Be Careful When Involving Relatives In Your Real Estate Investments
- Posted by Karo Itoje in Blog Updates, Land Tips and Advice
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On Nigeria real estate investment tips today I’m going to be advising you on involving relatives in your investments.
Our relatives are supposed to be the people who love us the most in the world and want to protect our interests. However from the many true stories we’ve heard especially among Nigerians that has not always been the case. There have been relatives who start to plot against their person to harm him, one way or another just to get their hands on his properties. There have been relatives who have been so selfish to embezzle all the money sent to them to buy a land and erect a building with and some of such relative even go as far as planning to kill their person just so they don’t have to face them and answer to him regarding the money they embezzled. There have been relatives who couldn’t wait for their person to be buried before fighting publicly for his properties showing no concern for the family he left behind.
Read: Want To Send Money To A Sibling To Pay For A Land For You? DON’T!
So many scary stories out there that it is regarded as being smart these days when you don’t let your relatives in on most of your investments. But living abroad some can’t seem to help it. They think they need someone on ground to check things out for them and process things. While that may be true you have to decide whether that’s the best thing for you to do.
Thanks to Technology You can Buy a Land or Property in Nigeria from Abroad without involving Relatives
My very first client as a real estate consultant was based in Singapore. After we discussed his needs and selected some estates he was interested in, he wanted his uncle to go inspect the land for him. But his uncle wasn’t forth coming so I suggested to him that I visit the site, do a video of the estate and surroundings and send to him on WhatsApp.
Most of the estates I feature on this site I have personally visited them so I can tell you about them and make recommendations. I am an independent consultant. Meaning I am not a staff of any of the companies so I have no reason to lie just to sell their property when there are so many estates to choose from. However it’s only normal that you want to see the place for yourself. Since you are not in the country right now your only option is that someone inspects the site for you. Should you then get a relative to inspect for you? The decision is yours.
The reason I decided to write this page is to let you know that you don’t have to involve a relative if you don’t want to. Don’t feel you have no option, because you do. Ask for a video of the estate you are interested in. Check my Youtube channel you will find many site inspection videos there. If the one you want isn’t there I’ll get from a colleague who has a video on it and send to you. Ask for pictures too. But make sure in the video and in the picture there’s a signboard on the land that reads the name of the estate. The reason is because having a signboard there proves to some extent that the land exists because omonile won’t let anyone put a signboard on a land they don’t own.
Once you see a video of the land and pictures and you Google the estate and see other advert about it that at least proves that the estate exists and what you’ve seen in video and pictures is real. After that you can decide if you want to proceed with buying a land in the estate or if you want to check other options. If you decide to move on with it, then it’s a simple matter of asking for the application form via email, fill, scan and send back, pay the necessary amount into the company’s account and request that the soft copies of the receipt and contract of sale be emailed to you in the meantime.
Also read: How To Buy A Land In Nigeria From Abroad Without Fear Of Scam
Keep the contact of your agent or consultant. And whenever you visit Nigeria call them up and let them take you to the land and the company’s office so that you pick up hard copies of your documents. Being a consultant I have done this for several clients without any itch. In fact my clients remain my client for as long as possible. I continue to follow up with them and carry them along with updates in the estate including allocation notice so that they can plan to visit for the allocation or plan for someone to represent them, this could be a lawyer. It’s often better to work with a neutral person, in this case a lawyer than a relative. But if you don’t want to incur the cost of a lawyer you can always contact the company and ask that you be allocated in absence. For a small fee some are ready to even demarcate your land for you.
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