Real Estate Scams You Must be Aware Of
This scam is quite common all over the world. Basically, it involves a house owned by different people - usually left to kids in a will - where some of the house owners aren't actually willing to sell the property despite the other owners wanting to. This could result in huge problems if you end up paying somebody for the house before the fiasco is actually cleared up. To avoid falling for this scam, make sure you have a good lawyer by your side who can ensure that he can null all of the legal rights that anybody has to the house that you are interested in buying.
There are times when a house is sold and the active tenant in the house isn't informed about it. As such, the said tenant might refuse to leave. Unfortunately, the police won't be much help in cases like this, so make sure that the house you are interested in doesn't have any active tenants before you buy it. If there are, then make sure they leave before you pay for the house. Otherwise, you could end up with a huge headache in your midst.
This scam involves you signing a contract or document, but failing to register said contract or document with the necessary municipality. This makes the document unenforceable. To prevent this form happening, make sure you have a good lawyer.
As mentioned earlier, it is necessary to officially register the contract or document that you sign with the necessary municipality after you buy a property. If you don't, then the seller sill has all the right to sell the house to other people. The first person who registers it with the local authorities is the one who will get the property's official deed in the end. Naturally, this scam can be easily avoided if you choose to register the property right after you buy it.
This scam involves a person selling you a property that actually has a building restriction imposed by the government. This restriction will basically render the purchase completely useless. There are also other cases where your property of choice might be at the base of a huge unstable heap of sand that will collapse the minute you start construction. If you want to avoid this, make sure you visit the property before buying it and make sure you never commit to any kind of house just by looking at it on the World Wide Web.
It may look like that real estate has too many scams involved with it, but don't let this article scare you off. This is just a warning for you to heed. Most of the time, real estate purchases end up happily, so don't fret!