REAL ESTATE PRACTICE IN GHANA

A. REAL ESTATE DUE DILIGENCE PRACTICE IN GHANA “VERIFY, VERIFY & VERIFY

1. Verifying and Investigating ownership of lands and properties.
2. Verifying Documents
3. Verifying in situations of Sales
4. Verifying in situations of Rentals.

B. DEVELOPING AN INVENTORY OF PROPERTIES AS AGENT/BROKER METHODS

1. Build a wide network of social contacts, even with caretakers and squatters
2. Conduct Investigations on abandoned or vacant lands, Farm Lands.
3. Build wide network with fellow Agents/Brokers/lawyers/Bank Recoveries Departments, Estate Department of Institutions, Chiefs, Family Heads and Elders, Surveyors, Auctioneers, Developers, Lands Commission/Land Title Officials.

4. Follow or Investigate New Government infrastructure projects and Private Sector Projects and their impact on land values of new roads or road expansion works etc. Town and Country Planning Department.

5. Advertising
6. Setting up a Real Estate Agency or Brokerage Business
• Establish an office if financial capacity exists.
• Freelance as Agent/Broker
• Dealing with either Agents and Professionals in the business
• Building a Positive Profile as Agent or Broker. Integrity is key.
• Emphasis Due Diligence in investigating prospective clients especially owners/sellers.
• Demonstrate Professionalism.
• Affiliation with Lawyers
• Commissions/Fee Arrangements in the business.

C. PROFESSIONAL STANDARDS AND ETHICS FOR REAL ESTATE PRACTITIONERS

D. ADVERSE FACTORS THAT IMPACT REAL ESTATE PRACTICE IN GHANA.
• Land Encroachments
• Land Guards
• Fraudsters/Imposters
• Land Disputes
• Court Cases
• Chieftaincy And Family Disputes

E. REAL ESTATE DUE DILLIGENCE