5 Real Estate Transaction Red Flags
As a first time beginner looking to buy a land or looking to invest in real estate, there are certain things to look out for before you close your real estate deal. You can look at pitfalls to avoid and how to avoid them.
The Truth is that buying and securing a genuine land is a serious task! One of the main reasons that people are intimidated by land transaction, and some beginner investors fail, is because they realize that they lack real estate knowledge and couldn’t or suspect any red flags in real estate transactions.
These 5 Real Estate Transaction Red Flags are signs to watch out for when going into any real Estate investment deals.
1. Unverified Documents
Yes! You should be able to verify receipts and all documents relating to the land transaction you are about to close. You not unable to verify could lead you to a serious trouble. Verify all land documents to make sure you are on a right track with the seller.
2. Anxious Real Estate Agents
Many real estate agents work on commission and so it is understandable that can be pushy, desperate and wanting to make you buy as soon as possible.
It is important that you note their statements of words, like, “if you buy now, you’ll get a cheaper price,” or “buy now because there are other suitors are on ground and ready to buy.”
They will try so hard by pressuring you to make a decision or a mistake that could rob you of thousands of Naira. Once you notice this, just flee!
3. Not verifying Real Owners
Apart from verifying the documents and all, you should be able to verify real owners of the land you want to buy. You can do this by doing a personal inspection and asking histories about the land or house from insider known person, chiefs living within the neighbourhood.
4. Legal and Survey Checks are Avoided
For any real estate transactions, you need the services of a surveyor and a lawyer. Get this two involve and when a seller or a real estate agent insists or telling you not to bother about having a lawyer involved, be assured that this is a red flag in that real estate transaction.
They will smooth talk you about fake surveys and government fake plans within the area letting you know that you don’t need a surveyor for charting and a lawyer to prepare your deeds.
5. Inexperience and Lack of Knowledge in Real Estate Transactions
I will put this as the last. Your inexperience and lack of knowledge when going for inspection could land you in a big trouble with dubious seller or real estate agent and once they notice this in you, that’s all. Don’t act like you know it all in any real estate deal. Go with a verified real estate agent.