Be Cautious Of Common Rental Scams

Common Rental Scams : The growing number of rental scams is a source of concern for the tenant community, as illegal practises in the residential leasing industry taint the sector’s image. There are several rental scams to be aware of, ranging from renting out the property without a written rental agreement to charging unreasonable maintenance fees.

Rental scams have increased dramatically in recent years. People looking for rental properties are frequently duped by common rental scams. Technology has also become a significant tool in the process, which landlords frequently use to deceive the renter. Thus, if you are looking for a rental property, it is critical to identify the unreasonable demands of the landlord, be patient, and investigate details before moving in. A few of the most common rental scams are listed below.

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No lease is required.

If the property owner has agreed to rent the property to you without signing a written contract, this is a red flag. A rental agreement specifies the length of the stay, the rental amount to be paid by the tenant, and other terms pertaining to the use of property facilities. The absence of an agreement may cause future issues for the tenant or landlord. It is simple to engage in illegal activities in the absence of a lease agreement.


Requesting payment prior to the site visit

In some cases, a broker will request a cash advance before showing the buyer the property. Another common rental scam that prospective tenants fall victim to. As a result, if the landlord or broker requests an upfront payment during a site visit, it is best to walk away from the deal. The broker may show you a few photos of the phoney property, claiming it to be the real thing. Do not be taken in by such images. Do not pay anything until you have finalised the property, even if you have visited the site.


Fraudulent real estate agents

“Consulting fake realty agents is another common mistake that a prospective tenant makes while looking for a rental property,” To combat such swindles, the Central Government enacted the Real Estate (Regulation and Development) Act (RERA) in 2016. All real estate agents are require by law to register under the Act. A RERA ID is issue to a registered broker, which tenants may request during consultation. You can verify the provided ID on the official RERA website of the state in which you intend to buy the property. The ID will allow you to determine the genuineness of the real estate agent.”

People looking for rental properties can also use property portals such as 99acres to find genuine listings of approved and verified properties.


Withholding the security deposit

It is common for a landlord to withhold the security deposit for a rental unit by claiming excessive damages caused by the tenant. To avoid such scams, tenants should take photos (or record a video) of the property before moving in and out.


Too eager to rent the property

Sometimes the landlord is overly eager to rent the residential unit. This could be a warning sign for you. A prospective tenant must conduct a background check on the landlord in such cases.


Avoiding Rental Scams

Common Rental Scams : Avoid cash transactions.

Dealing in cash makes it difficult to track down the imposter. Dealing in cash is a common practise among tenants when looking for a rental property, particularly in India. A tenant should never conduct any business with a landlord in cash. To ensure transparency, experts recommend using online payment or cheque payment.


Common Rental Scams : Request a written lease agreement.

If you’ve decided to rent a property, make sure you get a formal written deed or agreement outlining the details of both parties – landlord and tenant. A verbal promise or agreement is always problematic. A written agreement, on the other hand, serves as proof that you can use to avoid any rental scam.


Common Rental Scams : Make a personal visit.

Before agreeing to rent a property, always pay it a visit. Do not sign any agreement against a property unless you have seen it. Furthermore, the tenant should meet with the landlord in person.

It is preferable to be aware of current market rates before looking for a rental property. This way, you won’t be taken in by a broker who shows you overprice properties.

If you have the opportunity, speak with other tenants living in the property to learn more about the property and their experiences with the landlord.

In addition, if the lease is for more than 11 months, it must be registere and stamped at the sub-office. registrar’s An 11-month agreement is not require to be registere.

Keep an eye out for rental trends and scams in general. Technology advancement has proven to be both a boon and a curse. As a result, it is critical to exercise caution in order to avoid complications later on.


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