for you.
No License To Operate
The registration of company is important to determine if a company is genuine or not. But when it comes to the real estate industry, it is very important that every realtor has a license to operate as a real estate company in Nigeria. So as a real estate investor, before purchasing a property through a real estate agent, ask for its license.
Every genuine real estate company in Nigeria must be registered and recognized by at least one of the Nigerian estate boards – Real Estate Developers Association of Nigeria (REDAN), Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), among others.
If the company’s name is not registered or recognized by any of these boards, it is a red flag and I will advise you to find a different company.
Document verification and authentication
The moment you resolve to buy a property, the first thing to do is get a reliable lawyer to oversee the property documentation and verification. The lawyer should do the verification to ascertain the legitimacy and authenticity of the real estate agency. There are also a lot of required documents to be ascertained and verified before you proceed to make payment.
The benefit of using a realtor for your real estate investment cannot be over emphasized. However, it is very important do some research on the company before buying properties through them, so you don’t fall victim to real estate scammers and end up losing your life savings.
If you are looking for a genuine real estate company to help you buy properties with peace of mind, develop your land, recover your land and manage your tenants, contact Bethel Realtors and Management Limited.