In today's market, real estate frauds are increasing day by day. Even though customers are well informed, it has become very difficult to identify frauds in real estate. In this blog, we will discuss some of the real estate scams in India.
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Under title fraud, fraudsters will create duplicate title deeds and claim themselves to be the owners of the property. This kind of scam is usually done on the properties which are vacant for a long time and whose owners are staying abroad. This is even done on disputed properties. After creating a duplicate title deed, the fraudster will sell the property to innocent buyers. By the time the fraud is detected, the fraudster will have disappeared.
To avoid this kind of fraud, it is very important to hire a legal advisor and discuss all property related documents with him before buying any property.
Many builders promise fixed rental income from the property, by publishing fake rental listings over the internet. Many people buy property without doing proper research. They believe they will get good rental income from the property. But, once the buyer receives possession of the property, it may be very difficult to rent it out.
Under this type of fraud, unscrupulous people take advantage of homeowners who are trying hard to repay their mortgage loans (Loan against Property).
The fraudster promises lower monthly payment and a consolidation loan, in exchange for an upfront fee and asks the homeowner to transfer the property title to a new lender. Later, the fraudster will sell the property without the knowledge of the property owner and keeps the payment made by the owner for himself.
You are pledging a property of high value in a mortgage loan. So, make sure you do proper research on the lender before submitting your documents.
Are you a victim of real estate fraud? You can lodge your complaint at IndianMoney.com complaint portal IamCheated.com.
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