Real estate is the most successful and also profitable business. Even though this business is proliferating, it also has risks. Good and bad people are in every business, so in real estate markets, there are certain things that we have to be careful of so that we don’t have to face any mishaps. When you are purchasing, selling, or renting a property, it is possible that you will meet some scammers also who will try to cheat you. To save yourself from such scams, there are specific cautions you have to take, and proper research should be done to avoid any kind of accident. Here we will discuss some typical property scams that happen in the real estate business.
As the universe is getting more advanced by the day and everything is done online, certain people commit fraud through online sources. Certain fake pages and websites show a fake listing of properties. Even some require you to fill out online forms to fill in all your details like NIC number, Bank Account Number, Debit/Credit card number. This sometimes can be a scam or fraud where the person on the other side wants to use your details for his benefit. It is, therefore, necessary to do a proper investigation before using any online source for buying or selling property.
Most the people hire real estate agents for buying or selling their property, but when you choose an agent, it is essential to know about the agent. Whether the agent is trustworthy or not trustworthy, his previous performance and records must also be checked. If you are hiring an agent, you should visit his office, and if he owns a website, you should check it too. All these steps will save you from selecting an unreliable agent who can do fraud with you.
Certain websites show fake listings of properties. They provide you with incorrect information about the property you are looking force. Some social media people post pictures of other properties instead of original ones to attract more buyers. Such online frauds can be avoided by relying only on verified websites that provide correct information to visit properties in person and not believe in pictures.
Fake documentation is one of the most common frauds in real estate. While finalizing a deal, you should adequately check the documents and make sure that all the documents are original and verified; for this, you can take the help of an experienced property lawyer who can help identify if all the documents are actual or not. Never sign any suspicious document you are doubtful about, and always go through legal verification.
When looking for a property, you should not always rely on the price told by the estate agent because sometimes the agents quote the price, which is much more than the original price, for deceiving their clients. When you are interested in any property, you should make some efforts and inquire about the property’s price through verified property websites, or you can use your contacts to inquire about the property so that you do not get defrauded by any agent.
BUYING UNSEEN PROPERTY:
This is the mistake that many buyers and tenants make. Many people rely and trust on pictures provided to them and agree on buying the property just by seeing the pictures. Due to this negligence, many people get scammed; they risk their money buying unseen property. To avoid such swindling, you should visit the property by yourself and not trust pictures and online reviews.
UNSURE ABOUT THE BUYER:
It is sometimes possible that a potential buyer can turn into a scammer. When you find someone interested in buying your property, meeting him in person is preferable. You should check the NIC of the buyer and keep a copy of his NIC for security purposes. Before finalizing the deal legally, you should not give any personal information or property documents to that person.
Like other businesses, scamming is very common in real estate, but with the help of all these techniques, you can save yourself from fraud and cheating by scammers. I hope this article helped you understand the ways of saving yourself from property scams that are very common globally.
Muhammad Junaid is senior Analyst, and Search Engine Expert. Extensive experience being an IT Manager in Park View City Islamabad. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.