As Top Real Estate Attorneys in Uyo, we are aware of the pitfalls and red flags in the purchase of a landed property. It is essential to be cautious of such potential red flags that could indicate problems or risks. Here are 10 red flags to avoid:
- Title and ownership issues: Ensure that the seller has clear and marketable title to the property. Check for any liens, encumbrances, or pending legal disputes that could affect the property’s ownership.
- Unreasonably low price: If the price seems too good to be true, there might be hidden problems with the property or legal issues. Conduct thorough research to understand the property’s fair market value.
- Lack of proper documentation: Always insist on seeing all necessary documentation related to the property, including title deeds, survey plans, property tax receipts, and building approvals. Absence or discrepancies in documentation could indicate legal or regulatory issues.
- Environmental concerns and structural issues: Investigate the property for any environmental issues such as soil contamination, proximity to hazardous sites, or flood-prone areas that could affect its value and safety. Inspect the property thoroughly for any signs of structural damage or poor maintenance that could lead to expensive repairs in the future.
- Zoning and land use restrictions: Ensure that the property is zoned for its intended use. Municipal regulations and zoning restrictions might limit certain activities or developments.
- Outstanding taxes and dues: Verify that all property taxes, utility bills, and other dues are up-to-date. Purchasing a property with outstanding debts could make you responsible for these payments.
- Limited access or right of way: Ensure there are legal and proper access routes to the property. Lack of a right of way or shared access can create significant difficulties for future use and development.
- High crime rate or undesirable neighborhood: Research the neighborhood’s crime rate and reputation. Purchasing a property in an unsafe or undesirable location might affect your living experience and property value.
- Lack of infrastructure and amenities: Check for essential amenities like water supply, electricity, road connectivity, and access to public transportation. A lack of infrastructure can limit the property’s potential and convenience.
- Uncooperative seller or agent: If the seller or the selling agent seems evasive, uncooperative, or unwilling to provide information, it could be a red flag indicating potential problems with the property.
Always conduct thorough due diligence, consider hiring a professional real estate attorney to help you navigate through the complexities and avoid potential pitfalls when buying landed property.
We are top Real Estate Attorneys in Uyo and we provide Real Estate Attorney services
CONTACT US via telephone call or whatsapp on 0708 424 1826 or send an email to info@thejubileelegal.com
