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.

 

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