The history of cooperative society with real estate as our focus dates back in history when it became renowned and accepted as a group dedicated towards the building up of the society.
Before it came to the notice of the public, people do form groups with no knowledge and intentions of making it thrift as we have it today.
But as time went on, the advantages were conspicuously manifested; it became widely known with people coming together to form different groups, cooperating together to reach to a sole goal and meeting the interests of its members.
These services are of a particular interest based on what the cooperative society is formed to address and accomplish.
Having the participation of various members, the cooperative society turns out to be a medium where agreements can be reached to the purchase and sales of properties pertaining to members of the society who signals interest in purchase or sales of such properties.
Cooperative societies jointly give ideas and work hand-in-hand to achieve its goal and objective.
There are several advantages of joining or procuring properties through a cooperative society. It include the procurement of land, houses, etc. with no middle man profits (dealing directly with the seller of the property), availability of loans at low rate of interest to either purchase a land, house or possibly develop a land or make renovations to procured buildings.
In other cycles, the procurement of properties have been a kind of tug-of-war for potential buyers as they go through some middle men who inflates the prices solely for the purpose of gaining profits for themselves even when the seller may have paid them fully.
In a similar case where one procures a loan from a typical Nigerian Mortgage Bank to foot the bills of building or purchasing a land, the interest may be higher.
To avoid an extra-charge with less or no strings on the properties purchased, going through a co-operative society will be best.
Through this medium, real estate sets into the scene as population increases which led to a higher demand for acquisition of properties.
Potential buyers prefer going through a co-operative society to buy or sell their properties, because they are well connected and have ways by which they market and sell out landed properties legally to potential buyers.
There are numerous co-operative societies across the country that gives loan to prospective property owners or provide them the opportunity to pay for properties purchased ‘installmentally’ or renovate a house.
To this wise, acquiring landed property has been made easy and more attractive. This stands out as one of the sole importance of cooperative societies and also a medium to possessing properties in one’s convenient time and pace.
Most times when potential buyers signal their interests to stand-alone organizations and individuals, there has always come to surface plans and interests for high profits.
Many shy away from procuring properties because they lack the right knowledge and sources to meet or negotiate with to get good and valued properties in exchange for their money.
Others who goes through the wrong means of meeting with people that has no connections whatsoever with the cooperative society in most cases are duped by paying for a property that has no legal documents or sometimes faked documents of procurements.
It is therefore safe and recommended to procure a land, building or the like through a cooperative society.
That said, you have to conduct your own due diligence on the available cooperatives offering such opportunities as it is not all the cooperatives that offer such are well positioned to deliver on their promises.
This could be for reasons of bad, fraudulent and/or ignorance leadership, lack of an expert in the real estate field (as member or consultant) able to assist them in their project.
I know a cooperative that can help greatly in achieving this for you, check out www.primecooperative.org
To your success!
Debo Adejana, is the chief executive officer of Realty Point Limited. The company which is primarily involved on the supply side of the real estate industry, with a strong presence in Real Estate Development, Investment, Training/Consultancy.
If you are interested in more information on Prime Asset Housing Co-Operative Multi-Purpose Society Limited (PAHCMS LTD), you can put a call/text to me through 08059899701 or send me a mail by clicking here. To apply for membership, download application forms from www.primecooperative.org or www.realtypointltd.com
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