It is impossible to establish who owns land merely by asserting possession of it; rather, the claim must be backed up by a variety of papers that establish the property’s ownership. The buyer may guarantee that his or her investment provides a sense of security and peace of mind by seeking adequate legal advice, conducting an examination of papers, and verifying essential facts related to the property in question.
Any mistakes made by the buyer throughout the property buying process, as a result, might have a severe influence on their financial position. This necessitates the necessity for buyers to exercise caution while reviewing the property papers. The ability to negotiate well or the advice of friends who have “done it themselves” in the past can result in significant financial savings. Even if you are a first-time house buyer, you will almost certainly want some type of legal advice to guarantee that your home purchase is a success.
In this section, we’ll go over a few of the most frequent forms of fraud that may occur in the real estate industry.
Possible Fraudulent Power of Attorney: It is possible that the initial owner of the property you are acquiring had been awarded a general power of attorney (GPA) over the property, which you are now purchasing. It should be emphasised that GPA is very sensitive to fraud due to the fact that the same property may be offered to a number of different clients at the same same time.
The unpermitted extension of the property includes: Encroachment has shown to be one of the most difficult obstacles to overcome in the course of investigating property fraud. There have been several documented cases in which the seller has illegally enlarged his or her home or encroached on the property of a neighbour. The land will become yours if you subsequently acquire the encroached region and establish yourself as the legal owner of it. If you subsequently discover that you are not the legal owner of the encroached land, you may find it difficult to get your money back from the sale after you have paid the seller. This is owing to the fact that the vendor has almost definitely vanished from the scene by that stage in the transaction.
Forgery of paperwork: A fraudster takes advantage of a potential client’s complete lack of understanding about a property by offering them a complete set of false or forged documentation connected to the property. As a result of the lack of legal standing of these documents, the buyer suffers a large financial loss as a result of the transaction. The sub-registrar office should be consulted prior to closing any transaction as a consequence of this.
In some cases, a vendor has sold a home that has already been funded by many banks to potential buyers and then departed without leaving a trace. This results in a protracted legal struggle on the part of the new property owner in order to recover ownership rights to his or her property from any financial institutions involved in the scenario. As a result, it is highly recommended that you verify the ownership rights of the property with the sub-office registrars before making a purchase.
Doubtful agreements: It is possible that a number of the terms and conditions specified in the seller agreement are problematic and of a questionable character in terms of their legal standing. The agreement may specify that some aspects of the property, such as the services supplied, the total land size, and ownership rights, will have a different meaning in actuality than what is stated in the agreement.