First National Bank urges customers to due diligence before purchasing a property

First National Bank has advised property buyers to do proper due diligence to save them from fraudulent transactions.

According to the bank, property buyers should do proper checks before purchasing a property and not allow vendor to rush them because their ownership may not be guaranteed.

Speaking at the First National Bank Virtual Housing Fair on Wednesday, Property Valuations Team leader of the bank, Adjinah Kwame Obeng said “it is always important that you have gone through these steps adequately with the help of professionals to ensure that you’ve left no stone unturned. Don’t be rushed by the vendors in buying properties because usually when the deal is too juicy you need to be very careful.”

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Kwame Obeng, in his presentation, advised that “buyers should commission a qualified valuer to assess the value of the property so that if you are negotiating, you are well informed about how much the property is passing in the market and what you would also putting on the table for that property.”

He also added that buyers of state lands must have the consent of the state through the Lands Commission or TDC Company Limited saying that they have agreed for the transfer of ownership of the state land to you. “Without his consent you cannot register the property and if the property is not registered you cannot use it for any financial transaction such as acquiring a mortgage” he said.

Obeng urged land buyers to look out for the neighbourhood in which they want to acquire lands.

Does the neighbourhood flood? Is there security in the neighbourhood? Do you have landslides and earthquake issues? These are all things that you need to pay attention to and ensure that you have researched into it before you buy land,” he said.