Avoiding litigation: Seek legal advice before acquiring property-Lawyer
As a leader of a collaborative team comprising real estate developers, insurance companies, and financial institutions, Mr. Osei-Owusu has been instrumental in supporting diaspora communities looking to invest in Ghana’s property market.
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Legal practitioner and property investment expert Alex K. Osei-Owusu has urged individuals to consult legal professionals before purchasing properties, especially in real estate development, to minimize the risk of legal disputes.
As a leader of a collaborative team comprising real estate developers, insurance companies, and financial institutions, Mr. Osei-Owusu has been instrumental in supporting diaspora communities looking to invest in Ghana’s property market.
Speaking on the importance of legal guidance, he stated, “Litigation is costly everywhere—not just financially, but also in terms of emotional strain and wasted time. We always emphasize the principle: ‘Prevent litigation rather than resolve it.’ Before purchasing land or property anywhere, consulting a lawyer is crucial. Real estate transactions often involve large sums of money and complex procedures. A lawyer can provide critical advice, outline steps to take, and identify potential pitfalls, saving you from disputes in the long run.”
He further warned that failing to seek legal counsel could lead to expenses far greater than the initial cost of legal advice.
Additionally, Mr. Osei-Owusu stressed the importance of fulfilling obligations such as paying requisite fees and taxes to avoid complications. “When you comply with these requirements, you reduce the risk of legal disputes. And even if an issue arises, you’ll have legal protection,” he explained.
These remarks were delivered at a dialogue and exhibition event held in Accra on Friday, December 13, aimed at educating individuals, groups, and organizations from Ghana and the diaspora, including the UK and USA, about property investment in the country.
The event, part of the inaugural “Ghana-Diaspora Home Purchase Expo 2024,” was organized by Nilex Properties, a prominent real estate firm based in Accra. It brought together key stakeholders from Ghana’s real estate and housing sectors, including representatives from the National Fire Service, the Environmental Protection Agency (EPA), and tax experts, to address critical topics related to property acquisition and investment.
