Connect with us

National News

Inspection Fee and Its Negative Impacts on Real Estate Transactions,

Published

on

Inspection Fee and Its Negative Impacts on Real Estate Transactions,

By Oluwakayode Abe

The profession of Estate Management and Valuation faces significant challenges due to the prevalence of unqualified individuals operating as quacks on a daily basis. The lack of awareness about the role and importance of an Estate Surveyor, along with the advantages of dealing with them, has had detrimental effects on various stakeholders in the Real Estate sector.
An Estate Surveyor is a qualified professional who has undergone formal education in “Estate Management” from an accredited institution. They have obtained certification from reputable organizations like the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and been elected by the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) to practice in the field of Estate Management and Valuation. Despite the importance of their expertise, many Nigerians remain unfamiliar with their roles and qualifications.
This lack of awareness has allowed unscrupulous individuals to exploit unsuspecting individuals by posing as Estate Agents. These self-proclaimed agents can be found on the streets, ready to take advantage of those seeking real estate services. They lack the necessary qualifications, knowledge, and professionalism required in the industry.
These quacks typically charge exorbitant fees, often as high as N5,000, for property inspections, even for properties that have already been rented. To maximize their profits, they may take multiple people to the same property in a single day, disregarding the needs and interests of their clients.
Their unprofessional conduct is another cause for concern. They often exhibit rudeness and a lack of respect towards potential tenants, tarnishing the reputation of legitimate Estate agents and eroding public trust in the industry.
Apart from the financial implications for individuals, these quacks also lack an understanding of the legal aspects of their work. This ignorance leads to poorly drafted tenancy agreements and legal disputes between tenants and landlords, causing unnecessary stress and inconvenience.
Moreover, the impact of these quacks is not limited to individuals alone. The Nigerian government suffers revenue losses in terms of property tax due to their involvement in the real estate sector. The presence of unlicensed agents reduces the government’s ability to collect taxes from unreported rental income.

READ ALSO: https://dailypost.ng/2023/08/02/niger-tribunal-set-to-give-ruling-on-17-petitions-445-exhibits/
To address this pressing issue, several measures need to be taken. Public awareness campaigns are essential to educate the public about the risks of dealing with unlicensed agents and the benefits of engaging registered and qualified Estate Surveyors and Valuers. Empowering consumers with knowledge on how to verify an agent’s credentials will help them make informed decisions and avoid falling victim to fraud.
Collaboration between the government, real estate industry, and consumer protection organizations through public-private partnerships can also make a significant impact. By pooling resources and expertise, stakeholders can develop comprehensive strategies to combat the presence of quacks and protect the interests of the public.
Additionally, governments should enforce strict regulations in the real estate sector, ensuring that only licensed professionals are allowed to operate. Implementing minimum qualifications, conducting background checks, and regular audits of real estate agents and agencies can help maintain the integrity and professionalism of the industry.
By taking these proactive measures, the real estate industry can effectively curb the spread of quacks, foster transparency, and build trust among all stakeholders, ultimately ensuring a safer and more reliable real estate market for everyone involved.
Oluwakayode Abe contributed this article through abeoluwakayode99@gmail.com

Inspection Fee and Its Negative Impacts on Real Estate Transactions,

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National News

Tinubu Says Resources Need to be Mobilized to Achieve Nation’s Climate Goals

Published

on

Tinubu Says Resources Need to be Mobilized to Achieve Nation’s Climate Goals

By: Michael Mike

President Bola Tinubu on Tuesday called for collaborate efforts from all stakeholders and insist that there is need to accelerate and mobilize the necessary resources to achieve the nation’s climate goals.

The President stated this at a Climate Security Summit in Abuja organized by the National Council on Climate Change Secretariat in collaboration with stakeholders and development partners.

Represented by the Minister of Regional Development, Abubakar Momoh, the president noted that climate poses threats to the world including Nigeria.

He listed some of the efforts towards addressing climate change to include Nigeria’s Paris Agreement pledge which is to reduce greenhouse gas emissions by 20 percent by 2030.

He lamented that: “The climate crisis is no longer looming threat but a present and undeniable danger inflicting devastation upon our nation.”

The President added that “it’s merciless actio. Is evidence nationwide from the relentless surge of the sea level threatening our coastal communities to creeping drought that ignores farmers/herders crisis that has brought insecurity upon Nigeria.

“The frequent and extreme weather effect such as flood and heatwave and harsh weather effect that have ravaged our economy and displaced vulnerable populace and destroyed infrastructure.”

He said: “Climate crisis are existential threat to our nation, continent and indeed the entire world. It is a threat that increase problems in our development plan,” stating that “with urgency, we must act now to address this very crisis.”

He however noted that: “Recognizing this urgent challenge, Nigeria has demonstrated its commitments to climate action through various initiatives most notably our promise through Paris Agreement.”

Also speaking the Director General, National Council on Climate Change, and the Special Presidential Envoy on Climate Change, Dr Nkiruka Maduekwe noted that the law provides for the establishment of climate change fund to enable Nigeria to strengthen her resilient and safeguard the people from the impact of climate change, but Nigeria is yet to operationalize the fund.

She noted that one of the reasons for the meeting was to bring together stakeholders to plan useful strategies that would ensure Nigeria is able to benefit from the fund.

She equally noted that the meeting would device Nigeria’s strategies at the upcoming COP 29, insisting that Nigeria should expect positive outcomes from the global meeting.

Maduekwe said already in place a trained negotiators which would be on attendance at the COP 29 for Nigeria so that the nation can come out from the meeting with goodies.

Tinubu Says Resources Need to be Mobilized to Achieve Nation’s Climate Goals

Continue Reading

National News

Tinubu’s Daughter Appointed Ambassador for Almajiri and Out-of-School Children’s Education

Published

on

Tinubu’s Daughter Appointed Ambassador for Almajiri and Out-of-School Children’s Education

By: Our Reporter

The first daughter of President Bola Ahmed Tinubu and Iyaloja-General of Nigeria, Chief Dr. Mujidat Folasade Tinubu-Ojo has been appointed Ambassador of the National Commission for Almajiri and Out-of-School Children’s Education (NCAOOSCE).

This announcement was made by the Executive Secretary of the commission, Dr. Muhammad Sani Idriss Elbulaturee during a courtesy visit to the Iyaloja-General’s palace in Lagos.

Dr. Idris cited Chief Tinubu Ojo’s passion for supporting disadvantaged communities, particularly almajiri and out-of-school children, as the reason for her appointment.

He praised her efforts in promoting trade and commerce, ensuring market women’s access to resources and opportunities.

Chief Tinubu-Ojo expressed excitement and gratitude for the honour, pledging to alleviate the plight of these vulnerable Nigerians.

She emphasized her father’s commitment to education as a lasting legacy for Nigerian children, evident in his own children’s lives.

She commended the Executive Secretary for his service to Nigeria and prayed for him to succeed in the task ahead.

As Ambassador, Chief Tinubu Ojo is expected leverage her position to expand services to almajiri and out-of-school children, aligning with the commission’s goals.

Tinubu’s Daughter Appointed Ambassador for Almajiri and Out-of-School Children’s Education

Continue Reading

National News

Kebbi Gov. signs N75,000 minimum wage, gives 72 hours implementation directive

Published

on

Kebbi Gov. signs N75,000 minimum wage, gives 72 hours implementation directive

By: Our Reporter

The Kebbi State Governor, His Excellency, Comrade Dr Nasir Idris, Kauran Gwandu has signed into law a new minimum wage of N75,000.

The governor also directed the State Accountant General, Ministry of Finance and Ministry for Local Government to ensure implementation of the new wage within 72 hours.

The new minimum wage was signed into law before the National President of the Nigeria Labour Congress (NLC) and his executive members who were in Kebbi State for a meeting.

Speaking shortly after signing the wage at Government House, Birnin Kebbi, Gov. Idris said all categories of workers would benefit from the new minimum wage and “it must start from this month of October.”

The governor recalled that right from the onset, he promised not to disappoint labour, saying that the labour have now started harvesting what they have planted.

“I want to use this medium to thank the NLC president and the labour for supporting me to win my election.

“The national leadership was here in Kebbi State in support of my election and by their support, I won my election and at the same time, I won my cases in different court of law.

“I promised you that I will never fail you and I promised that I will not fail Kebbi workers also. I reiterate my commitment and sincerity to using the Kebbi resources judiciously, with fear of God and I will not fail you, and will not fail Kebbi workers.

“In my administration I don’t owe salaries, I don’t owe pension, I don’t owe gratuity, I don’t owe death benefit and I pay leave grant up to 2023,” he confirmed.

The governor said he was supposed to be the first governor in Nigeria to implement minimum wage but there was no template to lay hand on.

He explained that the new wage was the outcome of a joint committee comprising representatives of both labour and the state, who arrived at three different wages of N70,000, N72,00.

Kebbi Gov. signs N75,000 minimum wage, gives 72 hours implementation directive

Continue Reading

Trending

Verified by MonsterInsights