14th December 2024 5:00:00 AM
2 mins readProperty expert and lawyer Alex K. Osei-Owusu has urged people to consult a lawyer before buying property, especially in real estate, to avoid future legal problems.He has worked with real estate developers, insurance companies, and banks to help Ghanaians living abroad invest in property back home.He explained that, “Litigation is expensive everywhere in the world.
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Apart from the financial cost, it also involves emotional strain and wasted time. We always go by the saying: 'Prevent litigation rather than resolve it.' Our advice is that, before buying any land or property anywhere in the world, you should speak to a lawyer. Real estate transactions can be complicated due to the significant amounts involved, so it’s always best to get legal advice.
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A lawyer can guide you, providing a checklist of what to do and avoid, which can prevent or resolve potential litigation.”He emphasised that failing to seek legal advice and becoming involved in litigation could prove "much more expensive."Mr. Osei-Owusu emphasized the importance of ensuring all required fees and taxes are paid by everyone involved in property investments to prevent legal issues.
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“Once you comply with these requirements, you won’t need to worry about litigation. And, even if litigation does arise, you’ll be protected,” he added.He shared these insights at a dialogue and exhibition in Accra on Friday, December 13. The event sought to educate individuals, groups, firms from the UK, USA, and beyond, as well as local investors, about property investment opportunities.
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Sponsored by Accra-based Nilex Properties, the event was part of the “Ghana-Diaspora Home Purchase Expo 2024.” It brought together officials from the National Fire Service, Environmental Protection Agency (EPA), and tax experts to engage with key stakeholders in Ghana's real estate and housing sectors.This was the inaugural Ghana-Diaspora Home Purchase Expo held in the country.
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