WAYS REAL ESTATE DEVELOPERS SCAM INNOCENT PEOPLE IN AFRICA

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WAYS REAL ESTATE DEVELOPERS SCAM INNOCENT PEOPLE IN AFRICA
WAYS REAL ESTATE DEVELOPERS SCAM INNOCENT PEOPLE IN AFRICA

WAYS REAL ESTATE DEVELOPERS SCAM INNOCENT PEOPLE IN AFRICA

Being a first-time home seller is not an easy one. You are likely to be scammed if you don’t stay cautious. Reports indicate that there are about 14,00 innocent people in Africa who have fallen victims to real estate developers’ scams. In this article, we shall discuss ways through which these real estate developers scam innocent people.

WAYS REAL ESTATE DEVELOPERS SCAM PEOPLE

1. One-way real estate developers scam people is through titles.

Here, the developers duplicate the title deeds of disputed properties and sell them to several innocent buyers. After, they can also claim that they have lost the title document.  Also, the lands they sell may have mortgages on them, and may also not be at the same location they promised. When you sense such deception, hire a legal advisor to help verify the title document before you sign the agreement. You can as well make sure you verify the seller’s identity before you proceed to make payment.

2. Another way is through false promises

Humans make false promises and so do some of these real estate developers.  It is one of the most common ways of scamming in real estate. They post a false advertisement with high promises yet after payment,  you realize the promises are not available. They also promise a heavy discount immediately after you invest.  In order to save yourself from such prey, check the developers’ track record in the marker and check if it is registered with RERA.

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3. Also, through the deviation of the initial plan.

This happens especially when you want to invest in projects that are still under construction.  The developers only delay and the outcome could be that the amenities such as parking space, gyms, or pool which was part of the initial plan will be exempted after the completion of the project.

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4. Next is forced cancellation

What the developers do is they sell the property at a very low rate and continue to earn money when the construction is ongoing. Eventually, they end up delaying the project which may force you to cancel and you lose your money invested. Be sure to only be interested in an agreement that incorporates clauses related to the cancellation of the project.

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5. Lastly, Rental scams

In a bid to rent a property,  some major sis pops up. One of these is a fraudulent listing. This means that the developer will try to show you a listing of a property with rates that may be too good to be true. He will ask you to make a deposit in order to claim it. After you make the deposit, they will disappear.  To avoid this, always make sure you tour the place in question, and if it doesn’t relate, you immediately back out. If they refuse to grant you a tour, then be advised and back out.

FURTHER THOUGHT

Note that real estate is a big industry, and so it is very likely to have scams. You need to be very cautious. To prevent yourself from falling victim always read the news about recent scams in the industry, research more about the property and developer, and always request documentation of the property before making transactions. Be guided.

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