Real Estate Scams in Ghana: Spot & Avoid Losing Money!
How to Spot a Real Estate Scam in Ghana (And Avoid Losing Your Money)
The expanding Ghanaian real estate market has coincided with an increase in scams that prey on gullible renters and buyers. It’s important to be aware of common fraud strategies whether you’re planning to invest in real estate, rent an apartment, or purchase land. Here’s how to recognize a Ghanaian real estate scam and avoid becoming a victim.
1. Unbelievably Low Prices
If an offer seems too good to be true, it most likely is. Buyers are frequently enticed by scammers with prices that are far less than the going cost. Prior to making a commitment, evaluate the costs of comparable properties in the neighborhood and be wary of anyone pressuring you to make a rapid payment..
2. No Proper Documentation
Official documents such as these are necessary for legitimate land and property transactions.
- Indenture (for real estate).
- Certificate of Land Title (from the Lands Commission)
- Building Permit (for properties that have been constructed)
- Lease Agreement for Real Estate (for rentals)
Before making any payments, always ask for these documents and confirm them with the relevant authorities.
3. Pressure to Make Immediate Payment
Scammers frequently instill a sense of urgency by stating that the same property is being pursued by other purchasers. They may insist on a down payment before presenting any official paperwork. Never get into a transaction before doing the necessary due diligence.
4. No Physical Inspection Allowed
It is a warning sign if the seller forbids a physical inspection of the property. Some con artists resell land they don’t own or use phony listings. To verify the existence and condition of the property, always go there yourself or send a reliable agent.
5. Multiple Owners and Double Sales
Some con artists sell the same piece of real estate to several purchasers. To stay clear of this:
- To confirm ownership, perform a land search at the Lands Commission.
- Hire a licensed attorney or land surveyor to verify the title deed.
6. No Registered Real Estate Agency
If a supposed agent has no official office, online presence, or registration with a recognized body like the Ghana Real Estate Developers Association (GREDA), be cautious. Always deal with licensed agents and companies.
7. Fake Property Agents
Some scammers pretend to be real estate brokers but don’t actually own any properties. They disappear after collecting “viewing fees.” Before interacting with an agency, always confirm the agent’s identification and ask for their contact information.
8. Landguard Threats
Sometimes landguards ; illegal enforcers who assert ownership cause land disputes. Before moving forward, take a step back and look into any past conflicts on the property.
9. No Proper Receipts or Contracts
Never make payments without receiving an official receipt. Also, ensure that any transaction is documented in a legally binding contract, preferably drafted and witnessed by a lawyer.
10. Fake Websites and Social Media Listings
Many scammers create fake property listings on social media platforms like Facebook and WhatsApp. Be wary of vague property details, lack of contact numbers, and requests for advance payments before site visits.
How to Protect Yourself
- Always visit the Lands Commission to verify property ownership.
- Work with trusted real estate agencies or legal professionals.
- Conduct due diligence before making any payment.
- Insist on written agreements signed by all parties involved.
- Report suspected scams to authorities like the Ghana Police Service.
If you remain vigilant and knowledgeable, you can prevent Ghanaian real estate scams. Always do your research before making a purchase, and avoid being duped by pressure or offers that look too good to be true. By consulting experts and according to regulatory requirements, you can safeguard your investment.
Have you encountered a real estate scam before? Share your experience in the comments below to help others stay informed!
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