Property fraud: Don’t Get Cheated When Buying a New Place!

Property fraud: Don’t get cheated when buying a new place!
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Yes!  As scary as it may sound, but property fraud is real! You can actually get cheated, and that too in a big way, at the time of buying a property. There may be certain vital issues that may get ignored in the haste of acquiring a new place – things that you don’t even think of before acting and signing those papers of purchasing the property. What’s more, sometimes you even pay more than half the amount, and then realize you have been cheated! But alas, instead of regret and frustration, nothing remains – nothing can be done to amend the situation! 

There have been hundreds of cases of property fraud registered wherein the buyers have been cheated in various ways. Sometimes they lose all their money, while a few times, the property and the investment remain prisoned in some legal battle. Also, in some instances, the buyers have been duped into buying a place that was far more dilapidated than it seemed. That is why home inspections at Nashua, NH, and proper legal procedure are recommended always before buying any property.  

  •   Some instances of property fraud!

You may be cheated in numerous ways when going out to buy a property. Therefore, always stay alert about the following cases and take legal action immediately when you notice any such kind of situation. They are — 

o   Selling of dilapidated building painting it new — There have been many cases wherein the building looked amazing from outside, and is all freshly painted to charm the buyers. But when all the necessary procedure is over and the property is handed over, the place starts showing signs of wear and damage in no time. This leaves the buyer no choice but to pay a large sum for repair or even renovate the entire place sometimes. As the property is already sold, you just can’t ask the seller to pay for the same. To avoid such kind of cheats, always call upon a home inspector in New Hampshire from Alpha Inspections. A licensed and experienced inspector will take a detailed survey of the property and point you out each and every problem in the property, and also determine its age and approximate life. Thus, you get saved from loads of hassles. 

o   Fake documents — Always make it a point to file the documents yourself, and never trust the seller entirely on this matter. This can actually lead to signing up fake documents. And later when you have paid the heavy sum, you actually get to know that the documents were false. Ensure to be accompanied by your lawyer for signing the contract, and keep some acquaintances present at the place as witnessed for added proof. 

o   Multiple mortgages — It may happen that you may buy a certain place from a seller and the seller would have already mortgaged the same in some bank. And if the person would be a bigger cheat, he/she would have got loans from multiple banks on the basis of a single property. And after you buy the same, you are entitled to either pay the heavy sum or give up the property. This can be a dangerous fix! Hence, always do a lot of research about the property you are buying, and then move ahead with your decision.  

o   Encroachment— The plot you may be buying may actually be belonging to your neighbors. (or maybe half or part of it) Under this instance, you pay for a huge space, while what you may get may not be even half of it. And as the new property owner, you’ll be tagged as a criminal here too. 

o   Selling someone else’s property — Many a time, some fraud person or a tenant sells the property to a buyer saying that it belongs to him/her. While actually that person may just be a tenant or relative occupying the space for the time being. Under the case, if you buy a property from a person who isn’t an owner at all, and the original owner may not know about this deal at all, you are in a bad fix. Proper research and thorough legalization are important in order to avoid such a fraud deal. 

See Also

o   State land deal —There have been numerous cases wherein the seller sells a land saying It belongs to them, while it is government property. Building anything on it can be illegal, and can even get you behind the bars. Again, very thorough research (and not giving in to temptations) is required to get saved from this jinx. 

There can be more serious fraud cases. Therefore, it’s really important to stay alert against all such situations and save your life and money from getting duped! 

 

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