PROPERTY TRAPS IN LAGOS- DUE DILIGENCE 101

Due Diligence. This is where dreams are either secured or shattered. If you skip this step, you’re buying property with your eyes closed and hoping for the best. Spoiler alert: that rarely ends well.

So, What Exactly Is Due Diligence? It’s the process of verifying that a property is legitimate, safe, and drama-free before you part with your hard-earned money. Think of it as your real estate background check.

Before you pay a single naira, make a property checklist and ensure you’ve ticked off these essentials:

• Title Verification: Is there a valid Certificate of Occupancy (C of O), Gazette, or Excision? If not, stop.
• Survey Check: Confirm the property isn’t under government acquisition or part of a reserved area for public use.
• Ownership History: Ask for the root of title, how the seller got the property, and who owned it before.
• Encumbrance Search: Are there any legal disputes, mortgages, or claims tied to the property?
• Zoning & Use: Is the property approved for your intended use, residential, commercial, or industrial?

Of course, you cannot check off these essentials alone. These experts are your safety net:

• A Real Estate Lawyer to review documents and spot red flags.
• A Licensed Surveyor to verify property boundaries and status.
• A Property Consultant or Estate Agent with a solid track record.
• The Lagos State Land Bureau for official verification and records.
• A Structural Engineer to assure you of the safety and stability of the building.

Marketing brochures, crisp and clear photos, and sweet-talking agents are not proof of ownership.

Always verify. Always investigate. Always ask questions.