May 19, 2024


Mad about real estate

How To Protect Yourself From Real Estate Fraud

In the earlier days, it was easy to buy, refinance or sell properties. The buying and selling process are straightforward and people were more trustworthy than today. Communities were small and people know about properties that are for sale by word of mouth. Responses are immediate and deals are closed without too much hassle of evaluation, paper work and the like. But the reality is that these days are gone. The process has become complex and the people who make things happen have increased. If before, you can sell or buy a property by yourself and be confident to handle things, these days, it is best to get the right people to represent you and protect you from possible unusual circumstances. Now, you will have to deal with real estate brokers, appraisers, mortgage lenders, real estate agents, lawyers and other personalities that will be needed in the process.

Availing of the services of professionals is the first step in protecting yourself from fraud. These professionals know indicators of bad deals and they can easily advise you on your possible next moves to avoid negative experience. With real estate as a critical and a major area of interest, the government has adopted laws to require professionals to secure their licenses in the practice of their profession. Knowing this, the risk becomes low as you have somebody who would not want to jeopardize his license just to enter into a false deal.

The best person to protect you from frauds is a real estate lawyer. You have to find one who will only be loyal to you and nobody else. He is the person to trust and he is responsible for protecting your interest. You have to make sure that you will be hiring somebody who is trustworthy, experienced and credible. Sometimes there is a higher price tag for this type of lawyer but it is surely worth the difference in price when you get somebody you really do not know.

In your hiring process, never trust recommendations without doing your background check. There are established network of professionals that may look credible but sometimes these organizations can pose some problems because of their expertise. This expertise can be used to impose some fees and other costs and instead of helping you, they can make you feel robbed at the end of the process.

When you already have a trusted real estate lawyer, you can avoid fraud by not signing any document that your lawyer did not approve. There are many cases when people sign documents just to satisfy notary requirements and end up discovering that there are stipulations in the document that were not agreed on.

Always use the services of your lawyer whatever is your concern. You have to be honest and tell him about your observations and listen to him as he will always have recommendations that can make you benefit even more.

The most important way to avoid fraud is to know what the law says. You also have to do due diligence in updating yourself about the state of the real estate industry and improve on your level of understanding in the field. The knowledge that you gain can make you do away with suspicious and fake dealings.