True Story of A Client Who Lose His Real Estate Investment

A True Story, Epi 1:

3 Critical Mistakes to Avoid When Buying Property: A True Story

In this story from a real prospect, you’ll see why he decided to stop investing in Lagos real estate—and, more importantly, the critical mistakes he made that every first-time buyer should avoid.

First, let me say this:
Nobody deserves to go through what this client experienced. I don’t blame him for trusting his agent; trust is key to a smooth real estate transaction. However, there were three major mistakes he made that led to his unfortunate experience. Let’s break them down so you don’t make the same errors.

1. Failure to Request Full Details of the Property

The first mistake was not asking for the property’s full documentation, including the subscription form. This document typically contains crucial information such as:
• Name of the estate
• FAQs
• Details of the developing company
• Office address
• Official account details

Without these details, you can’t fully understand what you’re getting into. Always insist on receiving and thoroughly reviewing these documents before proceeding.

2. Skipping Due Diligence

The client relied solely on the agent’s word and skipped due diligence because the agent convinced him not to. Big mistake! No matter how much you trust your realtor, due diligence is non-negotiable.

Here’s how to verify a property:
• Involve your lawyer to review all documents.
• Check the property’s legitimacy at the Land Registry Office.

Only after confirming the property’s authenticity should you proceed further.

3. Paying into the Agent’s Account

The third—and perhaps most costly—mistake was paying directly into the agent’s account. This is a big red flag. No matter how trustworthy the agent seems, always make payments directly into the developer’s or company’s official account.

Personally, even when family or friends insist on paying into my account to “make things easier,” I always refuse. Not because I doubt myself, but because business should be done the right way.

Key Takeaways
• Always request all relevant property documents.
• Never skip due diligence—verify the property through the proper channels.
• Ensure all payments go directly to the official account of the developer or company.

Have you had any experiences—good or bad—with real estate investing? What lessons have you learned? Share your thoughts in the comments, and I’ll respond. Also, do well to share this video—you might just save someone’s investment.

Let’s build smarter, safer investments together!

Reach out to Realtor EMEM:

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