How to Identify a Property Scam: Stay Informed and Protected
Property scams in India can be of different types ranging from fraudulent listings to title fraud. Buyers and investors need to be watchful to prevent Real estate fraud in India. Amidst lucrative property deals, there are chances of property fraud and scams. Fraud developers and sellers attract buyers to invest a huge amount in the deal leaving them scammed at the end. From assured returns to mortgage deals, the scammers do a lot of tricks to attract buyers and investors.
If you are also a potential buyer looking to purchase a property, look for signs and identify a property scam. In this article, we delve into common types of property fraud and practical solutions to avoid potential pitfalls. Read on to safeguard your interests and learn to navigate the real estate landscape with confidence.
Warning signs to identify property fraud
- When the seller is in a hurry to sell
A fraud would want to close the real estate deal as soon as possible. It may be a red flag if the seller is trying to close the purchase quickly and is asking for cash. They might also show how urgent it is for them financially to sell the property. In such a situation, the scammer will also try to complete the entire deal without showing the document so that you don’t make any inquiries about the property. But, this is a sign of you being scammed while buying a property.
- Not willing to show the property documents
The property’s documents are important and they indicate the right of the owner over the property. Therefore, it is important to have a look at the title documents and loan documents. ownership documents. A genuine property seller will show you all the documents so that they also don’t get any issues in the future. If the property owner fails to show you these documents or makes any excuses for showing these papers, it’s a sign of a scam.
- If the property sounds too good to sell
Most property frauds happen when homebuyers or investors fall for good property deals at cheaper rates. If the property seems too good to be true then you must do all the inspection first. At times, it is a way for the scammers to lure people with a good deal, and hook them with fear about missing out on the best property deal.
- Delayed site visit by the property owner
If a property seller is trying to deceive you, they might not let you visit the property/site. They might delay or find any excuse not to take you to the property site. This is a sign that you need to identify the property scam that might happen to you.
- Unusual payment requests from the seller
During a safe property deal, proper papers, documentation, and safe payment options mean genuine transactions. Whenever the seller asks for unusual payments or cash then it indicates something fishy in the deals. If such an issue happens, you should never transmit money through unsecured money. This way, real estate fraud, and your hard-earned money can be prevented.
Tips to not get scammed when buying a property
A real estate property is good for financial security, investment profits, and increasing wealth. However, the appeal of profitable property deals can sometimes draw scammers who commit real estate fraud. So, it’s important to protect your money and the occurrence of scams by recognizing a property fraudster. Throughout the real estate transaction, buyers are advised to keep an eye out for any suspicious activity.
Along with this, these are a few important list of steps that buyers must follow to protect themselves from property cheating cases:
Deep research about the seller
Before you start finalizing the property deal, you must start conducting extensive research on the property site, location, and market trends. Make sure you know the reputation of the seller. Whether it’s a builder or an individual property seller, you must check properly about their market reputation.
For the property sellers, you can check and verify the property’s ownership and title. This will let you know if there are any ongoing disputes.
Verification of property documents
If you want to prevent any occurrence of property scams yourself, you have to be aware of the fake property documents. Also, it is important to go through the property- documents carefully to know everything about the title deeds, building plan, and sale agreements. You can also consider seeking legal help from experts to verify the authenticity of the property papers and documents.
Site or property visit
It is important that you physically visit the property before committing to any property deal. Make sure to check everything about the neighborhood, facilities, condition of the property, and any possible structural issues.
Before making any commitments, it is crucial to inspect the property physically. Check property condition, neighborhood, amenities, and potential structural defects. If you are doing any deal through an online real estate website, you also need to be aware of several things. Many people ask- is the common safe? Yes, the common floor is a completely safe platform for real estate property listings buying and selling. However, the buyer needs to follow all these things to stay away from the property scams.
Don’t pay in cash to prevent real estate scam
The property buyer should avoid paying with cash or transferring large amounts of money without any paperwork. When you pay in cash, you don’t have proof of transactions. So, to prevent real estate scams, keep track of every transaction by paying through bank transfers, online transfers, or checks.
Stay alert during the property deal
Investing in a property is a big investment so it’s better to stay alert than losing all hard-earned money in the real estate scam. It is important to take a step back and recheck everything if your developer or the property seller puts undue pressure on you.
Consult a real estate/property lawyer
There are so many legal and technical terms that sometimes a regular person would not understand. So, you must seek legal advice from a property or real estate lawyer to review contracts, agreements, and legal papers. An expert can see any dangers, gaps, or provisions that could cause problems in your property-buying process.
To sum up
Property scams in India can take many different approaches. Buyers are tricked by real estate scammers by asking for cash payment, making a hurry in deals, and not showing genuine property documents. Thus, to prevent real estate scams, buyers should conduct extensive research and double-check all the documentation. Try these given tips that will help you protect your money during the property deals.
