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5 Things To Do To Avoid A Real Estate Scam

While buying a condominium unit, a land, or any type of property is always an exciting idea, you have to be extremely cautious about your transactions. As with other types of industries, there are unscrupulous individuals out there looking for their next prey.

5 Things To Do To Avoid A Real Estate Scam

Buying a real estate property or investing in real estate is a major investment.

That is why you have to be careful so you can avoid dealing with scammers. Besides, we’re talking about big amounts of money here – your hard earned money.

Here are some practical pointers you should keep in mind when you buy or invest in real estate – house and lot, for example:

  1. Check the authenticity of the Transfer Certificate of Title.

First of all, ask the seller for a photocopy of the title. After doing that, go to the Registry of Deeds office and request for a Certified True Copy of the title.

That way, you can verify the authenticity of the title, the lot and title numbers and name of the registered owner. This is an effective way to ensure that you are dealing with the rightful owner.

  1. Deal with licensed real estate brokers.

More often than not, in real estate transactions, you are dealing with real estate brokers. One thing you should know about real estate brokers is that they should be properly licensed. If they cannot provide you with identification of any sort e.g. PRC Identification Card, then feel free to walk away from the transaction. Also, check if they have the Authority To Sell from the registered owner.

Talking about real estate brokers, the partners of E. Gatanela Realty Co., Elena P. Gatanela and Atty. Eli Gatanela, are licensed real estate brokers. In addition, they are International REALTOR Members of the National Association of REALTORS of the United States of America.

Being REALTORS, Elena P. Gatanela and Atty. Eli Gatanela adhere to the Code of Ethics that protects clients (buyers sellers), the public and real estate people in general, as they are committed to ethical practice and high standards of real estate practice.

As such, E. Gatanela Realty Co. can provide you with professional services as real estate brokers, hassle-free.

  1. Never pay cash.

When making payments for a property, a manager’s check is always better than cash because it can be traced. In cases such as apartment rentals, an official receipt should be provided by the real estate firm or the owner.

  1. Be cautious with online transactions.

In some instances, you’ll probably use the internet to find house and lot for sale in your preferred location. Nothing’s wrong about utilizing the web but beware of scammers.

Some would post fake photos online and include attractive prices to lure in unsuspecting buyers. Again, it is better to conduct due diligence. Ask for a certified copy of title, vicinity map and lot plan of the property first.

Moreover, it will always be better to check the property.  Either you do it personally or you ask a friend to make a visit. Set a schedule for a tour for the property with the owner or seller. In short, never settle for photos and words alone.

  1. Investigate further.

Speaking of going online, do some research to see if there are any valuable information about the seller, the developer, or the property. Read up some articles about real estate scams so you have an idea what to avoid.

For assistance in real estate transactions in Bacolod City and in Negros Island, contact E. Gatanela Realty Co. for a hassle-free transaction. Office address at Suites 3 & 4, 2nd Floor, LD Centre, 7th-Lacson Streets, Bacolod City. E-mail: gatanela_realty@yahoo.com.

About Elena Pineda Gatanela

Elena Pineda Gatanela is a PRC-licensed real estate appraiser and licensed real estate broker. She is an International REALTOR® Member of the National Association of REALTORS® (NAR) of the United States of America. Elena has ten (10) years experience in real estate brokerage, project selling, and property management. She studied Executive Program in Real Estate Development at the Asian Institute of Management.

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