Buying property in India can be an exciting journey, but it’s also one that comes with its fair share of risks. Real estate scams are unfortunately common, and navigating the market requires a sharp eye and careful steps. At iRealty247.com, we believe that informed buyers are safe buyers. That’s why we’ve put together this essential guide to help you recognize and avoid common real estate fraud.
Top Tips to Protect Yourself from Real Estate Scams
Being proactive and thorough in your checks is your best defense against property fraud. Here’s what you need to do:
- Verify Property and Documents — No Exceptions! This is perhaps the most critical step. Scammers often rely on forged documents or unclear titles.
- Insist on Original Documents: Always ask to see the original title deed, sale deed, and other ownership papers. Don’t settle for photocopies. Have a qualified property lawyer review every single document.
- Title Search is Key: Your lawyer should conduct a thorough title search, tracing the property’s ownership history for at least the past 30 years. This helps uncover any past disputes or hidden claims.
- Check for Encumbrances: Obtain an Encumbrance Certificate (EC) to ensure the property isn’t burdened by any legal or financial liabilities like mortgages or pending lawsuits.
- Verify Approvals: For constructed properties, ensure the builder has all necessary approvals from local authorities, including the Completion Certificate and Occupancy Certificate.
- Property Tax Records: Make sure all property taxes and utility bills are up-to-date. Outstanding dues can become your problem!
- Online Verification: Many states in India have online portals for property records. Utilize these to cross-verify details wherever possible.
- Due Diligence on the Seller or Developer Scammers aren’t just about fake papers; they can also be disguised as legitimate sellers or developers.
- Vet the Identity: If buying from an individual, meet them in person and verify their identity with multiple government-issued IDs.
- Research the Developer’s Reputation: If you’re looking at a project, dig into the developer’s past work. Check their RERA (Real Estate Regulatory Authority) registration, look at reviews, and visit their completed projects if possible. Are they known for timely delivery and quality?
- Beware of Red Flags:
- Unrealistic Low Prices: If a deal seems too good to be true, it probably is.
- High Pressure Tactics: Anyone rushing you to make a decision or pay immediately without full transparency is a major red flag.
- Reluctance to Provide Info: If a seller or agent makes excuses to avoid sharing documents or allowing site visits, walk away.
- Smart Financial Transactions How you pay is as important as what you pay for.
- Avoid Cash Payments: Always make payments through traceable methods like cheques, demand drafts, or bank transfers. A paper trail is your best defense in case of a dispute.
- Verify Payment Instructions: Double-check all bank details and payment instructions, especially if they come via email. Fraudsters often send fake payment instructions.
- The Power of Professional Guidance Don’t go it alone. Expert advice can save you from costly mistakes.
- Engage a Property Lawyer: This is non-negotiable. A good lawyer will guide you through the complexities and ensure all legalities are covered.
- Registered Agreements: Ensure all sale deeds and agreements are properly registered at the sub-registrar’s office, and stamp duty is paid correctly. This provides legal validity to your transaction.
How iRealty247.com Protects You from Fraud
At iRealty247.com, we understand the anxieties that come with property investment. That’s why we’ve built our platform on a foundation of trust and transparency.
We take the guesswork out of finding reliable real estate professionals. Our brokers aren’t just agents; they are vetted and trusted advisors. This means:
- Rigorous Vetting Process: Every broker on iRealty247.com undergoes a thorough background check and verification process. We ensure they have a proven track record of ethical practices and client satisfaction.
- Expert Guidance: Our advisors are knowledgeable about local laws, market trends, and most importantly, the nuances of avoiding fraud. They’ll guide you through the entire process, from document verification to legal formalities.
- Peace of Mind: When you work with an iRealty247.com broker, you’re not just getting a property; you’re gaining a partner who is committed to securing your investment and ensuring a smooth, secure transaction.
Don’t let the fear of scams deter you from your dream property in India. With careful planning, professional help, and the trusted expertise of iRealty247.com’s advisors, you can confidently navigate the real estate market and make a secure investment.
Ready to find your next property with complete peace of mind? Visit iRealty247.com today!
