How to avoid frauds related to real estate purchasing

March 7, 2019

If you would like to acquire a property at a certain point, it is recommended to pay attention to potential frauds that might occur. For instance, there might be hidden litigation issues which are not mentioned in a sale contract. In any case, it is advisable to talk to a lawyer and find out all the things to consider and bear in mind before signing a contract for your real estate purchase.

Working with a real estate agent

It is important to have a strategy in the first place and ask for complete support when buying a real estate property, whether for business or for your personal interest. A real estate agent might be the proper solution in this case because he/she knows the market and can tell you more about the property you would like to acquire. For example, a real estate agent can tell you what kind of property to avoid, especially if there are reasons to believe the prices are too high for that offer or if the building or the house you want to purchase is subject to litigation or any related matters.

Besides working with a real estate agent, it is important to have the support of a solicitor who can analyze all the documents of the property and see if there are any hidden problems that you don’ know. The same advisor will have to verify the sale and purchase contract where the history of the property is mentioned and also discover if there are any possible misunderstandings. Frauds might intervene at any time when deciding on purchasing a property and there are cases in which you cannot acquire a house due to unsolved litigation cases. You might want to ask for legal advice before buying a property and skip any confusions that might arise.

If some problems appear and you see that you have been the victim of a fraud, you may contact a criminal solicitor who can offer you legal assistance.

Do I need real estate due diligence?

Yes, another option for all buyers is to ask information about real estate due diligence and the entire procedure. This kind of process involves a series of stages like a strong verification of the documents, a structural examination of the land where the property is located, and if there are any mortgages involved that might stop the transaction. All the legal problems can be revealed by a real estate due diligence and if there are any breaches or hidden debts involved, there are lots of chances for you to postpone the purchase of the property. You should know that a lawyer experienced in real estate due diligence procedures represents the proper solution for any kind of investor or natural person looking to acquire a property – a house, an office space or building. It is important to know that you shouldn’t sign any contract until you have your solicitor’s permission. This way you can be protected by frauds that may appear.

 

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website.

You May Also Enjoy

Breaking News

Housing market gets off to its strongest start in three years, with new sales agreed up 12 per cent on 2024

The 2025 sales market has got off to a stronger start than in 2024 or 2023 with buyer demand up 13 per cent and 10 per cent more homes for sale Rising sales are supporting UK house price inflation which is +2.0 per cent in the year to December 2024, compared to -0.9 per cent…
Read More →
for sale sign london
Breaking News

Westminster council must outline how their proposals on property boards will not hinder market

Westminster City Council must explain how their proposals to renew the existing Regulation 7 Direction and expand it to the whole borough will not hinder the sales and lettings markets, Propertymark argues. At present, some areas of Westminster are subject to a Regulation 7 Direction, which means consent from the Council is needed to display…
Read More →
Breaking News

National Federation of Builders View on Chancellor’s Speech

At the Autumn Budget 2024, Chancellor Reeves scaled back her interference in the planning process. However, in her speech today, she returned to the position that a well-functioning planning system is crucial to not only enabling growth but, more importantly, sustaining it. Richard Beresford, Chief Executive of the National Federation of Builders (NFB), commented: “The…
Read More →
Letting Agent Talk

Landlords and Tenants: A Balanced Relationship in the Private Rental Sector (PRS)

New findings from Leaders Romans Group’s (LRG) latest survey reveal a balanced picture of landlord-tenant relations in the UK. Contrary to negative stereotypes often portrayed, the data shows that tenants view their landlords positively while highlighting areas for improvement in communication and responsiveness. The survey found that 55% of tenants believe their landlord provides quality…
Read More →
Estate Agent Talk

Government Correct to Head Off Climate and Nature Bill

The ‘Climate and Nature Private Members’ Bill’, brought forward by Dr. Roz Savage MP, seeks to set new legally binding targets for climate and nature, as well as give the Secretary of State a duty to implement a strategy to achieve these targets. The National Federation of Builders (NFB) has worked closely with Government’s old…
Read More →
Breaking News

Property expert issues warning ahead of stamp duty changes – this is how YOU could avoid paying more

New stamp duty rules are set to come in from April which could catch out many homebuyers and leave them paying thousands more than planned. Currently, first-time buyers do not pay any stamp duty on homes costing up to £425,000, while the threshold for other buyers is £250,000. But from 1 April 2025, the threshold…
Read More →