What Are Common Property Scams And How To Avoid Them
There are several factors you need to consider when renting or purchasing a property such as the price, location, and size. However, another equally important issue to take into notice are the property frauds. Taking into account the number of scams taking place these days, one must be careful while handling money and property.
We have listed the most common property scams below:
This is the most common scam to take place in the real estate sector where a property is either registered on different names or there have been replica documents made to represent its possession. Such a fraud can be avoided when consulted with the local authority or your lawyer can assist you in confirming the property ownership.
Online Rental or Sale Fraud:
Another common fraud where fake agents or owners post an original property with their contact details. Basically, they ask you to write a check or send money as down payment. If ever found in such a situation where the owner or agent does not show up or doesn’t agree to meet and also, doesn’t show the property documentation, it’s a big no-no. Walk away!
Inflated Price Fraud:
At times property dealers try to sell you a property at a much higher price than it is originally worth for. They increase the price of the property by providing a higher asking price than the actual market value of the property. To confirm such speculations, consult other agents and collect information to avoid being fooled.
At times, a fake renter or buyer asks you your bank account details with the actual intention of stealing your funds. Do not disclose any personal details.
Obviously, every developer isn’t a fraudster but some are. They use expensive media campaigns to make a great impression on viewers when in reality their projects have no property or NOC. You can confirm your doubts by visiting the official site or by inquiring about the NOC.
Hope these tips help you out on your next home hunt. Good luck!