Real Estate investment is a profitable venture, it involves basically tangible assets such as land and buildings. Real Estate transactions deals with the exchange of properties between two or more parties, it can either be in the form of leasing, renting, buying or selling of property. Scam and fraud has delved into various business enterprises and transaction of which real estate is not an exception. However, it can be avoided if you pay attention to some happenings as they unfold prior to the beginning or during the transaction.
Although circumstances surrounding every transaction can be different, there are signals you should watch out for and never leave un-attended to, to ensure you are embarking on the right investment and making the right decisions. Some of the signs are
1. When the agent rush you to make commitment: As a marketing strategy, some claimed to be real estate agent can make you belief that the investment or property is a hot cake and therefore rush you to make commitment or put you under unnecessary pressure and as a result, you are not given sufficient time to investigate the property or subject of transaction properly. When you find yourself in this position, thread gently so you don’t have any regret.
2. When the agent or seller insists you pay in cash: Because cash transaction is untraceable especially when such payment was made based on trust and there is no document to proof or back-up the transaction. Most fraudulent sellers take this route to avoid being traced. So whether the person is a friend, family or acquaintance, insists on doing the transaction through a reputable bank for record purposes, this gives you leverage in case there are problems later and can be used as evidence in court. On no account should you pay an agent in cash.
3. When you are unable to view the documents of the property: When dealing in purchase, you really need to be extra-ordinarily careful. There is every possibility that the person selling to you is not the rightful owner so insist on seeing all the necessary documents before cash exchange hands. Even when you have been shown the documents, it is in your best interest to verify them and be sure they are genuine before making any commitment.
4. When the agent or seller refuses you to bring in your own experts to survey the property: If you find yourself at this end, it is in your best interest not to forge ahead with the transaction. Don’t make yourself gullible when the agent or seller tells you he can provide you with the proper assessment of the property. Always have a supporting partner whom you know and can testify to his integrity to cross-check the validation of the agent/seller claim.
It is your utmost duty and responsibility to check and double check all necessary things before you conclude a transaction. Never leave a stone un-turn, but should you be engaged in other dealings and can’t do proper follow up on these things, secure the services of adegbonmire & associates (aanda). They are the real estate practitioner standing firm on 4 foundations, IPOD.
- I – Integrity
- P – Professionalism
- O – Openness
- D – Dedication