Buying property in Lagos from abroad can be a lucrative investment, but it comes with risks if you’re not well-informed. To ensure your investment is safe and profitable, follow these steps to avoid losing your hard-earned money.
1. Work with Trusted Real Estate Professionals
One of the biggest risks in property transactions is dealing with unreliable individuals. To protect yourself:
Partner with Registered Real Estate Companies or Expert: Look for firms or consultant with a track record of successful property sales. Verify their credentials and reviews.
Check for Recommendations: Ask family, friends, or other trusted individuals for referrals.
Avoid Cash Transactions: Always make payments through secure, traceable channels like bank transfers.
2. Verify the Property Documents
Before committing to any property purchase:
Confirm the Land Title: Check if the property has a valid title such as a Government allocation, Certificate of Occupancy (C of O), Governor’s Consent, or Registered Survey.
Engage a Property Lawyer: Hire a professional to verify the authenticity of the documents and conduct due diligence.
Avoid "Omo Onile" Transactions: Deal only with reputable sellers to avoid fraudulent claims from local landowners.
3. Use a Reliable Proxy or Representative
If you’re not physically present, appoint someone you trust to act on your behalf.
Hire a Real Estate Agent: Choose an experienced agent who specializes in serving diaspora clients.
Sign a Power of Attorney: This gives your representative the legal authority to act on your behalf for specific transactions.
Request Updates: Regularly ask for progress reports, videos, and pictures of the property to confirm its status.
4. Inspect the Property Virtually or Physically
To ensure the property matches the description:
Schedule a Virtual Inspection: Use video calls to see the property in real-time.
Request a Physical Inspection: If possible, have a trusted relative, friend, or agent inspect the property.
5. Avoid Unrealistic Offers
If a deal seems too good to be true, it probably is.
Research Market Prices: Compare the asking price with similar properties in the area.
Beware of Pressure Tactics: Fraudsters may rush you to make decisions. Take your time to evaluate offers.
6. Secure Payment and Documentation
To finalize the purchase:
Use Escrow Services: This ensures the seller only gets paid once the transaction is verified.
Get a Receipt: Always obtain a receipt and payment acknowledgment.
Request a Deed of Assignment: This document transfers ownership to you and is essential for legal purposes.
7. Invest in Verified Real Estate Developments
If you’re unsure about individual sellers, consider buying into verified estate developments.
Benefits of Estate Properties: They often come with secure titles, professional management, and ready-to-build infrastructure.
Example: Explore properties like Civic Town in Ibeju Lekki, Two3four Residence in Lekki or other trusted estates in Lagos.
Why Choose Us for Your Property Needs?
At Loboss Property Investment Ltd, we specialize in helping Nigerians abroad invest safely in Lagos real estate. Here’s why you can trust us:
Verified property listings with secure titles.
Transparent transactions with no hidden fees.
Dedicated support throughout the purchase process.
Ready to Invest in Lagos Real Estate?
Protect your investment and avoid costly mistakes. Contact us today for personalized guidance on buying property from abroad.
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