I have noticed an alarming trend in which a large number of Nigerians go buying Property without first getting sound self-education on what it entails i.e. how to do it, what to do, where to go etc to ensure risk free and profitable results.

Most jump with both feet into real estate investing, often as total novices, without even being aware of what the law says about property acquisition i.e. landed properties and buildings, and documentation processing.
This is a widespread problem that I have seen cost some people huge sums that almost ruined them!

Most people are uncontrollably anxious when they feel they have money to spare, for spending. Rather than do painstaking research and investigation, they simply ask basic questions like “Is it a dry land? or Is it close to the road?” etc.

A number do go further to ask useful questions about the Certificate of Occupancy (aka C of O), but they tend to be in the minority, and most lack the competence to accurately evaluate the truth in responses they are given by sellers!

In many cases I’ve seen prospective property owners pay huge sums of money to sellers, thinking that’s all there is to the process.

They collect their receipts with that mindset, often completely unaware that failing to signing a Deed of Assignment (which binds the transactions between both the seller and the buyer), would amount to not sealing the deal properly and legally.

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