Real Estate Fraud By Some Officials & How To Avoid It
Recall we started talking about this after my experience in real estate when I started as a rookie and got beaten mercilessly.
I got hurt in the cause and so many relationships with me went bad.
This would have been prevented if I knew all of what I am talking about today from the onset.
To this end, I made a vow one day in court that when I am out of this mess, I shall make sure, I do all I can within my powers to ensure no one ever fall for these traps again.
So, if you are just watching this episode for the first time, please go over to my social media platforms or my website which you will find at the end of this video to watch the previous episodes.
In today’s episode, the focus will be on another very important agent in the chain of transactions for real estate investments.
Of course, I am talking about the very fraudulent and bad officials who work with the relevant government delegated agencies to handle the affairs of lands or properties and how to avoid these sets of people from defrauding you.
In case you are just joining me for the first time, my name is Tim Abel and I am your host on the Trump-Hills Real Estate Show today.
Here I talk basically on Real Estate Investment, Marketing and Sales.
This is designed to help educate the public and investors on how to get involved in the Real Estate business in our great country especially as it bothers on the very high profitability level it portends.
Yes, we all know that more profitability also exposes us to greater risk.
But that being said, how can you also work to reduce the inherent risk to the barest minimum level?
Is what we answer here.
How can we also relate to you on the best areas to invest in the real estate will also be our focus as we tag along.
So, let’s get right into today’s episode on How to identify another risk factor which of course are the very fraudulent government officials in the chain of the transaction and how to avoid them from defrauding you with your hard-earned income.
To start with, when you are convinced about investing in real estate in this country, there is a common knowledge that the best place to run to and carry out a verification is the Agency approved by the Government to handle the affairs of lands or properties.
For example, Local, State, or Federal Governments Ministries/Parastatals, Local Chieftains, Public-Private Partners like AGIS, or NAGIS or whatever names the agencies may bear.
This is one thing you must know.
As good as the government plans to be transparent with setting up these bodies, the truth is that the government cannot be able to see through the hearts of everyone who works there.
I probably told us about how I went running a search on a property I later bought and the search was done with its result confirmed to be okay. And of course, it was done through a staff of the Government agency.
Only for me to realize months later after parting with monies that the land I was buying doesn’t even exist.
Now, this is what you must know.
These agents on the outside have a tie with the insiders.
So, once you find yourself there, they have a way to produce information confirming the genuineness of that property you want to buy.
Sincerely I made a terrible mistake here… And till this moment, I am still battling to get my monies back.
So, don’t make that mistake.
This is how you should know and avoid them.
First is the fact that the reason just like you or even smarter than you.
So, let’s take a look at first the very many angles they capitalize on when they want to defraud you
- No 1. They are usually familiar with the location of interest, so they are always prepared to give you off head details on the land.
- No 2. They are usually very friendly and have good personal relationships with their bosses
- They have a way of ensuring that you do not cross them to do a search without their knowledge.
Please always watch out for these 3 major signs.
Now, how do you avoid them from making you their prey?
- First & Most Importantly Never Do Without A Lawyer
- Again, always get the land document & run a thorough search along with your lawyer.
- Furthermore, let the documents show evidence of ownership from the beginning to the point where you are buying
You can get your lawyer to run this if you don’t have all the time to do so. But please get involved.
- The next thing you must also take note of is to ensure the documents include survey plan and deed of assignment to avoid stories that touch in the long run.
- Again, make sure you visit the property personally or send someone else to do a background check
- And please run away if sellers say, they can’t release documents for search – Just run
- Get close to the Land Authorities and get genuine information by finding your way into the overall boss’s office if you really want to secure your head or better still go and see their legal department for advice.
- Another important aspect is to start construction immediately you acquire the property. It doesn’t have to be some huge budgets. Just establish something there.
- Now, this is also important.
Always collect receipts & Keep documents of payments made to sellers safe enough for future reasons.
- Make sure to also use your head to access the person you are meeting at the government delegated office too.
I will stop here for now.
If you have challenges and want to get personal information, please reach out to me through our platforms and the numbers as provided on our website and social media pages.
Thanks for your time
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