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How to Void Being Scammed on Real Estate.


Residential Real Estate/Home Buying Scams That You Should Know, The real estate industry is a sector that's extremely profitable if done right. If you think about it, a house is the most expensive item that a person buys over his/her lifetime. Big money, big opportunities. However, on the same token, criminals prey on the weak and use creative ways to make a lot of money by scamming victims all over the world, whether buyers, sellers, or realtors.

Amongst the most notorious fraudulent practices on the market, ideyfindhouse have already exposed and shared information about rental property scams, real estate investment scams, home buying scams, and residential real estate tips. Like all industries, the property sector attracts its share of scammers hoping to con would-be buyers and renters out of their hard-earned savings. Fortunately, there are ways you can safeguard yourself against property fraud. To help you spot the fraudsters, here’s a rundown of the most common real estate scams – plus some advice on how you can avoid getting ripped off.


1. The fake rental listing scam.
These scams take advantage of the online real estate marketplace by copying legitimate property listings, reposting them elsewhere and posing as the agent or landlord who is leasing the property. The scammers will usually ask for the security deposit or another down payment upfront. Often they will ask you to wire money in advance while a contract is being drawn up.
How to avoid getting this scam:
Never agree to wire money to any Agent you have not met in person. Always try to verify the identity of the Agent you are dealing with and confirm that they are a licensed real estate agent. Look for properties listed by well-known real estate agencies and trusted websites such as ideyfindhouse. Always consult a Lawyer before making any transaction that worth huge amount of money.

2. The out-of-the-country scam
In this common scam, the prospective landlord or current owner says they are out of the country and unable to show you the property before you sign the lease or contract. They usually promise to send you the keys in the mail once the deposit has been paid in advance.
How to avoid getting this scam:
Always insist on inspecting the property yourself. If the landlord or agent says this is not possible because they are overseas or unavailable, then walk away from the deal.

3. Requests for personal details.advice for the Realtors.
Somebody contacts you from out of the country and inquires about buying or renting a property you have listed here on ideyfindhouse. In the process, they usually request your personal information or banking details, which is used to steal your identity or rob money from your account.
How to avoid getting this scam:
Never provide your bank account details or personal identification details to an unknown source over the internet. Never provide your credit card verification code to anyone.

4. Loan sharks and predatory lending.
The elderly, low-income earners and inexperienced homebuyers are the principal targets of this type of scam. In predatory lending practices, home loan scammers take advantage of the most vulnerable by enticing them to sign up for mortgages with excessive fees and high interest rates. People who are tricked into paying more than they can afford risk ending up with a bad credit rating and can even lose their home.
How to avoid getting this scam:
Do your research about the lender and don’t be fooled into signing on for a bad deal. Set a budget and do not exceed it. Do not let anyone convince you to borrow more money than you can afford to repay. Report anyone you suspect of engaging in predatory lending to the authorities.

5. Title fraud.
This type of property fraud can be extremely devastating. Essentially it is a form of identity theft in which the scammer poses as the homeowner and uses fake documents to transfer the property into his or her name. They then get a new mortgage against the property, take the cash for themselves and leave the homeowner liable for the repayments.
How to avoid getting this scam:
Ask your home insurance provider about title insurance, which provides the best protection against this type of fraud. Secure your personal data and never give away your personal documentation to an unknown source.

Ultimate GUIDE.

IMPORTANT LAND DOCUMENTS, LAND BUYERS MUST KNOW.

Land documents are very necessary that anyone who wants to invest money into land property must know and understand very well. It is a pity that only a few land buyers know and understand what these land documents really mean and the purpose which they serve.

LAND DOCUMENTS IN NIGERIA YOU MUST ASK FOR, WHEN BUYING A PARCEL OF LAND.
1. Ask for THE TITLE OF THE LAND.
A parcel of land in Nigeria will have one of the following titles.

(A) GLOBAL ACQUISITION.
All the land in a state are under the control of the state and supervised by the state governor.
Land can be classified as either free or committed. There are two types of Acquisition.
*Committed Acquisition.
A parcel of land is said to be under committed when the government has indicated an interest to use that land for a specific purpose such as provision of amenities.
*General/Free Acquisition.
Land that are under general acquisition can later be confirmed 'free or committed' as the case may be.
Land under general acquisition can be safe to buy because the title on the land can be perfected and become free through the process called Excision.
LAND THAT HAVE THEIR 'EXCISION IN PROCESS', ARE THEY SAFE TO BUY?
A land with Excision in process is safe to buy if that land has an Excision File number. A file number tells you that really, the process to get the land excised has been registered and it's underway.

(B) CERTIFICATE OF OCCUPANCY.
( C of O. )
A certificate of occupancy is a certificate issued by the state government, officially leasing a piece of land in the state to the applicant for 99 years. All land belong to the government in case of eventuality by the government. C of O documents on a land greatly appreciate the value of the land. The process of getting C of O, is long and cash intensive and can increase the price of the land. Whenever you purchase a parcel of land with C of O title, you must obtain another document called Governor's Consent, to perfect your documents and have rest of mind.

(C) EXCISION.
Excision is a process whereby the government released a portion of an expanse of land that is not committed. If a parcel of land that was formerly under acquisition becomes excised, it is then considered free and eventually become gazetted, such land is safe to buy.

(D) GAZETTE.
A Gazette is an official record book where all special government details are spelt out, detailed and recorded.
A Gazette will show the communities or villages that have been granted excision and the number of acres or hectares of land that the government has given to them. It is within those excised acres or hectares that the traditional family is entitled to sell it's land to the public and not anything outside those hectares of land given or excised to them.
A Gazette is a very powerful instrument the community owns and can replace a Certificate of Occupancy (C of O) to grant title to the villagers. A community owning a Gazette can only sell land to individuals within those land that have been excised to them. The community or family head of that land has the right to sign your document for you.
If the government based on some reason best known to them decide to revoke or acquire your land, you will be entitled for compensation as long as the land is within the excised land given to that community.
The best way to know whether a land is under acquisition or has an Excision that has been covered by a Gazette, is to get a surveyor to chart the site and take it to the surveyor general's office to conduct land search and confirm whether it falls within the Gazette and spell out which particular location it can be found.



2. Ask for SURVEY PLAN:
A survey plan is the land document which shows the boundary measurement of a parcel of land to give an accurate measurement and description of that land. Surveyors are the people who handle survey issues and they are being regulated by the office of the Surveyor-General of the state where the land is located. A survey plan is a very important land document you must ask for, whenever you are trying to buy land, then take it to a surveyor to conduct a land search, to know if the land is free from government acquisition and other encumbrances.
The following informations are what makes the survey plan document authentic.
(I)The name of the owner of the land surveyed.
(II) The address or description of the land surveyed.
(III)The size of the land surveyed.
(IV)The drawn-out portion of the land surveyed.
(V)The beacon numbers.
(VI)The surveyor who drew up the survey plan and the date it was drawn up.
(VII)A stamp showing if the land is free from government acquisition or not.


3.Ask for DEED OF ASSIGNMENT:
Deed of Assignment is one of the most valuable land documents YOU MUST HAVE when concluding a land transaction.
A Deed of Assignment is an agreement between the Seller of a land or property and the Buyer of that land or property showing evidence that the Seller has fully transferred all his or her right, title, interest, and ownership of that land or property to the Buyer that has just bought the land or property.
Deed of Assignment contains very pertinent information in the real estate transactions. It spells out the date when the ownership of a property transferred from one owner to the other. It also gives a specific description of the property that is included in the transfer of ownership.


4.Ask for GOVERNOR'S CONSENT:
Just as it sound, a Governor's Consent is a land document that is obtained whenever you buy land with C of O title. It is the land document that let the governor of the state and the general public know that the land in question has changed ownership.
It is very important for a land buyer to perfect his or her documents by obtaining the governor's consent, to have a complete rest of mind.


5. Ask for RECEIPT:
This land document is the least of all, and is just for the Seller to acknowledge that he or she has received the due money for the selling of the land or property. A Receipt is different from Deed of Assignment.

Note: ideyfindhouse disclaim any responsibility of the Real Estate Scams.


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