We have often heard about people getting duped in the name of
lavish properties. The truth is that in the world of real estate, there are a
very few developers that could be trusted. Intriguing advertisements, heavy
discounts, easy mortgage options, are a few taglines used by phony developers
to make them sound genuine and trustworthy. However, the truth is completely
different than that!
These days, more number of people are registering as builders and
working on properties that do not even have proper licenses. While this may not
hamper builder’s condition, it could mean a whole lot of legal paperwork for
you and your family. Therefore, if you have cultivated a thought of buying property in india, then make sure that the
developer in charge should be experienced as well as licensed by the Indian
government.
We have all heard about real estate scams that have been surfacing
in almost every city in India. First time investors have no or little knowledge
about the market trend and hence, get lured into eye-catching schemes and
pricings offered by builders. From legal frauds to ‘buy one get one free’
offers, real estate scams are everywhere and now the entire industry has raised
alarm to address this issue. It is easier to say that with the rapid growth of
real estate sector in India, various frauds and scams are also boiling up.
Here’s a checklist of few key points to consider while approaching a developer-
Verification of Documents
While most of us are alert and aware of the correct authentication
of property documents, there are several first time buyers who are still not
alarmed by the ongoing situation. Prior to any kind of payment to the realtor,
it is highly critical to cross check every single detail of the whereabouts of
the developer taking care of that project. If required, it is also suggested to
hire a lawyer who can make sure that all of the documents are indisputable and
scam free.
Property Agreements
While finalizing a deal, both of the parties are mandated to sign
authentic property agreement codes and regulations. A buyer seller agreement is
a known term in the real estate website
and anyone associated with this process has to make sure that there are chances
of encountering the case of fabricated documents. This agreement should also
have realtor’s complete details, official market brand name and logo to
identify it among other brands.
Final Payment
Last but not the least, the most important part of any detail is
the amount of money associated with it. An error free mode of payment is
preferred by both the realtor and investor.
There are several options of paying money these days such as immediate money
transfer, money deposit, etc. With all this information, it is also interesting
to note that fake realtors do not operate with any big brand name and neither
do they have a proper bank account. Therefore, while making the final payment,
it is rather interesting as well as important to identify a developer’s true
name and identity.
With the help of all these tips and examples, it is now quite
evident that no amount of cautiousness is ever enough to examine different
investment options for buyers.
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