PROPERTY TRAPS IN LAGOS – HOW TO AVOID LOSING YOUR INVESTMENTS

We can agree that Lagos is Nigeria’s economic powerhouse, and when it comes to real estate, the
city is hotter than suya on a Friday night. But while the market looks juicy on the outside, bite into it
without caution, and you might just get burned. Every year, people lose millions chasing “too-good-
to-be-true” deals, falling for sweet-talking agents, or skipping the all-important due diligence. It’s
like playing Monopoly, except in real life, the fake properties don’t come with a refund. So why do
so many people keep falling into the same traps?

This month, we will be having a conversation on how to protect your investments, recognize these
traps, and navigate them. However, this week, let’s identify the reasons why people lose their
property.

The process of owning a property can’t be done alone. People just tend to use any random agent;
anyone with a smartphone can pose as an agent. Before buying a property, search for a trusted and
registered agent or firm you can work with. This will help reduce the risk of buying from the wrong
party or buying an “omo onile” property that has been sold to multiple people.

Skipping legal checks and not verifying the title documents, like the C of O, Deed of Assignment, can
make people lose their property. Fraudsters can also forge fake documentation, survey plans, and
even receipts. Always verify all documents with the Lagos State Land Bureau.

A rushed decision can also be a reason. “Promo price, urgent sale” might not always seem as it is
portrayed. Don’t be emotionally pressured or attached to a property. Never be in a hurry to make
that decision; take your time.

Next week, we will talk about how we would identify these common property scams and tricks used
in Lagos. If you can identify them, you can avoid them.