THE POWER OF DUE DILIGENCE IN LAND AND BUILDING BUYING TRANSACTIONS

THE POWER OF DUE DILIGENCE IN LAND AND BUILDING BUYING TRANSACTIONS

Last week, a young man consulted Apex Chambers, Property/Real Estate Lawyers/Attorneys to conduct due diligence investigation over a parcel of land (15 plots) he wanted to buy.

Our findings revealed a serious issue – the seller had already sold the same land to another person and collected full payment.

Had our client proceeded with the transaction without verifying facts, he would have lost his money or become entangled in a long land case.

This case explains why due diligence is very important in land and building transactions. A thorough investigation helps confirm the true ownership of a property, and verifies whether or not the seller has the legal right to transfer ownership, and ensures there are no existing disputes or impediments.

By checking government records and reviewing past transactions, a land buyer will avoid errors.

Failure to conduct due diligence can lead to severe consequences – double sales, disputes, eviction or financial mess. Many land/building buyers have lost their investments due to fraudulent sales or unknown claims.

Due diligence is a necessary step in real estate. It protects the buyers from being deceived, prevents conflicts and ensures that their investment is legally secured.

Before paying for any land or building purchase, proper investigation is strongly advised.
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APEX CHAMBERS, Law Firm of best Property/Real Estate & Business Lawyers in Port Harcourt, Nigeria.

Phone: +234(0)7030868694

Email: info@apexchambersglobal.com

Website: www.apexchambersglobal.com