Tips to Protect Yourself From Real Estate Frauds
There are a lot of incentives to buy or sell a home, and many decisions that need to be made along the way. The decision-making process can be overwhelming, but what if you’re the one being sold a property? Are you aware of home ownership scams, know who to trust and how to protect yourself?
When it comes to real estate, there are many things to consider and navigate. One of the most important logic is making sure you’re trusting your instincts when shopping for a new home or property. Or, if you’re buying a new home or selling yours, you can avoid fraud by following these steps on Achal Chaurasia blog.
What is Real Estate Fraud?
Real estate fraud is an act of deception or misrepresentation that involves fraudulently inducing someone to part with their money or property by making a false claim. There are many different types of real estate frauds that people can fall victim to. Some of these include real estate scams, property flipping, and home rentals.
These scams often target people who are in a vulnerable position. They can also be scams that target people who are simply looking to make a quick buck. The best way to protect yourself from these types of scams is to be aware of the warning signs. If you are ever approached by someone in person, or if you are repeatedly contacted by your email or telephone, that person is likely a scam artist.
There are also warning signs that can help you identify whether or not you are being targeted while buying a property. One of the most common warning signs is if the person who is selling you the property is attempting to pressure you into buying it. Another warning sign is if the person selling you the property can’t provide you with vital information about the property.
How to Protect Yourself from a Real-Estate Fraud?
If you are considering buying a home, you should protect yourself from real estate fraud. Here are some tips that can help you with this:-
- Only deal with reputable real estate agents.
- Check the licensing of the real estate agent and the property.
- Look for signs of a scam.
- Do not give out personal information unless you are absolutely sure of the person you are talking to.
- Do not pay for a home before you have seen it.
- Take your time and make sure you are not in a rush when you are making a decision.
What to do if you have been Scammed?
If you’ve been scammed, it’s important to file a police report. You should also contact your bank and cancel any credit cards associated with the scam. You should also contact the Better Business Bureau, your real estate agent, and the property manager. If you’ve been scammed, it’s important to avoid doing anything on your own.
Apart from that, if you have any evidence of the transaction, make sure to keep a copy of it.
The Government has been working hard to prevent real estate fraud for years. From some of the reforms, like RERA and Demonetization to the courts that provide safety and justice, there are a lot of ways where you can protect yourself from scams in a legalized way.
Seeing the positive impact these measures are having, the Indian Government is planning to bring more stringent regulations in real estate similar to the ‘Real Estate Regulatory Authority (RERA) Act,’ which was launched in 2018. While those reforms may initially hamper essential aspects of the industry – bringing transparency and helping the commoner register his property will have a long-term positive impact on the economy and GDP of India as a whole as home and Real Estate is one of the major drivers for any economy.
Real estate frauds have caused widespread panic and casualties in India. They can be difficult to spot, and many real estate agents are not well-versed in spotting scams. While the Government has tried to control these scams, it is up to people to be more vigilant in protecting their savings and hard cash invested in property.
There are some genuine Real-Estate investors with an honest approach, but there are also others who try to exploit the property buyers. It is obvious that once you have been cheated of your hard-earned money and the property gets transferred to someone else under dubious circumstances, what remains is just a paper asset with no value. So, make sure you follow Achal Chaurasia news for such blogs, and analyze every single aspect before making any form of payment.
Also read- Things to keep in mind while buying inherited property
Author- Achal Chaurasia
A young businessman who has been in the line of entrepreneurship for quite a few years. He is an active learner and loves to know more about new technological developments CG up as well as how they can be put to great use to yield better results for the society.