RED FLAGS TO LOOK OUT FOR IN TITLE TRANSFERS AND DOCUMENTATION.￼
For so many people, investing in real estate is not a random expenditure. It is a financial expenditure that requires months and in some cases even years of planning and opportunity cost. Imagine the horror it will be to be scammed of millions painstakingly gathered over the years, in the process of investing in real estate.
This possible scenario is exactly why you need to look out for red flags in the crucial stage of purchasing real estate which is the documentation stage. This stage entails signing of deeds and transfer of ownership from the seller to the buyer.
Red flags can be obvious and in some cases, they are fully masked in ambiguous words and processes. HomeWork Development having been a major player in this industry for a long time understand the red flags and we are here to enlighten you on these red flags. The red flags include:
|Lack of proper documentation; If you’re looking to buy a home and the seller lacks the necessary paper work, it is a huge red flag.
|Most real estate frauds start with home buyers failing to investigate the legitimacy of a property title. Due diligence should be performed at the start of the price negotiation, which includes checking relevant documents not only for existence but also for authenticity.
|Unrealistic Guarantees; when the guarantees sound too good to be true, they probably are!
|Every information and guarantee must be verified and cross-examined by the buyer with the necessary authorities responsible for landownership an regulation.
We advise that before agreeing to any terms, conditions, or timeline commitments, clients ought to conduct research, and run a background check on the owner, developer, real estate broker, and the property itself.
Admittedly, this process can be overwhelming for a prospective property owner to engage in alone without professional guidance from a trusted company. This is where we come in!
HomeWork Group Africa; we will hold your hands and walk you through he rigorous process. The best part is you get to do this knowing that you are with a reputable real estate company where there is no shadow of scam.
Let’s help you!
Photo Credit: www.omonilelawyer.com