WHAT TO LOOK OUT FOR WHEN BUYING LAND OR HOUSEYou should always be keen and wise enough to detect and pull out of a fraudulent transaction before losing your hard-earned money.
Before buying a house or land, there are a few things that you need to know so that you do not fall into a trap. You should always be keen and wise enough to detect and pull out of a fraudulent transaction before losing your hard-earned money.
Here is a list of some red flags common in land or house buying transaction.
- Lack of clear identification of the person purporting to sell the property - Before buying land from an agent, always insist on identification preferably a staff identification card for an individual and a company name, office location, Company Website and Social Media Sites.
- Inconsistent information - Do not rely on the information given by word of mouth, always go deep and do your own research so that you do not end up purchasing a non-existing property. Verify information by checking if it matches with what is on the company website, Social Media Platform or the property itself, take caution.
- Too good to be true offers -If you find someone who is throwing around offers such as: “100% winning rate” on land or a house, they could be using it as bait and you may end losing your money and never own the property. Always take advantage of reasonable offers such as 20% off if you are a cash buyer.
- Lack of official sites to do a background search - If you notice a seller does not have a website or a social media sites where you can verify their authenticity, or check out previous reviews from other customers, avoid buying from them.
- Lack the willingness to take you to the property site – If a property seller insists on you making payment and they are not willing to take you to site take caution as you might end up losing all your hard-earned money by purchasing a non-existing property. Always buy from a company that allows you to view a property you are interested in investing.
- Lack of legal documents to prove land ownership –Anyone who is not willing to share with you the land ownership documents for a property you are interested in purchasing and does not allow you to sign legal documents may show that they are not the legal owners and you might end up losing your investment.