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It has long been considered that the most profitable investments are in real estate. With the development of modern tourist routes and people's ability to travel more around the world, a service has emerged for the sale of real estate abroad. Many people who prefer to vacation in other countries or conduct business are happy to agree to such investments and want to acquire a house, apartment, or bungalow for themselves. So that when they go on vacation, they can stay in their own home and not look for a hotel to stay in.
Real Estate Abroad
There are people who invest money in real estate abroad to constantly receive dividends from it by renting out the property.
Sometimes real estate is purchased abroad even without visiting it - this can be done on international real estate sale websites. And to a greater extent, such real estate is purchased in:
- resort cities;
- on the shores of seas and oceans;
- tourist islands.
Such an investment is considered very profitable in our time. As it is known, where there is big money, there are always fraudsters.
Investment Schemes
To lure a victim onto investment platforms with real estate, fraudsters make the first contact. Having a phone number, they:
- make calls with lucrative offers;
- send emails;
- send messages with enticing offers.
Most fraudsters spend their time on the internet, so the main schemes are located there, they are interested in the finances of future investors.
An equally common method of real estate fraud abroad is investing in construction. In this situation, a team of fraudsters works, who develop an action plan, create fake websites, and place false information on them, confirmed by fake photos.
First, a construction project is offered, where the investment of future owners' funds is required, for example, apartments in a multi-apartment building. Fraudsters on fake websites create photos of the future project, detail all the necessary investments, enticing potential victims. Naturally, after the funds are invested, the fraudsters, having collected the money, disappear from the investors' sight, it is impossible to contact them, and no construction takes place because it was all made up.
Real Estate Fraud
When purchasing real estate abroad, most clients search for the necessary property with the help of real estate agencies, but sometimes under the guise of a realtor, there is fraud.
The most well-known method of deception is double commission. In most countries, the realtor's work as an intermediary should be paid by the property seller only, but inexperienced buyers are also charged by the realtors.
Moreover, foreign real estate agencies very often offer their agency's lawyer services to handle all the details. In this situation, it is better to hire an independent expert separately - it will be cheaper and fairer.
An equally common fraudulent scheme abroad is the sale of illiquid real estate. Such real estate includes:
- unfavorable location;
- poor quality of the house;
- poor construction quality;
- unsuccessful layout.
There are cases when real estate agents knowingly do not warn the buyer about restrictions that cannot be violated. For example, if the house is of historical value and renovations are prohibited or before repairing the roof, changing windows, doors, or even furniture, a permit is required at the state level.
International Frauds
Fraudsters create various photos using computer programs or artificial intelligence with images of real estate they plan to sell. In most cases, this is non-existent housing. Also, fraudsters practice selling real estate of other owners, and the owner may not even suspect that their property is up for sale.
Moreover, fraudsters skillfully forge ownership documents for the property and always offer to conduct the transaction remotely, so it is impossible to verify the authenticity of the documents.
When purchasing real estate abroad, it is not recommended to conclude transactions in this manner, it is necessary to:
- meet the seller;
- view the property being purchased;
- check the realtor's and property's documents;
- determine the ownership of the property.
Then make conclusions and determine whether it is worth acquiring this property or not.
When purchasing real estate abroad, it should be understood that fraudsters exist everywhere, their goal is to deceive the victim and earn money dishonestly, that is, to make them pay money. Therefore, when it comes to investing in housing, especially abroad, it should be approached seriously and responsibly, hiring an experienced lawyer who will help carry out the transaction.