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Overview on Avoiding Property Registration Scams in India
Buying a property is one of the biggest investments in a person’s life. It involves a lot of money, paperwork, and legal formalities. However, property registration scams are on the rise in India, and many people have fallen prey to such fraudulent activities. In this article, we will discuss how to avoid property registration scams in India.
Property registration is the process of legally transferring ownership of a property from one person to another. It is a legal requirement that must be fulfilled for a property transaction to be considered valid. Property registration in India is governed by the Registration Act, of 1908, and is carried out at the local sub-registrar’s office.
When it comes to property registration, Vakilsearch’s team of experts can guide you through the entire process, making it quick, hassle-free, and efficient. They provide end-to-end solutions, from document verification to drafting and filing of the application for property registration. Vakilsearch‘s team also ensures that all the necessary documents and paperwork are in order, thereby preventing any potential delays or issues that could arise during the registration process
Common Property Registration Scams in India
Property registration scams in India come in various forms. Some of the common ones are:
Fake Documents: Fraudsters may create fake documents such as sale deeds, power of attorney, and NOCs to deceive buyers into believing that the property is legal.
Double Sales: This is a common scam where the same property is sold to two different buyers. Fraudsters may forge documents to create fake ownership and transfer them to unsuspecting buyers.
Unapproved Property: Some developers may sell unapproved properties that are not authorized by the local authorities. These properties are often sold at a lower price, but the buyers may face legal issues later.
Impersonation: In this scam, the fraudster impersonates the seller or buyer and creates fake documents to complete the transaction.
Payment Frauds: Fraudsters may ask for a significant amount of money as advance payment and disappear. They may also ask for payments to be made in cash to avoid any paper trail.
Ways to Avoid Property Registration Scams in India
Conduct Thorough Research: Before finalizing a property deal, conduct a thorough research about the property, its location, and the seller. Check the property’s title deed, NOCs, approvals from local authorities, and other relevant documents.
Verify Documents: Verify all documents related to the property with the local authorities. You can also hire a legal expert to review the documents and ensure their authenticity.
Visit the Property: Visit the property physically to verify its existence, location, and condition. This will help you avoid fraudulent properties that only exist on paper.
Don’t Pay Cash: Avoid making cash payments for property transactions. Always pay through bank transfers or cheques to have a paper trail of the transaction.
Use Registered Lawyers: Hire a registered lawyer to handle the legal formalities of the property transaction. Registered lawyers have the necessary expertise and can ensure that all legal formalities are completed correctly.
Be Wary of Unsolicited Offers: If you receive unsolicited offers for a property, be cautious. Fraudsters often target people with such offers and may ask for advance payment to seal the deal.
Be Alert for Red Flags: Be alert for any red flags such as sellers insisting on quick transactions or asking for cash payments. If something seems too good to be true, it probably is.
Consequences if Fraud Happens in Property Registration
Fraud in property registration can have severe consequences for all parties involved. If fraud occurs during the registration process, it could result in the transfer of property ownership to an illegitimate owner, causing financial loss and legal complications for the rightful owner. The fraudster may have obtained fake documents, forged signatures or provided false information, leading to a breach of trust and breach of contract. The legal repercussions of such fraudulent activity could include hefty fines, imprisonment, and even legal action by the affected parties. In addition, fraudulent activity can also result in the suspension of the registration process, leading to further delays and complications. To avoid these severe consequences, it is essential to work with a reputable legal service provider who can help verify documents and ensure that the registration process is carried out with integrity and transparency.
Conclusion
Property registration scams in India are on the rise, and it is essential to be cautious while buying or selling a property. By following the above-mentioned tips, you can avoid property registration scams in India and ensure that your property transaction is legal and valid. Remember, conducting thorough research and verifying all documents related to the property can save you from falling prey to fraudulent activities
Read More:
- Is Property Registration A Important
- Details about Guideline Value for lands in Tamilnadu
- What Happens When You Fail To Register Your Property
