Due Diligence: The Story of Mr. Pennywise 📚🎲📚

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Happy New Year!

You’re welcome to a New Year of profitable ideas, may we enjoy good health and abundance all through the year!

Today on the Family-Law-Series, our feature is tagged “Due Diligence: The Story of Mr. Pennywise” this feature will run for the next couple of weeks. Please stay with us!🙏

Have you ever bought a property?  Be it house or land for either commercial or residential purpose?? Do you have plans of buying or leasing a property??? If your answer to any of these questions is yes, this feature is for you.

Before moving to the legal realm of what due diligence connotes, permit us to tell a story.

Mr. Pennywise, an astute business man plans to build a 4 (four) bedroom bungalow on a plot of land in the New Year having saved a substantial amount of money in the previous year. He approached an Agent who took him to different sites, he eventually indicated interest in a fairly new site. Purchase price was stated, they haggled and haggled, eventually Mr. Pennywise agreed to pay the sum of N1,300,000.00 (One Million, Three Hundred Thousand Naira) as the purchase price for the plot of land.

While Mr. Pennywise was still basking in the euphoria of his bargaining prowess, the Agent told him, that one Mr. Hurry was also interested in buying the same plot of land, due to this, Mr. Pennywise quickly transferred the sum of N1,200,000.00 (One Million, Two Hundred Thousand Naira) to secure the plot of land while the balance of N100,000.00 (One Hundred Thousand Naira) will be paid after all necessary documents have been executed.

Mr. Pennywise, so proud of this great feat, (afterall, the Agent told him that the plot beside his own was sold for N2,000,000.00) has approached his neighbor who is a lawyer to prepare a Land Sale Agreement.

The following conversations ensued:

Mr. Pennywise: DLaw! How are you?

Lawyer: I'm fine, quite an age sir!

Mr. Pennywise: I have come to see you o…I just bought a plot of land and you won’t believe that I paid   N1.300,000.00 (One Million, Three Hundred Thousand Naira) when others paid close to N2,000,000.00 (Two Million Naira)

Lawyer: Your bargaining skills must be top notch, but did you brief a lawyer to conduct due diligence on the plot of land.

Mr. Pennywise: Ah! What is due diligence?... and what for?

Lawyer: A sort of investigation carried out by a legal practitioner to ascertain that you’re truly buying a “genuine” parcel of land amongst others…

Mr. Pennywise: No o! but, it was this same Agent that assisted my friend to buy his 10 Acres of Land at Iseyin being used for farming. Infact, I transferred the money to the Agent and I have evidence of the Bank transfer.

Lawyer: Ohk! Is the Agent the Seller?

Mr. Pennywise: Uhm..Yes..mm..No

Lawyer: Why did you transfer money to him?

Mr. Pennywise: It’s just to save time and ensure that Mr. Hurry does not pay for the land first.

Lawyer: So, who is the seller?

Mr. Pennywise: Family of Turaka

Lawyer: Anyways, I am travelling outside jurisdiction for some matters, come to the office next week and we can talk about the next course of action.

Mr. Pennywise: Ohk!
Next Week

Mr. Pennywise on his way to the Lawyer’s office, drove past his parcel of land, he couldn’t believe what he saw.

Waoh! He said.

Unbelievable! He said again.

 It can’t be true!! He screamed and ran out of his car. (to be continued)

Next Week on the Family-Law-Series, we will conclude the story and accordingly highlight the “legal take home” morals inherent therein.

Please get a lawyer involved in the process of acquisition of real property, it’s the best thing to do. Let’s not be pennywise!

Would you like to consult a lawyer before acquiring a property? Would you like to carry out due diligence on a property you desire to purchase? Have you acquired any property without carrying out the requisite due diligence? Do you want to confirm the authenticity or otherwise of any title document? Are you Mr. Pennywise?  Reach out 👇👇

WhatsApp:08150949947
☎☎08090956207
You may equally click on the link below to chat directly with a team member of the Online Law Clinic.
 https://bit.ly/35uqgIx

Again! Happy New Year

Oluwatosin Ajose Popoola Esq.,
For: The Online Law Clinic
#familylaw #onlinelawclinic #onlinelawfirm #duediligence #lawyer #blog #oluwatosinajosepopoola #lawpavilion #happynewyear #tolc #theonlinelawclinic #nba

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