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

2 years ago

January 13, 2025

OCHEFA

1,048 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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Diesel Costs Bite: LAMATA Accelerates Shift To CNG, Electric Buses

The move comes as diesel prices have more than doubled, rising from about N950 per litre at the beginning of the year to between N1,950 and N2,100 per litre, depending on the source.

Published

1 day ago

October 4, 2026

OCHEFA

25 Views

Lagos is accelerating its transition away from diesel-powered public transport as the Lagos Metropolitan Area Transport Authority (LAMATA) begins phasing out diesel buses from its regulated fleet, amid a surge in diesel prices that has pushed operating costs sharply higher.

LAMATA is targeting clean-energy propulsion for 52 per cent of its Bus Rapid Transit (BRT) fleet by 2050, with compressed natural gas (CNG) and electric vehicles (EVs) taking the place of conventional diesel buses under a policy that took effect at the beginning of 2026.

The Managing Director and Chief Executive Officer of LAMATA, Mrs. Abimbola Akinajo, disclosed this weekend, during the handover of 20 additional high-capacity CNG buses under the Presidential Initiative on CNG and EVs.

The latest delivery brings LAMATA’s CNG fleet to about 170 buses, following the deployment of approximately 150 CNG buses before the new vehicles were received.

The authority also operates high-capacity and medium-capacity electric buses.

Akinajo said some of the new CNG buses would be deployed on the busy Ikorodu–Tafawa Balewa Square corridor, where passenger demand remains high.

“We will only work with CNG or EV buses, and this has been the policy since the beginning of the year,” she said.

The move comes as diesel prices have more than doubled, rising from about N950 per litre at the beginning of the year to between N1,950 and N2,100 per litre, depending on the source.

For LAMATA, the shift is therefore not only an environmental policy but also a cost-management strategy aimed at shielding commuters and transport operators from the impact of rising fuel expenses.

Akinajo said regulated public transport fares had not been increased, partly because the lower operating costs of CNG and electric buses were helping to contain the pressure on operators.

“Regulated public transport fares have not increased, and these buses have helped us achieve that,” she said.

Diesel phase-outUnder the new policy, existing diesel-powered buses in the regulated system will be progressively replaced with CNG and electric alternatives.

Akinajo said the long-term direction was for the regulated system to ultimately operate an entirely electric fleet, while the broader clean-energy target provides a pathway towards reducing emissions from Lagos’ transportation sector.

Transportation remains a major source of emissions in the megacity, making the switch to cleaner buses a key component of Lagos State’s long-term ambition of achieving net-zero emissions by 2050.