Read This to Avoid Being a Victim of Fraud in the Property Sector
Everyone has different valuable assets, including land and buildings. Some have it to be occupied, there is also an investment instrument. The assets can be managed and developed so that the higher the value, but can also be sold and used as collateral to get money. This is what has the potential to cause fraud.
According to the Land Registry – the agency that manages the matter of loans and guarantees of property assets in Australia – the community as consumers must have protection to minimize the risk of becoming a victim of fraud. Consumers, as well as property owners, are also important to know what they can do to prevent fraud and protect ownership of their property assets, as well as protect other assets they own. If you want to buy a property, you can hire the services of Solicitor St Kilda so that you will feel safe when buying the property because it is accompanied by a fully qualified professional who handles the problem of buying and selling the property.
Anyone who has property has the potential to be a victim of fraud. Here are some situations that can lead to fraud:
- Damage to the relationship between the property owner and the person who will buy or sell the asset.
- The property is empty, not occupied, or left alone.
- The owner lives or is in a remote location for a long time, for example outside the city or abroad.
If the property owner is in one of the above situations or is concerned about being a victim of fraud, please ask for help or advice from a lawyer, notary, property consulting firm, or the authorities.
The effort is considered necessary so that the property owner knows what actions need to be taken. For this reason, it is necessary to be careful in accepting reliable input and information. One type of fraud that is often faced by homeowners is usually a method of making fake documents, then registering them with the agency for land and building records. This can happen if the real homeowner does not realize that he is being a victim of fraud. The perpetrators of fraud usually use fake names and fake identities to launch the action. When the offender has collected all the required documents, he will then submit a guarantee application or mortgage the property’s assets.
In a variety of cases, fraudsters can escape documents and identity checks, then run away with money from the proceeds of the mortgaged property. The fraud was discovered several months later when the installment payments were delayed. The authorities contacted the real homeowner and informed him that his property assets would be confiscated. This leaves the homeowner with no choice but to hire a lawyer to deal with the foreclosure case. One way to stop property fraud like this is to detect early the possibility of such fraud. It usually takes a few months for fraudsters to collect documents and apply for a loan or mortgage the property’s assets. That’s when property fraud can be avoided.