MAKE PAYMENTS FOR LAND/BUILDING THROUGH BANK CHANNELS ONLY

MAKE PAYMENTS FOR LAND/BUILDING THROUGH BANK CHANNELS ONLY

When making payments for land or house purchase, ensure you do so through bank channels and platforms – bank or online transfer, bank draft or cheque. This will provide the necessary evidence (reflected in your bank statement) that you will need to prove the payment made.

Making land/building payment with cash should be avoided by all means. In fact, it should be included in 1,000 ways to die. Even if you have cash at hand, pay through the bank and indicate in the payment narration that the payment is for land/house. The banker’s books and records are very sure safeguards in the event of the need to prove payments for land and house.

Even with receipt, making payment with cash is a wrong move. Avoid it. Don’t do it. It leaves you vulnerable to the vendor or his representatives. The authenticity of the receipt could even be challenged. An insincere vendor could deny the cash payment leaving you frustrated and in the cold.

Trust in property transactions is an expensive luxury you cannot afford. Do not give your vendor the benefit of the doubt. It is a business transaction, not a friendship or family affair. It is serious business and must be treated as such. Don’t let your guard down. Secure your interest and try not to sacrifice your financial and investment interests on the altar of trust, friendship or familiarity.

APEX CHAMBERS, Law Firm of Property/Real Estate Lawyers & Attorneys in Port Harcourt, Nigeria.

Phone: +234(0)7030868694

Email: info@apexchambersglobal.com

Website: www.apexchambersglobal.com