Real estate frauds have become very common today. There are a lot of cases being reported every single day about the people are being cheated and robbed of their properties or hoe they lose the properties to unknown persons. Here we are listing the different ways in which real estate frauds can take place, and it is important that you are aware of what you are doing. There are five possible ways in which real estate frauds can happen. The following is the list of the five things due to which people are being cheated.
Delay in projects:
In case if there are traces of any frauds happening, you may find that sellers may delay in finalizing the projects or in case of construction the builders might delay the project. In such instances, the buyer must be aware of the reason as to why the project is getting delayed. There could also be a genuine reason for the delay. But as long as you aren’t justified with the delay, it is better that you have a conversation with the concerned person.
Delay in approvals:
Delay in approvals is similar in nature to delay in projects. But the two things happen during different time periods. Project approvals happen during a much early period where the person is yet to begin the project. This can happen when the person has unnecessary financial expectations from the potential buyer.
Ownership frauds:
This is one common type of frauds that are quite prevalent in the market. In the ownership frauds, the title of the property is under dispute and the person selling it hides the issue and sells it to the buyer. In some cases, the buyer will be held responsible for buying a property that is owned by someone else. This is a prevalent type of fraud in the real estate market
Unrealistic offers:
You should always keep in mind that all sellers require margin and it impossible to offers that are beyond a limit. Against this law, if a person is offering discounts, then it is the time that you watch your foot. They are high chances that you land up in trouble. So unrealistic offers are not a part of the market that is as rich as this.
Income from the investment:
Just like the above cases the seller or the builder might come up with business offers that are irrelevant to you, and also they promise reliable returns from them. If you have been a part of the real estate business and if you know the up and downs of the industry probably you might not fall prey to it. But if you are a first timer there are high chances that you might lose track.