Due Diligence and Real Estate Property in Ghana

There seem to be a mad rush for commercial real estate property in Ghana. However, leasing a landed property in Ghana has a lot of hidden traps. The key to a hassle free commercial property lease is to conduct a thorough due diligence. The seasoned lawyer would know that in a country like Ghana, a thorough due diligence goes beyond the usual title search at the land title registry, zoning law verifications and building code requirements. First, it is important to go beyond the side plan and then visit the site to physically see that the property is in existence. When you find occupants on the property, seek directly from them the basis of their occupation. Also, you need to talk to the neighboring property owners to confirm ownership of the property. Then before you seal the deal, get the seller to sign an undertaking that he has the lawful right to alienate the property in question. The undertaking should also state that the seller will indemnify the buyer and agree to a full refund of the lease price in the event that there is an adverse claim to the property. For a total piece of mind, the buyer must purchase title insurance on his own or arrange with the seller to jointly purchase title insurance.