Paying for a property does not make you an owner of the property.Oluwakemi Adeyemo
Yes, it does not.
I am certain that 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 a 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 are 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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