“It is difficult but not impossible to conduct strictly honest business. What is true is that honesty is incompatible with the amassing of a large fortune.” -Mahatma Gandhi
Buying a home is one of the most significant milestones one can have in life. In fact, some individuals would think of it akin to their life’s greatest achievements. Unfortunately, just like any other business transaction in the world, scams and fraud are littered at all levels of the real estate. In this time and age where real estate charlatans are getting smarter, you are very much vulnerable to these scams. Whether you are dealing with an “investment agent” who would actually embezzle money from you or transacting with a shady agent, protecting yourself requires a great deal of vigilance, due diligence and a bit of legwork. At the end of the day, it all comes down to having a healthy dose of common sense peppered with a measure of skepticism. So, whether you are looking to buy a property at Amara or elsewhere, exercise lots of caution with who you are dealing with. Otherwise, it might be helpful to orient yourselves with the most common scams in the Philippines:
1.) Purchasing property from shady developers
More often than not, homebuyers buy property from shady developers and end up having a property that was different from what they expected. Either they paid for unfinished properties which they cannot use even years after stated turnover, or worse, find that the property is unusable as the project has long been abandoned. Fortunately, homebuyers can seek legal redress. Unfortunately, though, it would take years before a case is resolved.
2.) Double sale of real property
Unscrupulous sellers would often look for an easy way to make a quick buck by selling one property to two different persons. This occurs when a first buyer—usually by an act of omission and neglect, would fail to register or transfer the land’s title in his or her name—or the seller accepting a higher price for the property from a second party when a previous buyer has already made payment.
3.) Sale of Real Property with fake title
When it comes to real estate property, the land title is your most indefeasible proof—not the contract of sale, nor the deed of sale. For this reason, you should take meticulous care in inspecting a title. From a legal parlance, this means looking for an authentic title sans annotations, but in layman’s terms, you need to make sure that your title is not only clean but real as well. Scrutinize the title well prior to finalizing a purchase.
4.) Too good to be true real estate seminars
An endeavor in real estate investment has always been associated with enormous returns. However, do not get fooled easily as real estate investment is not a get-rich-quick scheme. With this in mind, it can be safe to assume that there are only a few individuals in the field who are true experts and can give you insightful pieces of advice. Unfortunately, this does not stop charlatans from advertising themselves as experts in the field. You might be swayed by their excellent marketing skills, promise of quick returns and guaranteed strategies. However, these are all part of an elaborate ploy to scam you out of your hard-earned money. Keep in mind that if it sounds too good to be true, it probably is.
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It?s hard to find educated people about this subject, however,
you sound like you know what you?re talking about! Thanks
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