Assessing the Role of Estate Surveyors and Valuers in Ensuring Prudence and Transparency in Real Estate Transactions in Ikeja, Lagos State.

One of the major activities of Estate Surveyors and Valuers is to engage in Real Estate Transactions which can be sales, agency, auctioneering and brokerage. It is very important that they play a critical role in ensuring fairness and act as professional intermediaries, and upholding ethical standards to curb fraudulent practices. Real Estate Marketing and Sales is shrouded in secrecy and more so falsehood sells faster than truth. To prevent dubious transaction in business including real estate the well-known slogan is let the buyer beware. To avoid the probable problems that may ensue in the course of the business transaction and/or thereafter, the intending buyers do appoint agent(s) to act for them and on their behalves. Sometimes, however, the agents deliberately or inattentively do commit breach of contract that might harm or cause loss to the principal. This paper examined practical problems and prudence of Estate Surveyors and Valuers in overcoming negligence and hidden and apparent snares in real estate sale transactions in Ikeja, Lagos State. Administration of structured questionnaire was adopted to collect data from 80 Estate Surveyors and Valuers who had earlier prudently escaped some kinds of snare to willingly share their nasty experiences and how they handled it to reach conclusion. Firstly, the respondents were asked to explain the facts of their cases, action(s) taken as duty of care to prevent it, and gains recorded. Data analysis was carried out by sorting and sieving to pick those that have cohesion or are meaningful and the result was presented in tabular form with relevant columns. It doused anxiety by showing that the agents who acted for and on behalf of buyers of landed property have requisite education, training, knowledge, skill, qualification, experience, patience, doggedness to serve their clients. It recommended that Estate Surveyors and Valuers are implored to continue to discharge their duty with utmost good faith and to the best of their knowledge within the ambit of the law.

Real Estate, Estate Surveyors and Valuers

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