How to Avoid Property Scams in Dubai UAE
Tips to Avoid Property Scams
Points to keep in mind to avoid Property scams in Dubai are:
1)Look for RERA Registration
The DLD’s Real Estate Regulatory Authority (RERA) regulates the business in Dubai. RERA requires all the brokers and developers to be registered. On the RERA’s official website, you can see the registration. Remember that until your agent is listed on the website, you should avoid dealing with them for any of the real estate transactions. Scammers may even use identification that is forged.
2) Estimation of Value
If an offer seems too good to be true, it probably is. Scammers use exaggerated promises to entice investors and homeowners. As a result, it is always a better idea to seek the advice of a reputable RERA-licensed real estate broker. They will be correctly able to assess the worth of your house. If you are seeking to buy, learn about the market and the average price of the type of house you want in that area.
3)Contract that is official
Another way to avoid a property scam is to make sure your contract is legal. You should register your lease with the DLD’s Ejari if you are renting a property. If you want to buy a house, make sure you have a legally binding contract between you and the agent for the services provided by the brokerage. In some situations, a formal contract between you and the developer may be needed.
4)Payments by cheque
Many real estate scams have one thing in common, they exclusively deal in cash. Scammers will avoid any trace that could be traced back to them. As a result, many of them will want payment in cash. There’s nothing wrong with requiring all transactions to be paid by check or bank transfer. Similarly, make certain that any advance payments are always documented and accepted by the agent.
5)Searching for Property
If you are shopping for a house by yourself, make sure you use only known listing platforms. To avoid home rental scams and bogus listings, they will conduct regular inspections on their listings. As a result, initial filtering can be completed on the portal itself. Ensure to look over the postings for any red flags. Always assume that con artists are cunning. You will learn to outsmart them in this way.