The issue of property scams is not new to us. Scammers and con-artists like to fish in vulnerable waters of the real estate industry. Unsuspecting buyers and sellers are enticed by these scammers' eye-filling baits. There are many types of scams and frauds that these tricksters use, and they have got their eyes on those who are new in the real estate industry, especially the first-time buyers and first-time sellers of property.
Here are a few simple tips you could use to avoid being baited, and stripped off your own home.
1. Never give away personal and valuable information. This is applicable not only in real estate deals but in all transactions you make (read: online transactions). Scammers can use your personal information and steal your hard-earned possessions. Be wary of what information about yourself you give to the other party, especially if your transactions are online.
2. Inspect the property. This is very basic in the buy and sell business. Before you enter into any kind of property transaction, make sure that what you are buying really exists. See the home you are buying with your very own eyes. You can also get help from a professional property inspector. Ask for the address of the home you want to buy and run it through Google Maps, to make sure that it is really there.
3. Be sure that you are dealing with a Licensed Real Estate Agent. Licensed real estate agents are given an ID by the Professional Regulatory Commission. Ask for a copy of their ID and run it through the PRC's database. You can also ask for at least three character references, either one of their previous clients, or from other real estate agents.
4. Check your property's information regularly. Always do a routine check of your properties' information and paper works with your County Deed Office. If you are going to buy a property make sure that it has a License to Sell issued by the Housing Land Use and Regulatory Board.
5. Read the contract thoroughly. Oftentimes, scams happen right before our eyes. Make sure to inspect every nook and cranny of the contract. Ask for a duplicate contract to be given to you. If you have any questions about the contract, don't hesitate to ask. It might be best if you require the presence of your lawyer during contract signing.