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How to avoid real estate scams: an essential guide to buying a home safely - Infobae
Source:
www.infobae.com
September 12, 2024
Purchasing a property is one of the most important investments, but it carries risks if precautions are not taken. What key steps are recommended until hiring reliable professionals who guarantee a transparent operation?
By Jose Luis Cieri
Good advice is recommended and avoiding depositing money in advance before moving forward with the real estate transaction (Illustrative Image Infobae)
Starting the process of buying a property is, without a doubt, a moving experience that can also include some risks: so-called real estate scams, fraudulent practices that range from false advertisements to digital identity theft.
To avoid these dangers and ensure safe operation, it is essential to follow some key recommendations.
The first defense against these types of scams is to identify red flags. One of the most obvious is that the price of the property is significantly below market value. That is a classic sign of possible fraud.
Another red flag is the refusal to provide the exact address of the property or the request for personal and banking information before any visit or signing of a contract. It is also important to be wary of any request for payment in advance, as well as of publications or contacts from abroad that demand quick decisions. The lack of clear and coherent information about the property is another warning sign.
Martín Beorlegui , director of the residential area of Baigun Realty, told Infobae that scams in the Argentine real estate market have been a growing problem in recent years. “Not only do they imply economic losses for those affected, but they also damage the confidence in professionals in the sector and make it difficult to access housing, as well as the entry of properties for sale,” he said.
The information provided should always be independently verified. It is recommended to consult public property registries and, if possible, turn to professionals in the sector such as lawyers or trusted real estate agents who can carry out a thorough review of the transaction.
Victims often look for properties at low prices or in high-demand areas. It is key to verify documents with a trusted professional (Getty)
“The most common scams involve the sale of properties with flaws in the titles, which can involve anything from a fault to their complete absence. In this context, buyers are often under pressure from attractive prices or urgency in the purchase, which leads them to make hasty decisions, which is why the advice of a professional is crucial to avoid entering this path,” said Verónica Pagola , CEO of Century 21 Argentina.
Pagola said: “Verifying the documentation is critical to avoid fraud. The property deed must be reviewed to verify that it is duly registered in the Property Registry of the corresponding district and that there are no additional annotations indicating liens or mortgages. And the Ownership Report must be seen, the document that confirms the legal status of the property, revealing whether there are liens or legal problems.”
The cadastral status verifies the dimensions and characteristics of the land, which must be the same as those stated in the deed. The report on prohibitions verifies that the seller is not legally prohibited from disposing of the property.
Beorlegui recommended taking precautions by verifying that professionals “are registered and qualified, in addition to investigating their career and references.”
It is essential to carefully review titles, documentation and deeds, among others, so that the purchase and sale operation is successful.
Beorlegui stressed the importance of verifying titles and digital plans and validating credentials in developments. “In addition, bank transfer should be used as the only means of payment to avoid handling cash,” he said.
In more serious cases, such as scams involving multiple victims, the matter can escalate to criminal level, which complicates the recovery of money, especially in situations where documents are falsified. When falsification of deeds or certificates is detected, it is crucial to act quickly and report it, as this type of fraud directly affects the registry system.
Although the recovery of funds is difficult, a judicial process can lead to the resolution of the conflict, however, the process can be tedious and requires the intervention of a lawyer.
“It is vital to have a professional in every transaction. A good professional facilitates the negotiation, helps to identify warning signs and verifies the legal status of the property, minimizing the risks,” concluded Pagola.
www.buysellba.com
Source:
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Adquirir una propiedad es una de las inversiones más importantes, pero conlleva riesgos si no se toman precauciones. Qué pasos clave se recomiendan hasta contratar profesionales confiables que garanticen una operación transparente
www.infobae.com
September 12, 2024
Purchasing a property is one of the most important investments, but it carries risks if precautions are not taken. What key steps are recommended until hiring reliable professionals who guarantee a transparent operation?
By Jose Luis Cieri
Good advice is recommended and avoiding depositing money in advance before moving forward with the real estate transaction (Illustrative Image Infobae)
Starting the process of buying a property is, without a doubt, a moving experience that can also include some risks: so-called real estate scams, fraudulent practices that range from false advertisements to digital identity theft.
To avoid these dangers and ensure safe operation, it is essential to follow some key recommendations.
The first defense against these types of scams is to identify red flags. One of the most obvious is that the price of the property is significantly below market value. That is a classic sign of possible fraud.
Another red flag is the refusal to provide the exact address of the property or the request for personal and banking information before any visit or signing of a contract. It is also important to be wary of any request for payment in advance, as well as of publications or contacts from abroad that demand quick decisions. The lack of clear and coherent information about the property is another warning sign.
Martín Beorlegui , director of the residential area of Baigun Realty, told Infobae that scams in the Argentine real estate market have been a growing problem in recent years. “Not only do they imply economic losses for those affected, but they also damage the confidence in professionals in the sector and make it difficult to access housing, as well as the entry of properties for sale,” he said.
The most common scams
- Selling non-existent properties or properties with false title deeds. This is one of the most common methods. Victims are usually people looking for properties at very low prices or in high-demand areas. Beorlegui explained that “duplicates are usually based on existing publications and are created by independents who copy advertisements. They use false or adulterated title deeds, tickets and ownership certificates, and their publications usually have little information, such as the absence of an address or a single contact telephone number. In addition, when asked about the property, they usually lack detailed information.”
- Forgery of documents such as deeds, property titles and even certificates of ownership.
- Misleading or downright false offers on online platforms.
Analysis
To ensure security, money or documentation should never be sent in advance. Before signing the contract, copies of identity or property documents, or bank details should not be provided. No advance payment should be requested until the contract is formalized.The information provided should always be independently verified. It is recommended to consult public property registries and, if possible, turn to professionals in the sector such as lawyers or trusted real estate agents who can carry out a thorough review of the transaction.
Victims often look for properties at low prices or in high-demand areas. It is key to verify documents with a trusted professional (Getty)
“The most common scams involve the sale of properties with flaws in the titles, which can involve anything from a fault to their complete absence. In this context, buyers are often under pressure from attractive prices or urgency in the purchase, which leads them to make hasty decisions, which is why the advice of a professional is crucial to avoid entering this path,” said Verónica Pagola , CEO of Century 21 Argentina.
Verification process
Regarding the verification of documentation, these are the documents that should be reviewed before proceeding with any transaction:- Domain Certificate
- Certificate of Inhibition
- Free of expenses debt if applicable
- Free from debt services
Pagola said: “Verifying the documentation is critical to avoid fraud. The property deed must be reviewed to verify that it is duly registered in the Property Registry of the corresponding district and that there are no additional annotations indicating liens or mortgages. And the Ownership Report must be seen, the document that confirms the legal status of the property, revealing whether there are liens or legal problems.”
The cadastral status verifies the dimensions and characteristics of the land, which must be the same as those stated in the deed. The report on prohibitions verifies that the seller is not legally prohibited from disposing of the property.
Beorlegui recommended taking precautions by verifying that professionals “are registered and qualified, in addition to investigating their career and references.”
Prevention
Some warning signs include:- Prices that are too low or too good to be true.
- Pressure to make quick payments, without enough time to review documentation.
It is essential to carefully review titles, documentation and deeds, among others, so that the purchase and sale operation is successful.
- Documents with vague or inconsistent data.
- The seller may not want to show the property in person or offer specific details.
Beorlegui stressed the importance of verifying titles and digital plans and validating credentials in developments. “In addition, bank transfer should be used as the only means of payment to avoid handling cash,” he said.
How to act
The resolution of real estate scams depends on the severity of the scam and the progress of the transaction. If payments have already been made, it is essential to immediately report the matter to the authorities and take legal action.In more serious cases, such as scams involving multiple victims, the matter can escalate to criminal level, which complicates the recovery of money, especially in situations where documents are falsified. When falsification of deeds or certificates is detected, it is crucial to act quickly and report it, as this type of fraud directly affects the registry system.
Although the recovery of funds is difficult, a judicial process can lead to the resolution of the conflict, however, the process can be tedious and requires the intervention of a lawyer.
“It is vital to have a professional in every transaction. A good professional facilitates the negotiation, helps to identify warning signs and verifies the legal status of the property, minimizing the risks,” concluded Pagola.
www.buysellba.com
