Paying for a property does not make you an owner of the property.Oluwakemi Adeyemo
Yes, it does not.
I am certain very few people will share this perspective.
In real estate, becoming an owner is way beyond parting with hard-earned cash to the perceived seller of a property.
Real estate investment, involves some attention if you don’t want to lose your hard-earned money.
In recent times, the fear of Omo-onile (indigenous landowners or settlers) became the beginning of wisdom in buying landed property.
An average investor looking to invest in Nigerian real estate will prefer not to deal with the Omo-onile at any point. Investors would rather deal with a middleman that assures them there is no Omo-onile issue.
As much as there is some relief provided by a middleman, like a magic wand wielded against the Omo-onile that makes them vanish from your realty transaction, there are some other areas of the transaction that you need more than a magic wand for.
These other issues are usually hidden at first especially for long-term investments.
Most middlemen are only able to ensure you don’t interact with Omo-onile till after you have parted with your money and at most after you have seen a plot that is supposed to belong to you after some activity called allocation.
Then when the time comes for you to take possession of your property, re-sell, or put to any profitable use these issues rear ugly heads.
Some of these issues bother on but not limited to;
1. The existence of a recognized transaction if there was ever any
Some middlemen fall victim of transacting real estate business with a part of the Omo-onile families which may be the minority or majority faction.
2. The authenticity of the transaction
Middlemen also fall victim of transacting business with unrecognized representatives of the Omo-onile who may have sold the non-existing land cheaper.
3. The terms and agreement of the transaction
Often, the terms, conditions and contracts of a land transaction are not properly drawn between the middleman and the Omo-onile. So much is usually left untidy which makes the middleman and all other parties a victim of colossal loss.
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