Property fraud is on the rise, and each day, it seems like fraudsters discover a new angle of depriving landlords and tenants of their hard earned money. The fact is that property fraud can hit you from any direction, and hence, you should take measures to ensure you are not caught unawares.
Who Is At Risk Of Property Fraud?
Property fraud happens when someone fakes another person's property ownership documents like title deeds and uses the fake documents to sell the property or obtain a mortgage. Almost everyone who is involved in buying or selling of real estate property can fall victim to fraud. However you are at an even greater risk if you:
What Can A Conveyancer Do To Protect Your Property?
You can protect your property from fraudster by seeking the assistance of a conveyancer. All that a conveyancer has to do is to record a restriction on the title by certifying that you are the true owner of the property. This is helpful when a third party attempts to register the sale of your property at your land registry offices. With such a restriction in place, the deal will fail unless your conveyancer certifies that you are the one who is making the sale.
Are There Any Other Measures You Can Take To Prevent Property Fraud?
Yes, there are other measures you can take to prevent property fraud. Although it does not guarantee complete safety, registering your property with your local land registry is an important step towards safeguarding your property. In fact, it should be the first. This step ensures that you are recorded as the sole owner of the property. Even if you are conned, you are entitled to a state compensation as long as the record shows you are the legal owner of the property.
Another key measure is to keep your information up to date at your land registry offices. This makes it easy for you to be reached if a fraud is taking place. Failure to do so may not only deny you the chance of catching the fraudster, but may also deny you state compensation.
For more information, contact Woodgate Lawyers or a similar firm.
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