Once upon a time, Tunde walked into our office so excited and happy that it showed all over him.
“Eyin Oré (friends), I hope you guys are less busy now because I have something amazing to show you and am sure you’ll thank me for ever for it.” He said he had hit a money spinner property business and thought we his friends should be the first to benefit from his “new discovery”.
Tunde, a banker had met this Omo Onilé guy who had sold land to him at #400k/plot, a price that was ridiculously cheap for Onisan area of Ibeju-lekki. In fact, he had paid for 2 acres and had been issued a signed family receipt for his purchase and the family was most willing to sign a “deed of assignment” for him as soon as he got them ready. They even claimed that the land was *excised* to which Tunde believed after sighting a “supposed document” to that effect.
Oomo, we better get moving before opportunity go pass us o! Abi na who no like better thing na? and that was how we went for the site visit. Though I had this hunch that there was a “wuru wuru” somewhere so I took a GPS along to pick coordinates of points onsite for a quick survey.
When we met the Omo Onile guy and some of his elder family members, I requested to see the acclaimed excision document. At first they hesitated but to my awe, all they had was a “provisional survey with Omo onile layout” attached to a ‘letter of request for excision”, a receipt of which was acknowledged in Alausa.
Na waa o! Any paper with government stamp is now good title?
Subsequent findings from the coordinate I picked on site showed that this same land has been allocated for a private university. Unfortunately for Tunde and a couple of others who had even done dwarf fence on their acquisition, this is hard earned money going down the drain or years of court cases to recoup a small part of it!
Most of the time, issues like this or similar could be avoided or mitigated against by taking simple measures. An expert advice at a token could have saved Tunde his lost millions!
Don’t be like Tunde, Be real estate investment WISE!