INVESTIGATING REAL ESTATE PROPERTY (LAND/BUILDINGS)
Investing in real estate is arguably the most fulfilling and profitable decision. Lands like any other real estate products can have so many hidden controversies that if not well sorted, may result to simple or complex problems. Common issues with lands include:
- Boundary issues
- Access road issues
- Ownership issues
- Family/ joint ownership issues
Some of these issues may be noted and clarified during Site Visitation or during payment while others may be hidden until during the land title acquisition process or during construction.
The most awkward situation you can find yourself in this life is to buy a disputed Land/property. However, at least one out of 10 persons who have acquired a property has at least one of the above mentioned issues. Some of these issues have let to the loss of some portion of the land purchase and in the worst cases, all. Some land disputes take a lifetime and generations to resolve. Some land disputes have even led to deaths and imprisonment.
Investigating a Land before payment is very important if you seek to acquire, develop and live in peace on a land or landed property bought with your hard earned money. It is often said; “A stitch in time, saves nine”. Proper investigation can unveil issues that could be hidden until it was too late.
What is a property investigation?
This is a process by which information given about a property is verified by a buyer or his representative to confirm their existence, validity of documents and freedom from disputes in order to permit the buyer ascertain his decision whether or not to buy. This involves analysing the history of ownership and/or the authenticity of documents presented by the supposed owners.
Who can investigate a property?
A property can be investigated by anyone who is interested/motivated to do so. All potential buyers should at least perform basic checks on the property of interest before making payments. Some issues can be so hidden that a simple check may not solve the puzzle.
We therefore recommend that you seek a specialist/expert in the field to carryout extensive investigation on any property before making payments.
What role does a real estate agent/broker play in investigating a property?
“Where else can you get more accurate knowledge on money if not from the money lender?, Or knowledge on Building if not from the brick builder?” Curled from the Richest man in Babylon.
A real estate agent/Broker is singularly the most reliable person to investigate your property for the following reasons:
His Experience in the Field: Assisting Buyers and sellers on daily basis gives him a unique talent in identifying and resolving disputes on properties. A reputable Broker can identify boundary or access road issues almost instantly. Their experiences during the practice of their profession is a priceless asset. Relying on his experience will save you from unnecessary stress and untold losses.
His Connection to the Community: Real estate agents/brokers work with other parties in the localities where they ply their trade. They work with other resource persons including Colleagues, Legal authorities, Local authorities and former clients which gives them the unique ability to consult and get reliable information to permit you take decisions within the shortest time possible.
His Reputation: Every true Broker or agent knows that reputation is a vital asset that will keep him in the business. This reputation grows when you can liberate a client from dangerous situations such as this. A motivated Agent is all you need to give you the desired result while engraving his name in the hall of fames.
What does the Agent do?
Activities carried out by the Real estate agent/broker during the process of property investigation may include though not limited to the following:
- Contacting the owners’ family for verification of ownership and intentions to sell.
- Contacting the local authorities to collect information of possible disputes on the said property and to verify the line of ownership for properties that have changed ownership for the past years.
- Consulting neighbours to collect information on any disagreements on issues such as boundaries, access roads and developments on the land.
- Contacting the Land registry for information on the authenticity of titles presented.
- Contacting the banks and other financial institutions for information on mortgages and others.
- Verifying at the council for information on town planning information of such localities.
- And a lot more.
For how much Can I Consult a Real Estate Agent?
Real estate agents are often very flexible when it comes to the cost of consulting their services. Their cist of consultation most often will depend on the following:
- Location of the property (Properties within their immediate localities may cost little while a displacement fee may be demanded for properties out of their locality) and
- Value of the property
The cost of investigation may be fixed or expressed as a percentage of the estimated value of the property to be investigated.
For How Long Can an Investigation Last?
The real question is this: How fast are you willing to lose your millions? Or How willing are you to endure lengthy court proceedings which may end up a waste?. Some investigations may take a day or two while others can take weeks or months. We often recommend a three to seven (07) days investigation period.
After this period, if minor issues are found that can be resolved, they be completely resolved before payments are made. If serious issues are discovered, the buyer is informed and the purchase by stopped or payment halted if parties of interest cannot reach a consensus.
Property investigation which is often neglected by ignorant buyers has been identified by a decent number of persons (notably new investors, strangers and witnesses) to be a key reason for loss of investment in real estate property. Always endeavour to conduct a proper investigation on that piece of property before you make payments or contact us and let us get you through the process with ease.
This write up is only intended for educational purposes. We are only liable to persons who consult and fulfil all conditions on our general and specific policies, terms and conditions.
OUR CONTACT INFO
Legacy Housing And Real Estate Ltd Cameroon – Legacy Ltd
Union Bank Building, First Floor, Room 105 – Opposite Ecobank
Commercial Avenue – Bamenda – Northwest Region – Cameroon
Tel/Whatsapp: +237 670826533/655914011/679321422