While thinking about renting or buying an apartment, the first thing that comes to the mind is how to be sure of the credibility of the company and how to avoid any fraud. As all of us are afraid of such fraud in the presence of too many fake real estate companies, that’s why we hesitate to deal with them and invest our money in something that we are not sure of it.
In the following few lines, we will tackle some ways of real estate fraud, fake companies, and how to avoid it besides making sure of the credibility of the company.
1- Ways of Real Estate Fraud via Fake Projects
It is worth to mention that there are many ways and methods of fraud that many real estate companies abide. They are:
- Do not have a building license from the state,
- The company does not own the land but it takes it via force,
- The company does not abide the licensed number of floors that shall be build,
- There is no a license for the company itself to work,
- Violate the contract and do not apply or even deliver the agreed specifications of the apartment,
- Selling the same apartment for more than one buyer.
2- How to Guarantee the Credibility of any Real Estate Company?
- The buyer shall search for the company before dealing with it and know its history,
- The buyer shall make sure that the company is too committed to deliver the previous apartment/project according to the scheduled timing,
- The buyer shall check the license of both the company and the project,
- The contract shall specify the features and the specification of the apartment, besides having a penalty in case of violating any item of the contract.
There are too many fake projects and fraud real estate companies that make use of the citizen’s need to own an apartment. So, as a buyer, you have to follow the previous steps and be aware of all methods of fraud to avoid it to be sure that you are investing your money in the right place.