RELYING ON VERBAL OR HANDWRITTEN AGREEMENT: A COSTLY MISTAKE BY LAND BUYERS

One of the most dangerous mistakes a land/building buyer will make is relying on verbal or handwritten agreement without proper documentation. In real estate transactions, “a gentleman’s agreement” is not enough. Without a proper purchase document, your claim to ownership can be easily challenged or denied.

Verbal agreements often lead to disputes, as sellers or family members can later deny the terms of the sale or even resell the land to another. Without the right written agreement, proving ownership becomes extremely difficult, leaving you the buyer vulnerable to heavy financial loss.

The law is that a sale of land transaction must be in writing and in the right written form. So a land transaction without proper written agreement will create loopholes that fraudulent sellers can exploit.

A seller may verbally claim that the land is free from issues, but without a land purchase agreement, the buyer has no protection if debts, mortgages or other legal claims emerge later.

The best way to avoid this costly mistake is to engage a Property Lawyer/Attorney who will ensure that all agreements are properly documented, signed and legally binding, protecting the buyer’s rights. The Property Lawyer will also conduct due diligence to verify ownership, check for problems and ensure compliance with land laws.
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APEX CHAMBERS, award-winning best Law Firm of Property/Real Estate Lawyers, Attorneys, Barristers, Solicitors, Legal Practitioners and Notary Public in Port Harcourt, Rivers State, Nigeria.

Phone: +234(0)7030868694

Email: info@apexchambersglobal.com

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