PROS AND CONS OF BUYING LAND FROM REAL ESTATE DEVELOPERS

PROS OF BUYING REAL ESTATE DEVELOPERS' LAND

1. You know who you are buying from and most of them are registered real estate companies.

2. The Lands are usually in an enclosed environment so you would be living with people with like minds.

3. The estates have proposed amenities so you don’t have to run around looking for blocks to build your fence, provide electricity, roads, drainage etc.

4. Most estates have a layout that have it in mind to provide parks, schools, hospitals etc.

5. Buying from a real estate company means you don’t have to deal with omoniles to pay any sort of fees to them.

6. All documentations are usually done by the Real estate company in favour of the buyer.

7. They provide installment payment plans for those who cannot afford to pay the full sum at once.

CONS OF BUYING REAL ESTATE DEVELOPERS' LAND

Cons of Buying into a Real estate Developers site. Most of the time you might just be buying into a glorified sign board without any future or hope of it turning into an estate tomorrow.

1. Most of them don’t have certified papers from the government and you would always hear them saying  “our documents or papers are under processing”. When you end up investigating the so called documents under processing it turns out most of the time to be a lie.

2. Most people are usually swayed by the cheapness of the promo sales to attract buyers such as “ pay N50,000 every month for 2 years before you get the land” but in most cases it turns out to be a Ponzi pyramid scheme. I know of so many people who have paid for lands in some of these popular real estate companies but till date after 2/3 years, they have not being allocated any land, document or a refund of their money.

3. Most of the time, the lands promised at the beginning end turns out to be something else. When it is time to give you the land paid for, you end up regretting why you ventured into it in the first place.

4. Even after you make complete payment, most of them don’t allocate the land to you immediately. You could end up waiting for months or years before they attempt to allocate the lands for you. Taking immediate possession of these lands is very difficult and you have to fight them to make them give you possession.

5. Most of them take huge loans to acquire these lands they promote to subscribers to buy for cheap. The initial expectation from the Real estate company when they start marketing it is to sell all the lands within a record time frame but when disappointments set in and sales turn out to be slow, the lenders become hostile and everybody that bought into the real estate company becomes indebted to the Mortgaging company or bank. Your land could be sold off, revoked or mortgaged at anytime.

6. Naturally it shouldn’t take less than a week for a licensed surveyor to do a survey but with these real estate companies it could take weeks or months before you see the survey plan, deeds of assignment or Allocation Letter.

7. Most of them give subscribers very difficult contract of sales to handle and at the end of the day these subscribers sign their futures to pay huge service charges and development fees until they get tired of the estate.

8. Most of them lie that the estate has a C of O or Gazette when you want to purchase it to entice you to buy it. When you probe further, you realize they really don’t have the C of o they claimed and you are left on your own to procure all these papers as if you bought from Omoniles directly.

9. When the real estate company shows you the original plan of the estate it looks very enticing but along the line when they begin to sell, they scatter the whole plan and you are left with a disorganized estate to fend for yourself to get all the amenities you desire.

10. Finally most of them deceive people with huge fences and fancy catchy names of the estate to entice people to buy, by the time you get sucked into the payments, you will realize they have no valid document to show proof of ownership and they need your money to complete payments they promised the omoniles they originally bought it from.

Bottom-line both Omonile lands and real estate developers lands have their pros and cons and it depends on the buyer to make their choice wisely but what is not in doubt is that you must investigate them properly before you buy into any one so that you don’t end up being a victim and losing your hard earned Millions to crooks.

Culled from: Omonilelawyer