20/11/2018
BUYING CHEAP LANDS 1. Pay attention to every detail. Cheap lands usually have hidden details that you wouldn't see if you are not very careful.
2. If you're buying from the local land owners (Omo onile), don't be in a hurry, take your time, because once you make a mistake, your money is as good as gone. Even with a binding contract,they can still do away with your money.
3. Most Cheap lands (if not all) do not have proper titles. So you should ask yourself, "Is this what I want?"
4. If a seller or real estate developer tells you the land is undergoing Excision, or if they say the title on the land is 'excision in process's, what this means is that the land doesn't have a title yet because the government hasn't released it.
5. If NUMBER 4 concerns you, then, your first task is to find out if the land is committed or not. If it is committed, then do not touch it, even with a 10 foot pole. To know how to find out if the land is committed, please read the BONUS tip at the end of this article.
6. If it not committed and you still want to go ahead with it, then pay attention to number 7.
7. Ensure that the seller indemnifies you against any losses that might come up. This binds the real estate company to either refund your money or give you a new parcel of land if anything wrong comes up.
8. If you cannot go through all that headache, please make sure you always buy land that have good titles (at least a government excision). It is more expensive, yes.
But It is safer, and it is better.
BONUS: Always conduct a survey search before buying any land. Especially when the land is cheap, because even it doesn't have a title, a survey search will always uncover the real status of the land.
