Real Estate Expert Warns Buyers to Stay Alert When Purchasing Land in Ghana
- According to Global Financial Integrity, land fraud cases constituted more than 50% of all court cases in Ghana
- This statistic captured the risks involved in acquiring property anywhere in the country and why due diligence is needed
- Property Wise, a land acquisition expert, outlined the main red flags to look out for when seeking to buy land and why you should bolt if you encounter any of the listed characteristics
A Ghanaian TikTok real estate consultant has fired a warning, cautioning Ghanaians seeking to acquire property or investors in general of the steady rise in land fraud cases reported across the country.
Source: UGC
The man, popularly known as Property Wise, advised that fraudsters have become brazen, knowing all too well that people have that burning desire to buy land, which this section of unscrupulous dealers are seeking to take advantage of.
The very first tip he gave was that land buyers must remain vigilant, avoid being "too clever", and stick to the established procedures of property acquisition. This, he said, will save them from the pain of losing their hard-earned money to fraudsters.
He outlined several typical red flags that potential land buyers should look out for.
Red Flag 1: Pressure-selling tactics
One of the major tactics used by dishonest sellers is pressure.
Some sellers approach potential land buyers and dangle the property but pile pressure on them, stating that many people are interested in purchasing the land.
More often than not, they will insist that the buyer must pay immediately due to the "high demand".
He continued to state that buyers must be wary of statements like this because land has been around for centuries.
He reiterated that it does not make sense that as soon as you show interest in the land, many other people immediately want to buy it.
Red Flag 2: "A solicitor is not required"
Another common mistake potential land buyers make is rushing to build immediately after they have just paid for the land. This is wrong.
The expert narrated that many sellers will recommend that buyers immediately begin putting up their desired buildings or transport building materials, such as chipping stones and sand, to the site.
Property Wise advises that it is vital to hire a surveyor and a lawyer to conduct due diligence. The surveyor will prepare a site plan and perform a search, while the barrister will do background checks and draw a valid agreement.
If a seller tells you that a solicitor is not required and that hiring one will only add unnecessary cost, this is a huge red flag.
Red Flag 3: Very cheap land offers
The consultant also warned against purchasing land with an existing fence or foundation that has become overgrown with vegetation.
In most cases, the fraudulent seller will typically approach you and claim that the owner is deceased or has relocated.
They also tend to claim that the owner wants to sell the property, citing a lack of interest, and offer the land at a low price or request a 50% deposit.
Property Wise strongly urged, however, that there is no such thing as cheap land. If the deal sounds too good to be true, it is most likely fraudulent.
He also stresses that it is essential for buyers to know where the seller resides or works. If the land is a family property, you should always meet with the family and deal with the elders.
You should never exchange money in a car or receive only a printed receipt.
Watch the video of the land consultant speaking below:
Finally, the consultant advised that there is only one way to safely buy land, which is to go through the appropriate channels.
Source: TikTok
Man meets idle land after sending money
Previously, YEN.com.gh reported that a man's dream of building a house in his homeland turned into a nightmare when he discovered that the land he had sent money to develop was idle and empty.
He returned home from abroad, hoping to see a completed or partially developed property, but met nothing to his utter dismay.
Netizens who saw the post expressed mixed reactions, as some laughed at the video while others shared similar experiences.
Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.
Source: YEN.com.gh
