WHEN BUYING LAND OR BUILDING, EMBARK ON DUE DILIGENCE (INVESTIGATIONS)

WHEN BUYING LAND OR BUILDING, EMBARK ON DUE DILIGENCE (INVESTIGATIONS)

One of the most costly mistakes that people make in buying land/building and which has over time proven to come with very terrible and mostly irreparable negative consequences is the failure to do due diligence before buying land or building.

Due diligence is a conscious effort to investigate ownership of and issues with the land/building you want to buy. Probe and ask questions. Do discreet and covert (secret) investigation. Scrutinize every information given to you by the seller, his representatives and agents. Try not to take this for granted. Things are not usually the way they seem. Let a Property Lawyer do 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. Note: some cases are beyond remedy.
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Apex Chambers, Law Firm of Property/Real Estate and Business/Corporate Lawyers, Barristers, Solicitors and Attorneys, Port Harcourt, Nigeria.

Phone: +234(0)7030868694

Email: info@apexchambersglobal.com

Website: www.apexchambersglobal.com