By Buba Gagigo
The Ministry of Local Government, Lands, and Religious Affairs has issued a warning to the public regarding fraudulent real estate transactions, urging individuals to exercise caution amid rising financial scams.
“There has been growing concern regarding significant financial losses incurred by individuals involved in dealing with questionable Estate Agencies. Numerous reports have surfaced indicating that many individuals have fallen victim to dubious practices by certain Estate Agents, leading to substantial financial consequences,” the ministry stated.
To combat this issue, the ministry stated that the government is working on implementing strict regulations to oversee estate agents and protect consumers. In the meantime, the ministry advises individuals to be diligent before engaging in any real estate transactions.
“To address this troubling trend, the government is actively working on establishing comprehensive regulations to oversee the activities of these Agents and protect consumers. In the meantime, the Ministry strongly advises individuals to exercise caution and diligence before engaging in any transactions with Estate Agents,” the Ministry said.
As part of preventive measures, the ministry recommends that anyone looking to purchase land through estate agents consult with the Director of Physical Planning and Housing to verify the land’s legal status before signing any agreement.
“This proactive step can provide invaluable guidance in making informed decisions and safeguarding against potential losses,” the statement added.
The ministry reassured the public of its commitment to regulating the real estate sector effectively and ensuring consumer protection.