Using a professional estate agent to buy, sell or let a property has many advantages and a lesser publicised but extremely important aspect is preventing property fraud. Before you unduly worry, property fraud is extremely rare but because of this, it tends to make the news when it does happen.
Recently, there was a case of a newly moved-in tenant who audaciously tried to sell his landlord’s property. The tenant rented furniture from a show home company to make the property look ‘lived in’ and listed the property online after setting up a fake estate agency. What followed was a viewing and an offer from an unsuspecting buyer. The deal was, however, thwarted when neighbours saw the potential buyer visiting the property and mentioned they thought the house was rented out.
And now for the key piece of information. Having had their suspicions aroused, the potential buyer spoke to a legitimate agent. It confirmed that many of the documents the ‘seller’ had provided were fraudulent, recognised due to its expert training. The police subsequently intervened and the tenant was jailed for two years and six months.
Spotting signs of property fraud
There are a number of tell-tale signs that indicate fraudulent activity when searching for a new home, so look out for these when dealing with buyers and estate agents:-
4 ways to vet an estate agent
There are a number of steps you can take to ensure you are buying a property through a reputable estate agent. These include:-
Instruct a professional legal team
Buyers and sellers rely on the conveyancing stage to provide protection from fraudulent activity so instructing a licensed, trustworthy team is paramount. Ensure a solicitor is registered with the Solicitors Regulation Authority and if you’re opting for a property conveyancer, check they are registered with the Council for Licensed Conveyancers. You can also check any solicitor’s authenticity with the Law Society.
Keeping safe as a seller
Cases of property fraud are very isolated but it can catch sellers out as much as buyers. If you’re a seller, identity theft is your main concern. You can protect yourself by:-
If you would like to know more about our trading history, memberships, qualifications and track-record – or if you have a concern about a buyer – please contact us today.
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