Common Property Scams

With a thriving real estate market and multiple easily available plots on instalments, property scams are not a novel term for people around. Despite us having LDA approved housing schemes in Lahore, people often fall victim to property scams. We at Al Ghani real estate agency are highly vigilant in providing our clients with the best property match at a valuable price and avoiding them to fall victim to property scams.

We are here to prevent you from falling into the pit of property fraud which can cost you a lot of damage. Here is what you may fall victim to:

1. Bogus Listing

Real estate marketing has also taken a turn online with digital marketing trends. Today we see multiple online platforms advertising to sell plots and property online which also lead to scams. While considering any property online always cross-verify its value from other sources to be sure about the listing’s originality. Similarly, always choose authentic verified websites to avoid falling into the hands of fraudulent sellers and buyers.

2. Unverified Agents

You readily become a victim to fraud when you get in touch with unverified real estate agents that are unreliable. You must investigate thoroughly before finally choosing a real estate agent. Visit the person’s office, look whether he or she is working under a registered real estate agency. Also, ask for their previous clients and get in touch with them so that you are sure about your choice.

Also read: Things to Do Before Buying A House

3. Fraud buyers

Whether a buyer or a seller both are equally vulnerable to become a victim to a property scam. Always meet your potential buyers in person and discuss details vigilantly. You cannot choose a buyer without being legally sure about his whereabouts, thus ask for identity proofs. Another important thing to consider is the person’s criminal history or any other alarming detail that may help you avoid getting in the hands of a fraudster. Moreover, never share property documents with anyone unless the deal gets finalised.

4. False Documentation

False documentation is one of the most reported property frauds and has somewhat been the oldest one till date. Parties often do not share original documents at the time of transfer which later leads to fraud. Always consider an experienced property lawyer to help you with the documentation and transferring process to avoid any scams in the future.

5. Uninspected Property

You can surely not make a deal without visiting a property whether a plot or a house. In case of a constructed property either residential or commercial, you must inspect each corner to analyse its condition. Closely look at temporary structures or wall fillers, fraudsters often use low-quality materials to temporarily fix a damaged property and sell it.

Even if you choose to rent a property, you must go see it by yourself more than once to avoid any issues later.

Also read:The Must Haves of a Good Housing Scheme

6. Deceiving Property Value

A property agent or online platform may mislead you by deceiving property values, hence, beware! Always choose to cross verify the property’s value by contacting real estate agents of that area. Another way of checking for property value is to analyse similar property rates and values, this way you can have a greater idea of where the market is leading to.

Property scammers might find advanced ways of deceiving people in future, but we will always try to help people by highlighting these issues. Just a few simple things can help you avoid bigger property scams in life.

Summary

Property scams are no new to this world. With booming real estate industry, scammers yet got multiple opportunities to try their luck at deceiving people and making illegal money. We, however, have used this platform to highlight what property scams you may come across in the modern age and how you may avoid them. Property scams can cause hefty damage to anyone who falls a victim to them. Just make sure that you make the right choices at the right time by following our instructions to avoid falling into the pit of property scams.