How Can A Property Fraud Be Recognised?
A dream home can require a lifetime of savings and therefore is emotionally significant. Even though there are many benefits to buying a new house, it’s crucial to avoid falling for a real estate scam. Do you know how to spot bogus real estate paperwork and fraud in India? A property fraud may be a dreadful experience because it not only causes financial loss but also legal suffering. India has a number of laws in place, but scammers are still able to con customers. They fabricate property paperwork or provide a positive scenario in order to persuade the buyer to accept the sale right away. They will occasionally sell the same home to many buyers, take the money, and then disappear.
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In a fairly comparable occurrence, the Economic Offenses Wing (EOW) in Mumbai detained a father and son team in connection with a builder scam involving Rs. 10 crore in Borivali. The two provided Man (Mohan), a real estate agent, the letters for four flats. The apartments maintained as security for Mohan’s brokerage payment were included in the letter allocation, along with the flats he purchased from a parent & son in a Borivali building. The pair tricked Mohan, nevertheless, and sold some of these flats to other people. Even though they had promised to refund Mohanthe lost money in a year, the pair fell short. Additionally, if they didn’t, they agreed to pay 24 percent interest on Rs. 8.31 crore. Police reports state that the pair has not yet paid the agreed-upon sum.
Although this was just one instance, there have been numerous other instances when builders or developers have taken advantage of buyers. Lack of knowledge and research are undoubtedly some factors that contribute to such situations. So, in order to assist you spot property fraud in India and stop being dupe, here is a guide.
How do you spot a property scam?
A property fraud could potentially happen in your planned real estate purchase if any of the following conditions exist:
Seller desires a quick sale.
A red flag can be the seller seeking to seal the deal quickly and demanding a sizable sum of cash. A fraudster would act with great urgency and try to entice you with a good deal in exchange for your quick signature. The seller in question can also be overly eager to reveal the paperwork without being asked to do so.
The real estate deal seems too good to be true, right?
If you receive a really generous offer, you should keep an eye out for a fraudulent property registry. It can be a tactic use by scammers to lure victims with enticing offers and exploit their anxiety over losing out on a once-in-a-lifetime opportunity.
Documentation that is suspicious
It could be a red flag if the seller does not permit scrutiny of the loan documentation, ownership documents, or title documents. In such a situation, the seller is typically hesitant to ask banks or the appropriate government agencies for a certificate of no objection prior to the transaction.
Several land records have been digitize over time and are accessible online. In order to confirm the paperwork, buyers can attempt to access the internet records. Applying for certified documents from the local revenue authorities will allow you to double-check the records.
There is no way to inspect the property.
If the vendor is unable to offer all the information or does not grant full access to the property, it may be a hoax. In such circumstances, the seller does not provide a physical inspection of the property.
Things to keep in mind when selling any property to spot a real estate scam
- Never accept an online advance payment without first verifying the buyer’s information and identity
- Never divulge all of the property documentation to a person you are communicating with online.
- It Never provide the buyer or agent with your KYC or bank information without first entering into an agreement.
- To close the purchase, stay away from online chats and video calls presenting the property.
- When a direct call from a potential buyer expresses interest in a home based solely on photographs and without having seen the actual property, the seller should exercise greater caution.
What should you do if your property documents are fake?
The following actions can be implement right away to deal with the scenario mentioned above:
Make a police report
Make a criminal complaint against the individuals who committed the forgery at the police station under whose jurisdiction the property is located in order to launch an investigation and bring all those responsible to justice.
Public awareness
Make a public announcement warning the general public not to rely on the fake paper for any kind of transaction. If the fake document has been utilise in any transactions, ask the public for information.
Consult an expert
You can speak with a lawyer and go over your legal choices. You can also do a thorough title search with the Registrar of Properties’ office to find out if the falsifiy document has been utilise in any transactions.
Options for legal action
For legal redress, the disagreement may also be brought before the courts. Vis Legis Law Practice’s founding partner continues, “If the rightful owner no longer has ownership of the property, file a civil lawsuit. This step is essential to obtaining a court order restoring possession and prohibiting the offenders from accessing or using the property based on the aforementioned fake document. Another goal of this action is to prevent the offenders from using the document to conduct any more transactions and to obtain a stay order in the event that any additional transactions are conducted using fake documents.”
After acquiring the seller’s KYC documents, buyers should always require that the initial token amount be paid through the bank. And the same should hold true for the property paperwork. If the housing project is brand-new, the buyer can look for RERA registration or local authority approvals for the project’s right to be built.
Indian real estate markets are expanding quickly. Because there are so many real estate transactions taking place, fraud can be possible. The house buyer would be wise to exercise caution and alertness before finalizing any agreements.
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