How To Identify a Fake Real Estate Company in Lagos

Have you ever thought about how you can identify a fake real estate company in Lagos? Maybe you are among those searching online for how to detect a fake real estate agent or even how do I verify an estate agent.

This article will show you all the information you need to identify a fake real estate company in Lagos and other parts of Nigeria. 

Ways to Identify a Fake Real Estate Company in Lagos

Now that the real estate industry has started booming and appreciating, many agents including real and fake real estate developers have started taking advantage of this industry.

Thereby posing huge problems for investors who are trying to separate the chaff from the wheat itself.

Do you want to know if a realtor is legit? Below are the ways you can use to detect a fake real estate company or developer.

1. Companys Legality/ Registrations

Running a genuine real estate company in Lagos, Nigeria requires you to be registered under the Corporate Affairs Commission (CAC). Hence, it is easy to separate a fake real estate company in Lagos from a genuine one. 

Before you proceed in investing with a realtor, ensure such a company is legal and registered under the above-mentioned commission. You can identify fake estate developers by asking for their registration numbers. If they are genuine, they will readily give out their registration number.

If they have given you the registration number and you are still in doubt, you can verify their authenticity by visiting the CAC office in Nigeria with their registration number. Better still, you can hire a lawyer to confirm such real estate agent authenticity for you.

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2. Real Estate License

Genuine real estate agents or companies will be licensed to sell and buy real estate properties. They are mostly recognized by the different boards and associations in the industry. Thereby making it easy to identify a fake real estate agent or company.

Before performing any transaction with a real estate developer, you can verify the estate agents by asking for their licenses.

Some of the Associations issuing realtors licenses include the Real Estate Developers Association of Nigeria (REDAN), Estate Surveyor and Valuers Registration Board of Nigeria (ESVARBON), and so on. You can confirm if your real estate developer is in any of the following associations before investing in that property.

2. Company Brand and Office

Most fake realtors do not have a website or consistent brand. You can identify such fake real estate agents in Lagos, Nigeria by comparing their information like official phone numbers, and office addresses on their website.

Furthermore, a bank account name is another way to identify a fake real estate company. A fake real estate agent may provide another bank account different from the brand name you are used to.

Most genuine real estate developers are consistent with all this little information. Before you invest in any real estate investment, ensure you pay through the right channel as well as check out these little details including their e-mail address.

Also, you can visit their office to ensure they are what they portrayed. Observe the office environment and verify its authenticity before investing with such agents.

4. Land Verification

Another way to identify a fake real estate company in Lagos, Nigeria is to verify the land or properties you are buying. How to verify Land in Lagos or identify fake land documents is by visiting the land registry. You can visit the Alausa land registry in Lagos, for the land document verification or better still hire a lawyer to do that on your behalf.

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It’s easy to want to cut corners by not hiring a lawyer because of the cost. But hiring one will prevent you from problems that may arise from buying from fraudulent real estate agents.

5. Buyers/Sellers Agreement

When buying a new property, such a realtor needs to produce the buyer/ seller agreement before the payment. Genuine real estate developers will provide all these for you while a fake real estate company may find it difficult to do so.

When you are provided with this document, you should ensure you check everything out about the documents. This is including the company’s logo, official name, agreement made, seller’s name, and other vital information.

The buyers/Seller Agreement document is an official document that shows the transaction between the two parties. So, do not take it with levity. Ensure you check it well or hire a lawyer to do that for you.

6. Payment Details and Communication Channel

As said earlier, most reputable and genuine real estate companies will never use a personal account to communicate with their customers. Hence, It is easy to identify a fake real estate company in Lagos, Nigeria with that.

Do not make payments into a personal account other than the company’s official account. You should not also listen to a realtor chatting or calling you with their phone other than the official number on their website. If you communicating with such a person, there is a high chance that you are talking with a fake realtor. 

7. Checking The Property

Do you want to know if a realtor is legit? Ask the realtor to take you to the property. A genuine agent will agree to such while the reverse is the case for a fake real estate company.

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It’s important to take along friends or involve the service of a lawyer when checking out a property. You can verify with that if truly they are fake real estate agents or not.

Conclusion

With the above tips, it is easy to identify a fake real estate company in Lagos, Nigeria. Ensure you follow all these tips and avoid any investment opportunity that looks too good to be true. Real estate investment yields good profits only with the right and genuine real estate company. 

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