What Are Four to Five Ways Scamming Can Be Prevented? Realtor Scam: How to Avoid in Nigeria

Real estate scams are a growing concern in Nigeria, with many unsuspecting individuals falling victim to fraudulent property deals. The real estate sector, being a lucrative industry, has attracted scammers who prey on people looking to rent, buy, or invest in properties. Understanding how to prevent such scams is crucial in ensuring secure transactions. This article will highlight four to five ways to prevent scamming and provide insights into avoiding realtor scams in Nigeria.

Understanding Realtor Scams in Nigeria

A realtor scam occurs when fraudsters deceive individuals into making payments for non-existent or misrepresented properties. These scams can take various forms, including fake property listings, impersonation of legitimate real estate agents, and title fraud. Many victims lose substantial amounts of money due to a lack of awareness and proper verification procedures.

Common Types of Realtor Scams in Nigeria

1. Fake Property Listings – Scammers create false advertisements for properties that are either already occupied or do not exist, deceiving buyers into making payments.
2. Title Fraud – Fraudsters forge property documents and sell or lease properties they do not own.
3. Rental Scams – Some scammers pretend to be landlords or agents and collect rent or deposits from multiple prospective tenants before disappearing.
4. Advance Fee Fraud – Fake realtors demand upfront fees for property inspections, legal documents, or processing, but fail to deliver the service.
5. Land Grabbing – Unsuspecting buyers purchase land from unauthorized sellers, only to face disputes from legitimate owners later.

Four to Five Ways to Prevent Realtor Scams in Nigeria

To avoid becoming a victim of real estate fraud, it is essential to take preventive measures. Below are key steps to safeguard yourself against realtor scams in Nigeria.

1. Verify the Identity of the Realtor or Agent

One of the most effective ways to prevent real estate scams is to ensure you are dealing with a legitimate realtor. Here’s how:

• Request the agent’s registration number with the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) or the Nigerian Institution of Estate Surveyors and Valuers (NIESV).
• Check for a physical office address and visit if necessary.
• Search for online reviews or testimonials from previous clients.
• Ask for a copy of their business license or certification.

2. Conduct Proper Land and Property Verification

Before making any payment, it is crucial to verify the authenticity of the property being sold or rented. Steps to take include:

• Conduct a search at the Lands Registry in the state where the property is located to confirm ownership.
• Request to see the property’s title documents, such as the Certificate of Occupancy (C of O), Governor’s Consent, or Deed of Assignment.
• Consult a qualified real estate lawyer to review the property documents and ensure they are valid.
• Physically inspect the property to confirm its existence and condition.

3. Avoid Making Payments Without Proper Documentation

Many scam victims lose money due to hastily making payments without verifying the necessary documentation. To protect yourself:

• Always insist on a formal contract or purchase agreement before making payments.
• Avoid cash transactions and instead use traceable payment methods like bank transfers.
• Ensure receipts and official payment acknowledgments are issued for every transaction.
• Never pay through a third party unless properly verified.

4. Engage Professional Legal Assistance

Real estate transactions involve legal intricacies that require professional guidance. Engaging a qualified lawyer can help:

• Verify land titles and ownership details.
• Draft and review contracts to prevent fraudulent clauses.
• Ensure compliance with Nigerian real estate laws.
• Represent you in disputes or legal proceedings if fraud is suspected.

5. Be Wary of Unrealistic Offers and High-Pressure Sales Tactics

Scammers often lure victims by offering deals that seem too good to be true. To avoid falling for such tactics:

• Compare prices of similar properties within the area to detect underpriced offers.
• Be cautious of agents pressuring you to make immediate payments without due diligence.
• Walk away if you notice inconsistencies in the seller’s information or behavior.

Additional Tips to Avoid Realtor Scams in Nigeria

• Use trusted real estate platforms – Websites like PropertyPro, Private Property, and Nigeria Property Centre offer verified listings.
• Ask for references – Speaking to past clients of an agent can provide insights into their credibility.
• Watch out for red flags – Lack of documentation, inconsistent information, and unwillingness to meet in person are warning signs of fraud.
• Engage a trusted real estate firm – Working with reputable real estate companies reduces the risk of scams.

Conclusion

Realtor scams in Nigeria are a significant issue, but they can be avoided by taking the right precautions. By verifying the identity of realtors, conducting proper property verification, making payments securely, seeking legal assistance, and avoiding unrealistic deals, you can protect yourself from fraud. Awareness and due diligence are key in ensuring safe and successful real estate transactions. Always stay informed and seek professional guidance when dealing with property transactions in Nigeria.