Thursday, March 6, 2014
The rise in real estate has made getting homes and apartments more affordable, with more flexible terms and conditions. These competitive prices have become advantages for buyers, thus making it easier for people to buy property. However, some have also taken advantage of this demand increase with real estate scams and fraudulent activities. It’s only prudent to take precautionary measures when closing real estate deals and buying property. Consider these tips for safeguarding against real estate fraud.
According to the Housing and Land Use Regulatory Board (HLRUB), there are several steps you must take before buying property. A development project should have a Certificate of Registration and a License to Sell. You may ask the real estate agent and verify with the HLURB as well. If you’re buying property at the pre-construction phase, the date of completion is also indicated on the License to Sell.
If you’re buying a mortgaged property, the seller should have a Clearance to Mortgage from the HLURB. It’s also important to check whether the property has already been sold to someone else. You may verify this at the Register of Deeds. It’s also best to deal with a real estate broker who is duly registered at the HLURB or DTI.
Read the contract’s terms and conditions carefully. Make sure the details and fine print are correct according to your negotiations with the seller, and don’t sign any blank contract forms. After signing all the necessary documents, secure a copy of each. The final contract should also be submitted to the Register of Deeds for filing.