10 Red Flags to Watch Out for in Nigerian Property Transactions

Not every property deal is legitimate. Here are 10 red flags you should never ignore.

1. Price Too Good to Be True
2. If a property is priced significantly below market value, investigate further. It could be a scam, a disputed property, or one with serious structural issues.

1. No Title Documents
2. Any seller who cannot produce a COfO, Governor's Consent, or at least a deed of assignment should be avoided. Never buy a property without verifiable title.

1. Pressure to Pay Quickly
2. Scammers often create urgency to prevent you from conducting proper due diligence. Take your time.

1. Seller Refuses to Allow Inspection
2. If the seller or agent prevents you from visiting the property or insists on dealing only remotely, walk away.

1. Multiple Owners or Disputes
2. If different people claim to own the property, or if there are visible signs of dispute (sealed gates, court notices), do not proceed.

1. Unregistered Agent
2. Always verify that your estate agent is registered with the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON).

1. Cash-Only Demands
2. While cash transactions are common, a seller who refuses any form of traceable payment may be hiding something.

1. Incomplete Documentation
2. If documents are missing pages, have alterations, or appear forged, engage a lawyer immediately.

1. Property Under Government Acquisition
2. Properties under global acquisition without Governor's Consent are risky. Verify the status at the Lands Registry.

1. No Physical Address or Beacon
2. If the property cannot be physically located or the beacons are missing, the survey plan may be fraudulent.