In an exclusive interview with African Home Building News in Accra, Mr. Emmanuel Sackitey Korley, lead partner at M and O Law Consult and a seasoned real estate lawyer, emphasized the critical importance of due diligence in property transactions to prevent scams.
Mr. Korley revealed that, in collaboration with partners, they have established escrow services to enhance client protection. Prospective clients are encouraged to place their funds in an escrow account, ensuring that all conditions are met and interests are safeguarded before disbursement. This successful approach has been demonstrated in Ghana, with satisfied clients who have opted for the service.
The law firm, M and O, also conducts comprehensive due diligence, including spatial planning processes and land commission searches to verify ownership. The search process adheres to legal standards, providing specialized litigation advice, commercial insights, aviation guidance, and more.
One of the main challenges highlighted by Mr. Korley is the tendency for clients to cut costs on legal fees, only to return when issues arise. Notably, many clients are foreigners, as Ghanaians are yet to fully embrace the concept of escrow services. Mr. Korley stressed the public’s lack of awareness that neglecting due diligence can lead to the loss of valuable lands.
To address this, M and O requires brokers to supply client information, enabling them to engage professionals throughout the value chain. This approach ensures a thorough due diligence process, including land verification, stamping, and registration.
Looking ahead to 2024, M and O Law Consult plans to scale up its services by introducing digitalization and offering free legal assistance to those who have experienced property losses. Mr. Korley acknowledged that a lack of education is a significant challenge and intends to organize seminars involving key stakeholders to raise awareness about responsible land ownership practices.
In a final note, Mr. Korley urged Ghanaians to exercise vigilance when engaging in property or land transactions, emphasizing the potential risks associated with neglecting due diligence.
Source : Africa Home Building News – Joycelyn Marigold & Diana Okyerebea