Protecting Yourself From Real Estate Fraud And a Loss of Investment

There are different kinds of real estate fraud that have been periodically reported despite the precautions and safeguards buyers usually take. It is vital that you understand the different ways you may be cheated so that appropriate measures can be taken. Protecting yourself from real estate fraud will likewise also ensure the safety of your financial investments. The first instance of real estate fraud can be a company that has no basis or real project coming up; instead they give visual and graphic representations of plans and show random landed occupancy to buyers; with these and their convincing marketing skills such companies are capable of exacting advance booking amounts from potential buyers. You can start protecting yourself from real estate fraud by making proper and in-depth search about a new company. Always try and make investments in well known realty companies that have completed projects to their name. Checking the veracity of the company with their registration number and licenses along with police records verification will be important before you make a final payment of any kind. The next kind of fraud real estate takes place in the form of transfer of title of the property. As part of your efforts at protecting yourself from real estate fraud you will need to have proper legal representation for yourself; always hire the professional services and consultation of a property lawyer who can check all papers and documents to ensure legal transfer of property ownership in your name before the final payment installment is done. Protecting yourself from real estate fraud does not only imply the realty companies; there are financial institutions and money lenders too that can cheat you with complicated repayment schemes and foreclosure of your loan account; they may also unlawfully take possession of your property on account of nonpayment or repayment installment defaults. If you are taking a loan then it’s important that you understand the financial calculations involved; also make a legal note of all the terms and conditions of foreclosure. There are a few steps that will help you in protecting yourself from real estate fraud; always keep your personal details safe and do not share these with anyone that you do not know or trust. Such information should be given out only if legally needed for paperwork. Make careful notes of the repayment of your loans and the installments. Keep a close watch over your bank and credit card statements and make an immediate move if you see any discrepancy. Contact the property lawyer and police at the earliest.