There are various drawbacks in the world and no industry is completely away from them. There are small problems in every industry in this world. These scams can be called as the tools that help the industry and the company to grow. But the scams lead to a bad name to the company, the people Sinvolved in it and the other people who are associated with it.
Now-a-days scams exist everywhere right from some small company to some big company which is ruling the world today. We hear so many stories of these scams and they shake us to the core. The only thought that comes to our mind is what if something like this happens with us one day. The key and the secret to avoiding scams and frauds is through proper knowledge about them, about the people who are involved in them and about how to get rid of them or at least avoid them.
It is very important for a business to stay away from these hurdles and ill works because it hurts and destroys the reputation of the company and the company can go from hundred to zero in no time if some news comes out in the public. That is the scenario for an established company but if there is a small company that has just came into being then scam can destroy it so badly that the people of the company won’t be able to get up ever and the company will die forever. Hence it is very important that you are aware of the scams and you take precautionary measures plus if you get to know about some fraud like this than you inform someone who is able to stop it.
There are various scams happening daily in the real estate industry. The most common ones are as follows along with the various ways of avoiding them.
The very popular one is the title fraud or identity thief fraud that happens largely in this industry. Considering the fact that the industry operates hugely on the internet now, it has become easier for the fraud people to keep their business going more easily now. On the internet some real estate websites have very less security and therefore people can commit such crimes without any fear of being caught.
Particularly in this type of crime the scammer changes his identity and registers someone else’s flats for sale in Bangalore or apartment for sale in Gurgaon on his name and does all the selling. He also looks for properties that are free from mortgage and other sort of things which lets him do the deal quickly. He also registers fake property papers and cheats people.
The best way to stay safe from this fraud is title insurance in which the owner of the house is completely protected and it is made sure that no harm can be done to his property and him. The other way to stay safe from this fraud is protecting your own data and not letting it out on social media or even to your relatives and friends.
The second type of real estate scam is closure fraud and home equity fraud wherein the people who are stuck in a financial turmoil are exploited by criminals offering them loan. The best way to stay away from this kind of fraud is to not accept money which is offered to you without any history or just suddenly. Moreover a background check of the person who is offering you money should be conducted. Hence being careful and aware is the main way of staying safe from these scams.