How To Protect Your Property From Fraud

Dated: 07/11/2018

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The real estate industry has witnessed drastic evolution in terms of advertising,  especially when it comes to driving property sales. If you are a novice in the real estate industry as a buyer, seller or even an agent, it is important for you to know how the real estate industry functions. Generally, buyers hire realtors in order to get the best deals. Still, not everyone is aware of the frauds that can happen when buying or selling a home. In this article, we will cover ways that can help you to protect your property from fraud.

Research before you invest

It is crucial to research the real estate market and the property before you take the step a forward and invest in it.

Check out the company first. Look at their credentials and past clients. Be very wary of mail solicitations claiming to give you home deals that are too good to be true - they probably are! Never make an investment decision without thorough research. Don’t be shy to inquire about the relevant details pertaining to the property. Ask locals questions about the history of the property and visit the property personally before you make a bid. Do not invest until you see detailed site plans, building permits, inspection reports and any other relevant documents.

Do not send your bank details through email

Be on the alert when you are asked to send your property or bank details via email. When fraudsters intercept emails between the buyer and their solicitor , they may be able to alter the bank details so that the money is sent to their own accounts. To avoid being the victim in such a fraud, avoid sending your bank details via email. Either call the agent over a secure line or meet them in person to exchange the information. If you receive the recipient's bank details via mail but do not receive the same details through post, call the company to ensure the details are correct.

Restrict Your Property Title

Another way to safeguard your property further is by applying to put restrictions on title deeds of your property. This stops land registry from registering a sale or mortgage on your property unless a solicitor certifies the application that is made by you.

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