WHEN BUYING LAND OR BUILDING, DO DUE DILIGENCE

WHEN BUYING LAND OR BUILDING, DO DUE DILIGENCE

One of the most costly mistakes that people make in buying land and which has proven to come with a very terrible and oftentimes irreparable negative consequences is the failure to do due diligence before committing to land transactions.

Due diligence entails a conscious effort to investigate ownership of the land you have set out to buy. Probe and ask questions.

Do discreet and covert (secret) investigation. Scrutinize every information given to you by the vendor and his representatives and agents.

Endeavour not to take this for granted. Things are not usually the way they seem. Make proper findings.

Family land cannot be validly sold without the consent of the family head and principal members of the family. So ask yourself these questions: Who truly owns that?

What truly is the size or boundary? Are there legal issues surrounding the land? Could it be a land subject to government acquisition or already acquired by the government for public interest purposes?

Is there a pending legal dispute or issue that if you are aware of, would make you have a rethink over the buying? The list is long. It never ends well when things go wrong.

You would have to battle with imminent or definite loss of investment. Do not be caught off-guard. Remember some cases are beyond remedy.

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APEX CHAMBERS, Law Firm of Property/Real Estate and Business/Corporate/Commercial Lawyers, Attorneys, Barristers, Solicitors Advocates, Legal Practitioners rendering legal services, Legal Consultants and Notary Public with Law Office in Port Harcourt, Rivers State, Nigeria

Phone: +234(0)7030868694 (Calls & Whatsapp)
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com