How to Check Property Frauds before buying
There are a number of steps you can take to check for potential frauds before buying a property:
1. Verify the title of the property: This can be done by checking the original documents of the property, such as the sale deed, with the local revenue office.
2. Check for encumbrances: Ensure that the property is free from any encumbrances, such as mortgages, liens, and legal disputes.
3. Check the property's past transactions: Make sure that the property's title has not been transferred multiple times in a short period of time, as this may indicate fraudulent activity.
4. Research the builder or developer: Check the developer's reputation and track record. Look out for developers that have a history of fraud or legal disputes.
5. Inspect the property: Physical inspection of the property is important to ensure that the property is built according to the plan that is approved by the local government and if it's fit to live in.
Recommended by LinkedIn
6. Check the Legality of the construction: Verify the property's sanctioned plan, the building completion certificate, the occupation certificate and all required clearances before buying a property
7. Check with the local authorities: Check with the local authorities, such as the municipal corporation, to ensure that the property is legally constructed and has all the required licenses and approvals.
8. Consult with a lawyer: It is always a good idea to consult with a lawyer who specializes in real estate law before buying a property. This will help you understand all the legal implications of the purchase and also help in identifying any red flags.
Doing these steps and research properly before buying can reduce the chances of falling into property fraud traps.