In this day, you need to exercise great caution in the spending of your hard-earned money especially regarding the purchase of property. You may have a strong desire to acquire a property but don’t have the full sum of money for it.What would you do in this situation? Some have decided to go the way of instalmental payment. That is paying the sum over a period of time. However, this arrangement has its own risks as considered below:
1. Unforeseen events can thwart the arrangement. Mr Joseph(not his real name) was a victim of this situation. He was making gradual payment for a land at Eyaen, Benin City, to a man in that area. Unfortunately, on December 5, 2015 the man died suddenly after a brief illness. After the mourning and burial, there was apprehension in the air. Joseph started to think deeply about their arrangement before the man died. He had paid more than half of the entire sum, yet the documents for the land had not been given him. This presented a challenge. How would he lay claim to the land since there was no document to show the new ownership? In attempt to solve this puzzle, Joseph approached the wife of the deceased man requesting for the documents of the land. Sadly, the wife could not locate the documents. To cut long story short, Joseph had to make another payment to the community before he could take possession of the land.
2. You may be resettled before final payment. The seller may be tempted to resell that property you are making gradual payment to another person especially if the arrangement has dragged on for a long time and the property has appreciated.
3. Lack of proper record. If proper record is not taken regarding the amount paid and when it was paid there could be a major problem. Argument could erupt, and stand a risk of losing what you have paid so far. Also, the seller may deny any such arrangement if he discovered that you do not have solid evidence to prove your case.
THE BOTTOM LINE
Do not enter into this arrangement if you doubt the integrity of the seller. Consider your steps wisely otherwise you expose yourself to the risks described above.
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