Many Lagos Real Estate companies are neck-deep in this wayo practice of advertising a certain amount of land to the public only for them to over-subscribe those lands to more people than they originally own.
The scam is to push marketers to tell you that there is a limited amount of plots available for sale by the real estate company and if you don’t buy these lands within a specific time, you would lose out or end up paying more when the deadline is up.
Because you are naturally frightened that you would lose a good deal, you end up subscribing for the land and hoping for you to get allocation immediately but you could wait for months or years before you are given any land.
This trick is successful because the subscriber does not demand the layout survey of the estate before he buys.
The layout survey must specify the following:
The size of the land the estate owns
The number of plots the estate has
The division of the land into various plots and blocks
The numbering of the plots and block
Once the estate is not willing to show you the layout, WAKA FAST!!!
If the Estate shows you the Layout, you must choose your own plot from the layout you intend to buy and agree with the estate that the land is available for sale.
The estate must also prepare a Letter of Offer stating that that particular plot and block will be sold to you once you make payment.
The letter of offer must state the exact time you would be allocated that specific plot of land.
The letter of offer must state the penalty or remedy if you are not allocated that plot of land within a reasonable period of time which should go beyond just a refund of your money.
Also ask them if you complete the payment, what is stopping you from taking possession of the land immediately before the deed of assignment and survey is ready.
Most of the time, the responses from the Estate would make you know if you are dealing with good people or land thieves.
Anything short of following this format is setting you up for problems.
Once the real estate companies realize you are one of the mumu subscribers that just pays for land without scrutinizing their papers, they would just pencil you down as one of the ones they would be tossing around.
While other people would be allocated lands, yours may be delayed and when you complain, they would apologize to you and relocate you to a less desirous place. A refund of your money is out of the question.
Too many people have been victims of land over-subscribing by wayo of real estate companies. Please don’t let these land thieves use you as their next land scam victim. Please verify your next land purchase so you don’t become another land scam victim.