As the demand for property goes up, property fraud is also increasing each day. Fraud in real estate is very common as a large amount of money is involved. With the increase in frauds, you have to be very cautious when buying property. The sad part of property fraud is many people who come forward to buy their dream house, lose hard earned money to fraudsters. As per IndianMoney review, it is very important to be careful while investing hard earned money to buy a property. You must be aware on various frauds that take place in real estate. In this blog, we will discuss how people get cheated while buying property.
Handing over fake documents to property buyers is one of the biggest frauds that take place in real estate. Fraudsters create fake property documents and pretend to be the owners of the property. So, it is always good to verify property documents before buying the property. As per IndianMoney review, buyers can take the help of a good lawyer to verify the documents.
In some cases, before selling the property, the seller mortgages the property at two different banks. After availing the loan against the property, he sells it to some innocent buyer and disappears. The buyer then has to take legal action to get his hard earned money back. So, it is advisable to get the particulars of ownership verified from the sub-registrar’s office.
Fraudulent sellers create an unauthorized layout in government land and sell it to the innocent buyer. The seller pretends that the land is really owned by him. So, it is always advisable to check the plot or house sold by the seller to check ownership. You can make local enquires to find out if the land belongs to the seller or not.
In some cases, the seller of the property fraudulently encroaches neighbor’s property. After encroaching on this property, he sells it to a buyer and collects money. After the property is bought, the buyer gets to know that he is not the rightful owner. In such cases, it will be very difficult for the buyer if the seller has escaped with the money.
In most cases, fraudulent sellers handover dubious agreements to the buyer. The points mentioned in the agreement will be completely different from the real thing. For example, the buyer gets a 500-sq-yard plot registered in this name after paying the amount. However, if the plot size is measured, it would be lesser than what is mentioned in the agreement.
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