Reason 06 - Protect Yourself from Fraud; Check Out Whether Your Broker is Trustworthy

Perhaps the last thing you would want to experience in buying a real estate property is to be a victim of fraud. This is not meant to scare you in any way. But it is meant to remind that fraud may occur anytime anywhere, North America or Southeast Asia notwithstanding. You need to be proactive to protect yourself.

Once again, your knowledge on the people you are dealing with, specifically your agent or broker and the owners of the prospective properties you are eyeing to purchase should remain one of the many important considerations you take while entering the real estate market. Make sure that you and your real estate agent is dealing with the right person. Finding out identities and doing background checks are vital. It is strategic to your successful property purchase.

As you well know, establishing a good relationship and partnership with your agent is the lifeblood in the real estate business. Without rapport with your agent or broker, a good purchase might be elusive. Worst, you may be throwing your money away to waste. Knowing that your agent has good background information on the property owners, you will feel at peace with moving forward. This means that you have to make sure that your agent knows the person or the owner of the property you are dealing with.

In case you are dealing with property management firms, the same process of investigation and verification should take place to ensure that the owners are legally authorized by the management company to sign a purchase, lease, or rental contract with you. It is best to know who the real owner is and to talk with him or her, if possible, over any final arrangements.  Again, your agent can help you settle these issues for you. 

Extensive verifications and research can be done by your agent, especially in the case of a house purchase. Through him you will be able to find out if the property is free from unpaid mortgages, or even foreclosure issues. The agent can easily verify this information using his wide network of contacts in the local registration offices. Because he is licensed and has already established his credibility in the industry and in the community, he can easily get this required information for your convenience. 

A detailed history, background of ownership of the property can be provided to you by your trusted agent. He can even link you up to personally talk with the property owner to validate the information given to you.

This is the beauty of maintaining a good relationship between you and your broker: it gives you security and peace of mind on your real estate purchase, on the one hand, and saves you from being victimized by fraud.

Buy, Sell, Rent, Invest, In Singapore

Mindy Yong 杨雯诗

CEA Registration Number : R021232Z

Tel: (+65) 91002985
Fax: (+65) 64021826

mindy@mindyyong.com

KF Property Network Pte Ltd
CEA Licence Number : L3008430D