Due Diligence: The Story of Mr. Pennywise (2)

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Due Diligence: The Story of Mr. Pennywise (2)

There were Labourers on the site (the parcel of land purchased by Mr. Pennywise) the land had been cleared and corner piece erected. Several building materials such as, sand, gravel, cement etc., had been deposited on the land in obvious preparation for a building project.

Mr. Pennywise approached the Labourers in a frantic attempt to find out the person in charge, he was referred to a man who appears to be the supervisor of the project. He approached the Supervisor.

After narrating the entire story to the Supervisor, the Supervisor simply stated that he has been employed to work on the site by Madam Popular and that was the only information he could divulge.

He ran to his lawyer’s office sweating profusely. On sighting the lawyer, he nearly burst out in tears…😥😥😥😥

Mr. Pennywise: I have been duped, the parcel of land I bought has been sold to someone else! Ah! Uhm! He kept sighing…

The lawyer made all effort to calm him down, when he appears to be calm. They had the following conversation:

Lawyer: What happened?

Mr. Pennywise: On my way to your office, I discovered that the parcel of land I paid for, had been cleared and labourers were working there. Infact, building materials had been deposited there too. I was referred to the Supervisor of the building project who told me that the parcel of land belongs to one Madam Popular.

Lawyer: Madam Popular? There is only one Madam Popular in this town and she is my client.

Mr. Pennywise: So, you know her?

Lawyer: Of course, she is my client and she has several properties around town. But wait o, Mr. Pennywise, the parcel of land in issue, is it around new site junction, opposite a Church?

Mr. Pennywise: Exactly, that is my land.

Lawyer: It can’t be your land, because before Madam Popular bought that land she consulted me and I carried out due diligence on her behalf. In short before she settled for that particular parcel of land, she had been shown one closer to the road, but the due diligence we conducted revealed that it falls under Government Acquisition, that was why she had to go for the one opposite the church.

In short, she bought that land over 7 months ago and I am already processing a Certificate of Statutory Right of Occupancy for her.

Mr. Pennywise: Ah! I am in trouble.

Lawyer: It is to avoid trouble of this nature amongst others, that it is essential to brief a lawyer to carry out due diligence on your behalf before making payment for any parcel of land whatsoever.

Mr. Pennywise: So, what can I do? How do I get my money back?

Lawyer: Obviously, you were duped, because the original owner of the Land is the Family of Suuru and not even Turaka as your Agent told you.

Anyways,  we can commence a legal process for the recovery of the money transferred to the Agent, but it’s a long shot and there is no guarantee that you will recover the entire money timeously.

Mr. Pennywise: Uhm!

(End of Story)

The moral of the story:👇👇

When it comes to investing in Real Estate, there is no such thing as trust.

There is equally no such thing as “it’s only half plot of land in the outskirt of town” so, I don’t think I need an Agreement.

Once negotiation starts, get a lawyer involved, a lawyer has the requisite training to carry out Due Diligence.

Due diligence simply means investigation, the authenticity of the title documents is confirmed, the coordinates on the survey plan are examined, there is the issue of whether the land falls within Government Acquisition, Set back is not left out, etc.

Where the land is family property, there is need to confirm the particulars of the beneficiaries of the Estate, ascertain that the consent of all relevant parties have been obtained.

Other legal issues are whether there is a pending litigation, confirmation of the authenticity of Letters of Administration in applicable cases amongst so many other germane questions to be asked by a Legal Practitioner.

Are you in the process of negotiating to buy a property? Do you intend to commence negotiation shortly? Chàt with a member of the Online Law Clinic on 08090956207!. Let’s not be pennywise…

Thank you and see you soon!

Oluwatosin Ajose Popoola Esq.,

For: The Online Law Clinic.
#onlinelawclinic #onlinelawfirm #onlinelawclinicteam #oluwatosinajosepopoola #duediligence #mrpennywise #investment #realestate

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