How to Identify a Property Scam?
Mar 02, 2017 Legal Guidance
Everyday a lot of people fall into property scams either by getting fooled by a seller offering way too low prices than market value on a certain property or by offering some exciting offers. False advertisements and claims are where buyers should be vigilant and proceed with caution.
How to spot a scam?
There are certain points which should be kept in mind before buying an apartment or property.
Check the documentation properly:
How to spot a scam?
There are certain points which should be kept in mind before buying an apartment or property.
Check the documentation properly:
- If the seller or broker refuses to present you the proper documents related to the property, back out from the deal immediately. There are chances that they might be a conman or want to squeeze money out from you in the name of property.
- If the seller or broker asks you to pay the down payment before all the documentation related to property are done, emphasising that paperwork takes a long time, just refuse the deal.
- Check the credentials and background of the seller before proceeding any further.
- Also, check the background of the property that the seller is trying to sell you. Check if it is mortgaged or is in the middle of legal battle.
Seller is in a haste to close the deal:
If your seller insists you to buy the property as soon as possible and make the down payment, there is something erroneous. Fraudsters often want to rip you off with your money and run away before the buyer figures out what has happened. It is always advised to think and look at different options carefully before buying a property. Buyer should not feel pressurised by the seller in terms of buying a property. It is better to be careful than become a victim of fraud later.
Low prices than market rate:
Often fraud sellers try to lure buyers into their incredulous scams by offering lower prices than the market prices. If the seller is advertising low prices, it is better to not fall into their trap. They might offer exciting gifts such as a foreign trip to fool the buyers.
It is often advised that buyers buy the property from the developer directly or a renowned broker. Falling into the traps of fraud sellers and then regretting for the same later may have an adverse psychological impact and sent the buyers financial position downside. If you are buying a property which was owned by someone else before, it is better to contact the previous owner and ask them for necessary documents and deal directly with them.
If your seller insists you to buy the property as soon as possible and make the down payment, there is something erroneous. Fraudsters often want to rip you off with your money and run away before the buyer figures out what has happened. It is always advised to think and look at different options carefully before buying a property. Buyer should not feel pressurised by the seller in terms of buying a property. It is better to be careful than become a victim of fraud later.
Low prices than market rate:
Often fraud sellers try to lure buyers into their incredulous scams by offering lower prices than the market prices. If the seller is advertising low prices, it is better to not fall into their trap. They might offer exciting gifts such as a foreign trip to fool the buyers.
It is often advised that buyers buy the property from the developer directly or a renowned broker. Falling into the traps of fraud sellers and then regretting for the same later may have an adverse psychological impact and sent the buyers financial position downside. If you are buying a property which was owned by someone else before, it is better to contact the previous owner and ask them for necessary documents and deal directly with them.
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