This archive report was first published on 6 May 2020.
Protect Yourself from Real Estate Scams ¶
Investing in property can be a smart move, but it's crucial to be aware of the risks of real estate scams. To avoid being conned out of your hard-earned money, follow these essential steps.
On May 6, 2020, The Standard published an article highlighting the importance of being cautious when investing in real estate. The article emphasized the need to take necessary precautions to avoid falling victim to scams.
Here are the key steps to take:
- Get an appraisal: Before buying a house, get an appraisal from a bank to determine how much mortgage you can afford.
- Read the fine print: Understand the payment modality and involve a lawyer to review the documentation.
- Go view: Visit the site before committing to buying the property, and be wary of sellers who ask for payment to view the property.
- Do your homework: Conduct due diligence by getting a lawyer to search for any encumbrances on the property.
- Check out the developer: Research the seller's background, including their previous developments and financial model.
- Get a valuer: Hire a valuer to value the property, especially if you're taking a mortgage.
- Get a great agent: Work with a reputable agent who is registered with the Ministry of Lands.
By following these steps, you can protect yourself from real estate scams and make informed investment decisions.
