Protect Yourself from Property Frauds: 4 Ways to Keep Scammers at Bay
Worried about falling prey to property frauds? Read on to discover 4 effective ways to protect yourself from scammers who forge title deeds, power of attorneys, mortgages, and succession certificates.
- When the Mortgage is not Paid Off
- A mortgage is a loan taken out to purchase a property. Scammers can take out mortgages against properties they do not own or have no intention of paying off. They can then disappear, leaving the real owners to deal with the mortgage payments. To protect yourself from such scams, you should:
- Check the property’s mortgage history: Check the property’s mortgage history with the relevant authorities to ensure that all mortgages have been paid off or that there are no outstanding mortgages.
- Verify the mortgage documents: Check the mortgage documents to ensure that they are genuine and that the information is accurate. You can also hire a lawyer to review the documents and advise you on any red flags.
- Be wary of suspicious offers: If someone offers to sell you a property with an outstanding mortgage at a much lower price, it could be a scam.
- When the Mortgage is not Paid Off
- A succession certificate is a legal document that establishes the rightful heirs of a deceased person’s estate. Scammers may try to obtain a false succession certificate to gain control of the property and assets of the deceased person. Here are some ways to protect yourself from this type of fraud:
- Check the authenticity of the certificate: Always verify the authenticity of the succession certificate with the relevant authorities, such as the probate court or the land registry office.
- Be wary of unsolicited offers: If someone contacts you out of the blue with an offer to help you obtain a succession certificate, be cautious. Scammers often use this tactic to gain access to your personal information.
- Consult a lawyer: If you are unsure about the validity of a succession certificate, consult a lawyer for advice. They can review the document and advise you on the best course of action.
- Conclusion
- Property fraud is a serious crime that can have devastating consequences for the victim. By being vigilant and taking steps to protect yourself, you can reduce the risk of falling victim to property fraud. Always verify the authenticity of important documents, limit access to your personal information, and be wary of unsolicited offers. If you suspect that you have been the victim of property fraud, contact the relevant authorities immediately. Remember, prevention is always better than cure. Stay safe and protect yourself from property fraud.
- If you have been a victim of property fraud or suspect any fraudulent activity related to your property, you can seek help from the Cyberabad Police’s Economic Offences Wing (EOW). The EOW is responsible for investigating and preventing economic offenses, including property frauds. To know more about the EOW and the police station that covers your area, you can visit https://www.cyberabadpolice.gov.in/know-your-police-station/eow.html. Don’t hesitate to report any suspicious activity as it can help prevent others from falling prey to property frauds.
- Introduction
Buying or selling property can be an exhilarating experience, but it can also be stressful and nerve-wracking, especially when dealing with scammers who try to trick you into handing over your hard-earned money. Property frauds are rampant, and scammers are becoming increasingly sophisticated in their methods. They can forge title deeds, power of attorneys, mortgages, and succession certificates to dupe unsuspecting victims into signing away their properties. If you want to protect yourself from such scams, here are 4 ways to keep scammers at bay.
- When Title Deeds or Revenue Records are Forged
Title deeds and revenue records are important documents that establish ownership of a property. Scammers can forge these documents by tampering with the information or creating fake documents altogether. They can then use these documents to sell the property to unsuspecting buyers or take out loans against the property. To protect yourself from such scams, you should:
Verify the authenticity of the documents: Check the documents with the relevant authorities to ensure that they are genuine and that the information is accurate. You can also hire a lawyer to conduct a title search to verify the ownership of the property.
Check the seller’s credentials: Make sure that the person selling the property is the rightful owner and that they have the authority to sell the property. You can ask for documents such as a power of attorney or a will to establish their credentials.
Be wary of suspicious offers: If an offer seems too good to be true, it probably is. Scammers often lure victims with offers that are much lower than the market value of the property.
- When a Power of Attorney is Falsified
- A power of attorney is a legal document that authorizes someone to act on behalf of another person. Scammers can falsify power of attorneys to transfer ownership of a property to themselves or someone else without the owner’s knowledge. To protect yourself from such scams, you should:
- Verify the authenticity of the power of attorney: Check the power of attorney with the relevant authorities to ensure that it is genuine and that the person named in the document is authorized to act on behalf of the owner.
- Check the signatures: Make sure that the signatures on the power of attorney match the owner’s signatures on other documents.
- Review the terms of the power of attorney: Make sure that the terms of the power of attorney are clear and that they do not allow the holder to transfer ownership of the property without the owner’s consent.
