Why scrutiny is critical in property purchase – Expert

A property expert, Mr Victor Usoro, has advised potential investors to conduct due diligence and scrutiny before purchasing properties across the country, as there are many pitfalls in real estate transactions.

Usoro, who is also the CEO of Webbihomes Ltd, noted that with a rapidly growing population, property purchases can be fraught with risk and that the surge in demand presents a minefield for unsuspecting buyers.

“These pitfalls, include fraudulent claims of ownership and properties susceptible to flooding.  A recent case involves a client nearly purchasing a property, unaware it was part of a family dispute, with one sibling attempting a sell it without the knowledge of others,” Usoro said, stressing the need for caution on the part of investors.

On what his real estate company is doing to drive growth in the sector, he said, “We have carved a niche by offering comprehensive due diligence services. These services include verifying land titles at government registries, ensuring access to essential utilities, verifying authentic owners and factoring in the impact of future development plans and ecology on a property’s value.

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“Before recommending a property to a prospect, we consider proximity to services and transportation. Also, we do proper findings if the area is flooded. We confirm the availability and reliability of water, electricity and other essential services. This protects buyers from fraudulent schemes and ensures they are making informed decisions,” he added.