Signs Of Property Scams

In real estate purchases transactions it is obligation on seller or broker to disclose each and every thing. If certain things are kept hidden especially if they have defects then its mean some thing is fishy. This may be due to negligence or fraud. There are many signs of frauds . You should be aware of it in order to protect your property from these frauds. But some commonly occurring frauds are:

Missing Property Tax Bill Fraud

Make it sure that you have received property notice and property tax bill. If not than call them because it can be the first sign of property fraud.

Deny Of Building Permits

Some time building permits can be a sign of frauds. Most of the time seller says that property has access to water, utilities, road etc and is ready to build. But when you actually visit it you find that seller’s promise was wrong. It could be a one sign of fraud.

Misrepresentation of Property

One sign of common fraud is that seller shows you wrong property. After that you find it’s not that property which was shown in your sale contract. So to avoid such types of frauds get insurance before you purchase the property.

Loan Papers Fraud

If you receive loan notice for which you did not apply then inform to lenders.

Home Equity Fraud

Some time thief claims to be the true owner of the property and fraudulently obtains the title of property. Then borrows against that property and sells. This fraud is done commonly with those people who are owner of large equity.

Home Mortgage Fraud

Some time contractors offer you home improvement and lenders offers you financing at low interest rate. But they don’t fulfill this promise. Ultimately you will suffer a loss with partial construction and high mortgage interest.

These are some signs of property frauds. By taking into consideration you can protect yourself being a victim of these frauds.