Buying real estate is a significant step in every person’s life, requiring caution and attention. Despite high requirements for security and legal procedures, fraudsters do not miss the opportunity to deceive gullible buyers. In this article, we will consider the main ways to protect against fraud when buying real estate.
1. Document verification
Verification of title documents
Make sure the seller has all the necessary documents proving their ownership of the property. These documents include:
- State act on land ownership
- Contract of sale, gift, inheritance, etc.
- Extract from the State Register of Real Property Rights to Real Estate
Technical documentation review
It is equally important to check the technical documents for the property:
- Technical passport for a building or apartment
- Land plot plan (if you are buying a private house)
2. Seller Verification
Owner information
Make sure that the person selling the property is the rightful owner. You can do this by:
- Seller’s passport checks
- Extract from the State Register of Real Property Rights to Real Estate
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Power of attorney information
If the transaction is carried out by a representative of the owner, be sure to check the availability and validity of the power of attorney. The power of attorney must be notarized and contain specific authority to sell the property.
3. Involvement of professionals
Notary
It is important to engage a qualified notary to conduct the transaction. The notary will review all documents and ensure the legality of the transaction.
Realtor
A reputable realtor will help you avoid potential scammers. Choose a real estate agency that has positive reviews and a long history of experience.
Lawyer
Consulting with a lawyer who specializes in real estate will help identify possible risks and protect your interests.
4. Technical inspection of the property
Object status overview
Before buying a property, conduct a detailed inspection of its condition. Involve specialists who will assess the technical condition of the house or apartment and check for possible hidden defects.
Checking communications
Check the serviceability of all engineering systems and communications (electricity, water, gas, heating). This will help avoid unforeseen repair costs after purchase.
5. Financial issues
Cashless payment
Preferably, conduct financial transactions through a bank. This will allow you to record all transactions and protect you from fraud.
Handover and acceptance certificate
After signing the purchase and sale agreement, be sure to draw up a real estate transfer certificate. This is a document confirming the transfer of property from the seller to the buyer.
Conclusion
Buying real estate is a serious process that requires careful preparation and attention to detail. By following our advice, you can avoid fraud and protect your investment. Remember that involving professionals and carefully checking documents are key elements of a safe transaction.
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