Investing in a new home isn’t as easy as it sounds. Right from house-hunting to setting it up, the stumbling blocks don’t seem to soften. With the ever-growing demand for property, real estate scams have become frequent. It becomes tough to identify and check the credibility of the property that you are willing to buy.
However, having a real estate consultant by your side can work wonders but some common scams can easily be avoided with a bit of common sense. Here we bring you some common real estate scams and tips to avoid them:
1. Title Frauds
The most commonly occurring scam is when fraudsters duplicate the title of vacant properties or even the disputed ones. In this type of scam, buyers fall victim to scam artists and individual sellers as well. The buyers are tricked using fake documents to get home loans and get hold of the money. What next? We know you are smart enough to guess!
To avoid such frauds, it is important on the buyer’s part to undergo title verification by an attorney. You can opt for title insurance as prevention to future encroachments errors associated with the property. All in all, staying alert is the key!
2. False Promises
Unlike title frauds, the least expected scams of all time, it doesn’t entail fly-by-night operators. The continuously increasing demand and competition in real estate push builders to lure buyers through false promises.
Many a time, the builders embezzle the buyers during the initial phase of the projects to snatch…