Real estate scams are crimes that can occur when looking for a property. Usually, it is performed through a trick in which the buyer is made to believe that something is not real if you are decided and planning to buy a new house or apartment in Hyderabad, in terms of price, size, location, and comforts.
Taking this as an opportunity some developers use to make fraud in real estate transactions. That is why customers have to take into account what are the most common crimes committed while buying a home and eradicate them once and for all.
Below are some of the recommendations that you should take into account when looking for your house or apartment without falling for real estate scams.
What You Should Know About Real Estate Scams?
- One of the most common real estate scams is to request the delivery of an advance of money with the promise of future access to a property in advantageous conditions.
- A large part of real estate scams are produced by buying on plans and delivering amounts on account, which may not be recovered if the promotion does not succeed. Therefore, it is necessary to ensure that all papers are in order and that the data match.
- In the case of second-hand homes, the consumer must take precautions in the pre-notarial phase, negotiation and agreement of wills. Above all, you should avoid delivering amounts on account if you have doubts about the ownership of the home.
- In buying a house, you must be very careful from every point of view. At the time of signing any document, whether to buy or rent a property, you must ensure that all data is clear and matches those of the property and never sign anything of doubtful origin.
Look at the below five false promises made by the developers while buying a home to a buyer.
Purchase Payment Is Secured and Given Back
Before buying a house in Hyderabad, you should know that the payment process clearly to avoid frauds. While making payment for booking a house if any developers promise that your money can be given back if the property selected not suits you.
But it is a false promise because once the money paid to the developer, you cannot expect to take the amount back. Due to any reason, if you decided to cancel your purchase deal, you have to forget the booking amount paid to the developer.
Some people attract with the discounts given by the developers for spot booking and tend to pay booking amount without taking payment receipt. If you found that the title was not clear and unluckily you didn’t have proof of booking payment made to the developer. So at the time of payment of booking amount you have to ask a copy of the booking form and payment receipt to avoid future frauds.
Adjusting the Purchase Agreement
In the home buying process, you have to get an agreement copy from online forums or banks to make a secure purchase. In case the tri-party agreement is signed between buyer, bank or HFC, and the property developer, the bank contains a sample agreement copy.
During the purchase agreement if any developers say that it can be changed as per your requirement, then it is a false commitment made to you. No agreement can be changed after signing by the parties. You have to check thoroughly the rules and obligations of the agreement to make safe transactions.
Therefore, all the financial and legal commitments have to write on the letterhead or from the authorized sign as approved by the board of directors of the company.
Many of the buyers believe that the project will be completed as early as possible before the date that has mentioned in the agreement. It is never done as the date in the project completion cannot be changed.
You have to know that this is one of the false promises made by the developer if they are sure to complete the construction of the project before the mentioned time then it can be stated in the agreement. If it is not, then you have to understand as it was a false promise made by the developer.
Best Price Offerings
While buying a property, you should be aware of the market price of under construction and ready to move projects. The developer can say that the price of his property was very best as compared to other properties in nearby areas. You should be aware of such promises and should check the detailed information of the project before signing in agreements.
You should know the fact that the developer will never agree on the price correction. The price of the project is designed in a way with which you will get a false impression and feel as you are getting the best deal of the city.
While buying property buyers should be aware of a trap made by the developer. You should not trust them and go through complete specifications. It can affect you at at the time of occupancy of your house. Moreover, you have to be cautious of hidden charges of property as the developer find ways and techniques to fetch a little extra from the buyer. The most common are VAT and Service tax.
Any changes in service tax are charged based on the service nature. The charges include labor cess, metro cess, dual meter installation charges, etc. Almost all these charges are false and not applicable in real estate transactions. You should ask the property developer to clarify the process of construction and expense, and then you will not get any answer if he committed a crime.
Every buyer should be aware that oral and verbal commitments are not considered legally in real estate transactions. When you mutually agree with property developer should be recorded in the legal agreement.
If the changes are not maintained in the legal agreement, then you are being trapped in the real estate scams only to close the deal. So, you should be beware and always remember to check the fraudulent in real estate transactions.
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