How To Ensure That The Property You Want To Purchase Is Genuine

Nowadays, the activities of fraudsters have increased and a lot of people are being defrauded of their money daily. Real estate, as one of the sectors of our economy, is not immune to fraud. Courts are flooded with cases in this regard thus it behooves the purchaser to beware of fraudsters while negotiating for his choice property.

Below are tips on how to ensure you get a genuine property.

HOW TO ENSURE THAT THE PROPERTY YOU WANT TO PURCHASE IS GENUINE

1. Demand for the title documents before making payment - no matter how urgent you need a property or how reliable you think the seller is you need to demand for the title documents before making payment. And when you get the title documents, find out if it is well executed by the appropriate authority.

2. Visit the property - if you want to ensure you get a genuine property then you must visit the property and assess it. Seeing the picture is not enough and do not negotiate further if the seller says he is not in possession of the keys to the property. His inability to take you round the property may be an indication that he is not the owner or his authorized agent.

3. Ask questions about the property - if you want to find out whether the seller is really the owner or the owner's authorized agent you must ask questions. Remember no question is irrelevant whether arising from the condition of the property or the title documents. Also ensure you listen carefully to his answers and ask him a follow up question where necessary.

4. Conduct searches on the property - you cannot neglect searches if you want to purchase a genuine property. Go to the land registry, AGIS, NAGIS, EDOGIS etc whatever the name of the government agency responsible for that in your area, and find out the true position of the property. You may also need to ask people in occupation of the property (if any) or his neighbours for information about the property.

5. Work on that property - another way to find out whether the property is genuine is to carry out some work on it. However, you may not be allowed to do that if you have not paid the purchase price. Whatever be the case ensure you work on the property as soon as possible. Any act of ownership suffices. If the property is not genuine then the real owner will surface.

6. Register the property - It is only when you have successfully registered the property that you can be sure of it. Therefore you must ensure you register it immediately and where it has already been registered by the previous owner you must apply for change of ownership so that the property will be re-registered in your name.

7. Get your lawyer involved - if you don't want to fall victim of fraudsters then you must consider involving your lawyer. He will help you conduct all the necessary searches and verify the title documents. He will also help you check for statutory laws in the area where the property is situated to ensure it's in compliance with the law.

SUMMARY

Remember there are technical issues involved in property transactions. To ensure you buy a genuine property you need to do the following;

Demand for the title documents before making payment

Visit the property

Ask questions about the property

Conduct searches on the property

Work on the property

Register the property

Get your lawyer involved