19/10/2020
7. Mode Of Payment When Buying A Land
The mode of payment when buying a land is vital and might just be the only reason you are duped or not. No matter what you do, DO NOT PAY IN CASH when buying a land. You must ensure everything is properly documented from the cost of the land to the receipt of survey fees. The only way you can save yourself from unnecessary stress in the future is by documenting all the payments.
No matter how small the payments you have made, it is important to document all of it. This is in order to avoid future hiccups as early mentioned. Instead of paying in cash, and possibly losing your hard earned money to fraudsters, it is advisable to pay through cheques or bank transfers. This way you can easily track your payments made when buying a land from any agent in case things go south.
It is also important to engage a lawyer in order to prepare a purchase receipt in which all parties can sign to acknowledge payments through any of the bank channels. This cancels the possibilities of a seller denying the exact amount paid, when it was paid and for the purpose it was paid.
There are no templates to identify a potential fraudster by his/her skin color or face. One of the common mistakes people make is believing or trusting their relationship with the land seller when buying a land. It is not unusual to see people in court with cases of the relatives or sisters duping them over a sale of land. It is important to consider this when buying land for investment or any other purpose in order to avoid any possibility of being duped.
When you pay through bank channels, you can track your payments when things go south. It also serves as a tiny piece of evidence that can be used in court. Unlike when you pay in cash and the land seller denies any knowledge of the transaction.
There you have it! What we shared so far are some of the things to consider when you decide to buy land.
