How to avoid frauds related to real estate purchasing

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

Breaking Property News – 28/02/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Birchgrove and Hybr launch intergenerational living scheme A unique partnership will see students, key workers and retirees live together at new north London retirement development. Birchgrove, the UK’s leading provider of rented retirement homes, and Hybr, the UK’s leading student letting platform, today announce an industry-first…
Read More
Estate Agent Talk

Benefits Of Choosing Roger Bates Properties

Roger Bates Properties stands out as a prominent real estate agency that offers a myriad of benefits to individuals seeking to buy, sell, or invest in real estate. With a stellar reputation and a commitment to excellence, choosing Roger Bates Properties can prove to be a decision that yields numerous advantages. 1. Experience and Expertise…
Read More
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker – 28/02/24

The average 5-year fixed mortgage rate is now 4.80%, up from 4.59% a year ago The average 2-year fixed mortgage rate is now 5.15%, up from 4.92% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.73%, up from 4.64% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.30%, up from 4.25% a year ago The average monthly mortgage payment on a…
Read More
Love or Hate Rightmove
Breaking News

Rightmove calls for stamp duty reform with only 4% of London homes exempt

Ahead of the Spring Budget on March 6th, the UK’s biggest property website Rightmove suggests three policy reforms that could help people moving home: A reform of stamp duty to consider regional property price variations: Only 4% of homes in London are stamp duty exempt for all buyers, compared to 71% in the North East Less than…
Read More
Breaking News

Breaking Property News – 27/02/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Alto reveals ‘next generation’ of Lettings Progression Alto, software for estate agents and part of Houseful, has revealed further information about the improvements being rolled out in 2024 to drive a step change in business efficiency for letting agents. Leading the way is a…
Read More
Home and Living

The Versatility of Parquet Flooring in Contemporary Homes

What comes into your mind when you hear about parquet flooring? Most probably Victorian era, historic estates, grand ballrooms, and grand mansions but what if I tell you that the parquet flooring has redefined itself with warmth, texture, and classic elegance? Parquet flooring in contemporary homes is a delight to the eyes because when you…
Read More