Real estate fraud is unfortunately common in Lagos. Being informed is your best defence. Here are the most frequent scams and how to protect yourself.
1. The “Land Owner” Who Does Not Own the Land
Scammers often pose as landowners selling property they do not own. They may show fake documents or point to undeveloped land. Solution: Always verify ownership at the Lagos State Land Registry and physically inspect the land.
2. Double Sale of the Same Property
A seller sells the same land to multiple buyers. This happens most often in areas without clear title documentation. Solution: Insist on a C of O or registered Deed of Assignment and conduct a search at the Land Registry.
3. Omo Onile (Land Grabbers)
Omo Onile are individuals or groups who surface after a sale claiming ancestral ownership and demanding additional payment. Solution: Buy only from verified owners with clean titles and ensure all payments are properly documented. Obtain a police report and engage a lawyer if threatened.
4. Fake Estate Agents
Fake agents collect deposits on properties that do not exist or are not for sale. Solution: Use established real estate companies like KBSB HOMES with a verifiable track record and physical office.
5. Inflated Valuation
Some agents inflate property prices to earn higher commissions. Solution: Research market prices in the area and get valuations from multiple sources before making an offer.
6. Document Forgery
Forged C of O or Survey Plans are circulated by fraudsters. Solution: Cross-check document numbers at the Land Registry and confirm with the surveyor who prepared the survey plan.
If a deal sounds too good to be true, it probably is. Always do your due diligence and work with trusted professionals throughout the transaction.