The real estate business has become very popular and famous. The term property refers to the property, Building, land and any other resources which are present on the farm like crops, mineral, the air above it or the water in the area, etc. The real estate industry works by the concept of producing, buying or selling the actual estate property.
Due to the vast development in the real estate markets, we as clients get lost in the world of real estates where everything seems to be fancy, and if you are not clear with your choices, you might end up losing your money for some property which is not worth its price. Thus selecting real estate agents is very important and crucial for you analyze before you start to look for a property.
Some companies can cheat you by giving bad advice and making you believe that a property is right and make you buy the property at a price which is much higher than its actual worth.
The following are some of the scams in the real estate market:
- Sales of illegal Properties to clients.
- Renting out vacant homes.
- False Promises.
- Demanding to get more commission.
Selling illegal Properties:
Before buying a property, you must make sure that the property you are buying is legal and has all the necessary documents. There are many cases where the agents fake the documents which are required to sell the property. Some properties that lie vacant for a long time due to some legal issues get sold to clients. You will be tricked in to buying stolen property and by the time you have paid for the property and the commission of the real estate agent the agent who has tricked you would have escaped, and it will be tough for you to trace back the actual estate agent.
Renting out vacant homes:
There might be vacant houses where the house owners must have gone out for vacation or might have to go abroad for a period. Some fraudsters make use of this opportunity and trick you into buying the property. This kind of spam is prevalent in recent days. The agents pretend to be house owners and convince you to purchase the assets by creating fake documents. To prevent this from happening you need to enquire the neighborhood and ask the necessary questions.
Some real estate companies provide you with false hopes such as they promise you that they will finish the completion of the building at one price but in the end, they will trick you and charge you more money. Some agents will tell you that they will finish the deal in a particular time but drag it and make you roam around here and there.
The demanding commission can happen when you buy a land or a house; the agent might tell a price just to convince you in the beginning then when you have signed few documents they will demand more money. Always have a signed agreement with the agent which has the amount you have to pay the agent.