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5 Tips for Avoiding Property Scams

5 Tips for avoiding property scams

Whenever you buy or rent a property, you have to consider the location, size and price. But another factor most people miss is the property frauds. Nowadays property scams are common due to advancement in technology. Sometimes sellers use different scams to trick you to send money. These scams can be avoided if you have basic knowledge. Here are 5 tips for avoiding property scams.

Identity fraud

Identity or tile fraud is the most common scam in property sector. Sometimes you like a property and want to buy it, but at the end you find that either property is registered on many names or duplicate documents have been made to show the ownership. This fraud can be avoided by consulting the local authority. Your lawyer can help you in checking the property ownership.

Online rental or sale fraud

Online rental fraud is also widespread. Sometimes fake agent or owner just posts an original property with their contact details. These fake agents/ owners ask you to write down check or send money as advance payment. You can easily avoid this scam by walking away if owner or agent cannot meet you or they don’t show you the property documents.

Inflated price fraud

Sometimes property sellers try to trick you to sell property with hefty profits. They just inflate the property prices by putting the higher asking price than the real market value. This fraud can be avoided if you have information about the local property price trends. You can easily collect information about property price of a certain area by visiting the different estate agents.

Money fraud

Due to online payment system, money frauds are also common. Sometimes fake buyer or renter ask you about your bank account details to send you deposit or advance money. The real intention is to know your bank account details and steal money. Don’t give you bank details online or to the person you have never met.

Advertisement fraud

This is the age of electronic media, where new projects are advertised via TV Ads. Every developer is definitely not a fraud, but some developers are. They use expensive media complain to make an impression of great deal in the town, but in reality their projects have no NOC and even they have no land for the project. You can avoid it by asking about the NOC and also by visiting the project site.

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One Comment

  1. Imran Khursheed
    ICHS town is better option at the moment. But I will suggest you to wait for few months are property prices have started falling. This will be the biggest price crash in the history of Pakistan where investors will loose the life savings unfortunately. But genuine buyers who will wait will buy the properties at low price.
    Last day a real estate agent of DHA LAHORE told me that 40-50% estate agents have sold out the jewelry of their wives. The volume of property transactions is record low. Market has just the sellers but its very hard to find the buyers. Just wait and see and you will get the clear picture soon.
    Its better to wait rather than losing your money.

    Reply

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