Buying property especially for a new buyer is a huge milestone and one could be overcome by so many emotions that may lead to confusion. Emotions sometimes blind a buyer to overlooking some red flags associated with the property they wish to purchase.
Here we will help you in identifying some of these red flags before any purchase.
1. Ask for identification of the seller
Every property dealer or realtor has to provide you with their identity cards or passport to ascertain that you are dealing with the right person. Real estate dealers also have now been accredited with certificates to establish the genuineness of the business. If it is a real estate company, do a background check on their website and social media accounts to know whether you are being duped or not.
2. Ask for full information regarding the property on sale
Is the realtor or the real estate agent giving you half-baked information or conflicting information? That is a red flag. Before purchasing any kind of property, ascertain that the information being given by the agent and the background check you had conducted match. If it does not, then call off the deal.
3. Ask for a site visit
Any real estate agent should offer you a site visit before finalizing the purchase. If the agent refuses or comes up with excuses so as not to take you there, then that is a red flag. As a potential investor buy from a company that allows site visits.
4. Legal documents should be provided
Why buy land without proper legal documents? Every buyer should insist on being shown all legal documents like the title deed to show ownership before completing transactions to avoid being duped by conmen.
5. Research if the land has a pending lawsuit
Many are times that people have been sold a piece of property that has issues. After a court case has been completed, they find themselves on the wrong side of the law and the property is repossessed by the authorities. It is therefore good to do due diligence and hire a trusted lawyer to do a background check on the land.
Editor`s note: it is advisable no matter how sweet the deal sounds, to take a quick background check and go step by step before handing closing the transactions. Avoid rush decisions in property buying and use trusted listing companies to sell you property.