Scam Alert in Nigeria Real Estate Market: 7 Common Scams to Avoid

 

Title: Scam Alert in Nigeria Real Estate Market: 7 Common Scams to Avoid

As the Nigerian real estate market continues to grow, unfortunately, so do the number of real estate scams.Scammers are constantly upgrading with new and sophisticated ways to defraud unsuspecting buyers and investors. As such, it is important to be aware of these scams to avoid falling victim. In this blog post, we will discuss 7 common scams in the Nigeria real estate market that you need to be aware of.

1. Title Fraud: This scam involves selling a property that does not belong to the seller. The scammers forge documents and impersonate the real owner. To avoid title fraud, ensure that you work with licensed and reputable real estate agents and legal professionals.
2. Rental Scams: In this scam, the scammers advertise a property for rent, take payment, and then disappear without providing access to the property. To avoid rental scams, ensure that you verify the ownership of the property and do not pay any money until you have seen the property in person.
3. Property Flipping Scams: This scam involves purchasing a property, falsely advertising it as renovated or improved, and then selling it for a much higher price. To avoid property flipping scams, conduct your own research and inspection before buying any property.
4. Investment Scams: This scam offers a real estate investment opportunity that promises high returns but turns out to be a scam. To avoid investment scams, research the company or individual offering the investment, and ensure that they are registered with the appropriate regulatory bodies.
5. Phantom Real Estate: In this scam, the scammers advertise a property that does not exist or has already been sold to unsuspecting buyers. To avoid phantom real estate scams, ensure that you physically verify the existence of the property before making any payments.
6. Non-Disclosure Scams: This scam involves a seller or agent withholding important information about a property, such as defects, liens, or legal issues. To avoid non-disclosure scams, work with a reputable real estate agent and conduct thorough due diligence before making any payments.
7. Unlicensed Agents: In this scam, the scammers pose as licensed real estate agents but are not registered with the appropriate regulatory bodies. To avoid unlicensed agent scams, ensure that you verify the agent's credentials before working with them.

In conclusion, the Nigeria real estate market is rife with scams, and it is important to be aware of these scams to avoid falling victim. Conduct thorough research and due diligence before making any payments, work with licensed and reputable professionals, and always be cautious when dealing with strangers online or in person. By being vigilant, you can protect yourself from these scams and make smart investments in the Nigerian real estate market.