• Common Risks:
• Fake ownership claims.
• Selling disputed or encumbered properties.
• Unaccounted payments leading to loss of legal standing.
• Misrepresentation of property details (e.g., amenities, approvals).

• Structural or legal issues with older properties.

• Why You May Be Vulnerable:

• Lack of due diligence.
• Trusting verbal agreements or insufficient documentation.
• Relying solely on online sources or inexperienced agents.

Steps to Avoid Property Scams

• Involve a Lawyer:
• Hire a property lawyer to scrutinize all documents.

• Verify ownership, property title, and any outstanding disputes.

• Bank Loan as a Due Diligence Tool:

• Opt for a loan from a PSU bank (e.g., SBI) for stringent property verification.

• Private banks may also conduct checks, but they can be less thorough.

• Documents to Verify:

• Original sales deed and title documents.
• Property tax receipts, electricity bill, and Index II document in the seller’s name.
• Loan closure letter if the property is mortgaged.

• Approvals from municipal authorities and compliance certificates.

• Payment Safety:

• Avoid unaccounted cash transactions.
• Ensure all payments are legally documented in the agreement.

• Mention timelines for refunds in case the deal falls through.

• Property-Specific Checks:

• Conduct a structural audit for older buildings.
• Investigate the property’s history in the society or area.

• Verify water availability, parking rights, and pending maintenance dues.

• Engage Reliable Professionals:

• Use reputed agents and builders to minimize risks.

• Avoid trying to save commission at the cost of thorough checks.

• Agreement & Registration:

• Ensure the sale agreement includes all conditions and safeguards.

• Register the agreement and deed with all stipulations clearly outlined.

• Vastu Compliance:

• Even if you don’t believe in Vastu, consider its impact on resale value.

• Registrar Office Check:

• Request a certified copy of the property details from the local registrar.
• Verify any legal disputes or claims on the property.

Additional Tips

• Be assertive and practical about asking for IDs, proofs, and history.
• Check for tri-party agreements if the seller’s bank is involved in loan clearance.
• Don’t rush; scams often rely on pressuring buyers into quick decisions.

To Sum Up:

Take your time, involve professionals, and perform comprehensive due diligence. The upfront effort will save you from potential headaches and financial loss in the long term!

Next: Read 2500+ consumer guides to shopping, electronics, appliances, home services, cars, money and more.

❤ If you liked all this, consider supporting us by checking out Tiny Skills - 250+ Top Work & Personal Skills Made Easy