Business

Why Is Due Diligence Important in Real Estate?

It’s not enough to trust a seller or rely on promises. You have to investigate every detail before committing to a property.

Published

1 year ago

January 13, 2025

OCHEFA

444 Views

By Dennis Isong

In September 2023, I received a call from Tunde, one of my YouTube subscribers.

He said, “Dennis, I’ve been following your videos for nine months. I wish I had called you earlier.

His voice sounded heavy, and I could tell something was wrong.

Tunde shared his story. A few months earlier, he had found a piece of land in Sangotedo.

It was near a proposed shopping mall, and the seller promised him the price would double in a few years.

Excited by the opportunity, Tunde quickly paid a deposit and began making big plans for the land. But his excitement didn’t last long.

Two months after making the payment, Tunde discovered that the land was under government acquisition. It couldn’t be sold or developed legally.

The seller, who had been so convincing, had disappeared. Tunde lost his money and his dream.

He called me to share his heartbreak and said, “Dennis, if only I had known. Is there anything I could have done to avoid this?”

Tunde’s story is a painful reminder of the dangers of skipping due diligence.

It’s not enough to trust a seller or rely on promises. You have to investigate every detail before committing to a property.

What is Due Diligence?

Due diligence is the process of carefully checking a property before you buy it. It’s like a safety net that protects your money and your dreams. When you do due diligence, you:

● Confirm the seller owns the property.

● Check if the land is free from government acquisition or disputes.

● Verify that the property meets all legal requirements. Tunde skipped this step, and it cost him everything.

Why Due Diligence Matters

1. To Avoid Legal Problems

Imagine buying land, only to find out it belongs to the government or someone else. You could lose your money and face years of legal battles. Due diligence helps you: – Confirm ownership. – Avoid family or land disputes. – Ensure the land is safe to buy.

2. To Protect Your Money

Real estate is expensive, and losing your investment can be devastating. Without due diligence, you could: – Buy land already sold to others. – Purchase property with hidden issues like unpaid taxes. – Overpay for land that’s not worth the price.

3. To Avoid Regret

Tunde now regrets rushing into his purchase without asking the right questions or verifying the seller’s claims. His story shows how skipping due diligence can lead to heartbreak.

Learn From Tunde’s Experience

Tunde’s mistake isn’t uncommon. Many people rush into buying land without checking the details.

But real estate is a serious investment, and taking shortcuts can lead to financial and emotional pain. What Can You Do to Protect Yourself? Before buying land, always:

1. Verify ownership: Check the property’s title and ownership.

2. Investigate the land’s status: Ensure it’s not under government acquisition or involved in disputes.

3. Work with professionals: Hire a lawyer or real estate expert to guide you.

Your Investment Deserves Protection

Tunde’s story is a hard lesson, but it’s one we can all learn from. Don’t let excitement or urgency make you skip due diligence.

Take your time, do the research, and ask for help. In real estate, it’s better to be safe than sorry.

STOP LOSING MONEY IN LAGOS REAL ESTATE! Learn How to Verify Land Titles and Avoid Scams.

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Let’s make your next investment a safe and successful one!

Related Topics:Featured Property investment Real Estate

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