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Sunday, July 21, 2024

Top 5 Common Property Scams You Need to Watch out For

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It goes without saying that real estate is one of the most thriving businesses in the contemporary world. As the new projects are in pipeline, so are opportunities for potential investors. 

That said, just because the system is doing well doesn’t mean there aren’t any hidden problems. While there are many options available out there, the process still requires a lot of research and cautions. 

To clarify, scammers are everywhere. These people will not only try to sell you fake properties but offer you a bogus agreement as well. And if you get caught in their trap, you would face the repercussions in the coming years.

Spotting a real estate scam can be difficult but we are here to help you out. Whether you’re buying a property in DAMAC Paramount towers or selling your villas in Arabian Ranches, pay attention to these things. In this way, you can avoid losing your hard-earned money.

Unreliable Agents

This is the most common property fraud you should know about. You can trap yourself in a quagmire of problems if you get in touch with unknown property agents.

Therefore, make sure whether or not the person you are trusting with your money belongs to a tested real estate agency.

Visit the office to verify their existence and also check out their website, if they have any. Many property portals in Dubai provide the most authentic way to avoid these frauds and help you get in touch with agents who can be tracked and trusted.

False Listings

Many websites claim to be real estate portals. Most of them lack the appropriate mechanism to block people from listing fake properties. It doesn’t matter which portal you use; ensure the price of the property you’re considering is not unusually greater or less than other similar properties.

In addition, go for the ones that have a ‘blue check-mark’ on the top right corner of the listing. This mark verifies the physical presence of the listed property. However, the predicament of a false listing isn’t going away anytime soon. So, stay alert and never fall for take listings. 

Fraudulent Property Buyer

Be careful! A potential buyer of your property could be a fraudster. For this, meet the dealers in person and gather as much information as you can. Make sure to ask for their NIC before you discuss any matter related to property and money.

Avoid handing over any document or official paper specifying property possession or ownership until the deal is officially finalized.

Fake Documentation

Are you sure whether or not the documents handed over to you by the relevant person are authentic? 

This is one of the most concerning questions scaring everyone that is involved in any real estate deal. Since, fake documentation is the most prevailing scam, it’s pertinent to verify papers from credible sources.

Take guidance from an experienced property lawyer or head out to a law institution to comprehend the legalities behind the deal.

Never accept or sign a document that looks doubtful to you and always go through the process of legal verification.

Incorrectly Communicated Market Value

Never completely depend on property agents if you want to know the market value of the property you like. In most cases, they would multiply the actual price by two or three. In this way,  they deceive the clients.

What are you supposed to do now? Search for the listings of properties similar to the one you are interested in on different portals and compare the prices.

You can get a general idea about the expected price range of a particular property type that you wish to buy or rent. Moreover, you can also check the price index page of the websites to know about the rising and falling demand and rates of properties across the city.

Buying or Renting an Unseen Property

Never do that. It is yet another blunder most property tenants and buyers are guilty of committing.In order to avoid the annoyance of travelling and inspecting the property themselves, some people risk their hard-earned money by buying or investing in unforeseen property.

Digital mediums, including GPS, pictures and maps posted on the portals, should be enough for you to finalize a property deal. For example, if you are planning to buy a property in secondary Arabian ranches 3, visit this place in person. Inspect the place thoroughly and then take a plunge.

The Bottom Line

It’s always a good idea to keep a checklist with you while buying or renting a property. Scammers may try to deceive you, but it’s pertinent to avoid the frauds by taking small precautionary measures. That said, always notify law-enforcement authorities if you’ve been cheated or if you feel that someone is trying to scam you.

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