Property selling scams are happening much more in number than they are reported. Scammers are cleverly scheming frauds, and property buyers are falling deep into these frauds. With numerous loopholes in the property law and system, scammers are making bad use of them. Being a property buyer, you need to watch out every step and beware of such fraudulent activities. We have compiled a list of Property Selling Scams you should be mindful of while buying or renting property. Give these points a quick go-to to avoid any mishap in the future.
Property Selling Scams:
Being a buyer or renter, you need to proceed with extreme caution as you may be easily be fooled. Since there is large cash involved in the process, it would be best to stay on a safer side. Watch out for scams, and do not fall prey to scammers. Following is a list of Property Selling Scams you should know about!
1. Fake deeds:
One of the most recurring scams in today’s property business is the circulation of fake deeds. How would you know if the documents or an advertisement are fake? Scammers can come up with illegal papers and deeds, persuading you to enter the transaction and wire your cash. They might use a deceased notary’s name to submit fake deeds.
If you buy a house or apartment with fake deeds, it does not entitle you to the real owner. Should the real owner file a case against this transaction, you will end up losing your money and the newly-purchased house.
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2. Changing owners:
Another common trick scammers use in fraudulent transactions is changing the owner’s name in documents. They might add an extra letter to the end of the name while submitting the documents to the registry office. Moreover, they often change the deed number. With a changed name and NIC details, the scammers can sell the property without the real owner knowing.
Property buyers should watch out for such small details and verify everything before and at the time of submission. Spell out every single letter of the names and check the NIC and other details. Once submitted, you might end up in deep trouble.
3. Fake advertisement:
How would you know an advertisement is real and is published by the real owner? Well, it’s hard to know, but using precautionary approaches may save your day. There could be numerous ads about houses for rent and purchase, and serious buyers like you will blindly jump into it. It would be best to verify the ad and publisher before you take any serious steps.
4. Advance payment:
Most scammers will ask for advance payment before any substantial proceeding in the process. Why would someone pay a single dollar if the process has not yet begun? Doing so would be nothing but tomfoolery.
Do not pay any advance money to the agents of the so-called owner as they may have schemed a trap. They often take the money and sail away without letting you know. It would be best not to trust anyone with advance payment.
5. No visit to the apartment:
Property agents and scammers often dodge the buyers by telling them that a specific house or apartment is not on the market yet. They only show you pictures or videos of the house or apartment, and when you ask for a visit, they deny it! It would be best if you did not believe in such in-the-air offers.
The first thing you need to do is get references from the agent and visit their office for verification. Once verified, ask them for a physical tour of the house. Renting or buying without touring would be tomfoolery. Have a look at apartments for sale in JVC if you are after luxury yet affordable apartments for sale.
6. Cosmetic fixes:
One game that the agents and the owners can play together against you is disguising the house problems. They will never mention it in the ads or documents, but they would have covered major issues. A cosmetic fix to molds in the bedrooms is not the solution.
It would be best if you took an expert property inspector with you to visit the apartment. Look for cosmetic beauties and discover major issues in the house, if any. You can also ask for repair records to see if any renovation has been done in the recent past.
Plan your property purchase with experts!
Buying or renting a house sounds easy, but it is not. The process incorporates countless tedious activities and factors to look after. It would be best to hire a property owner and go about the entire process. Having them on your side will streamline things for you!