No one can deny the existence of a parallel world and if there are good property dealers on the one hand, then rest assured that there are brokers who are into illegal practices too, and they are found everywhere, generally catering to activities like misguiding the home shoppers in ways that are outlined below:
Low construction quality of the apartment
This is one of the most common practices amongst the dishonest real estate brokers. They try to suggest those buildings which are constructed with low quality materials. If it is a new project, then initially the building or the apartment looks scintillating but with time it starts depreciating which in a way increases the overhead cost and lowers the resale value of the house.
Practice without Licence
There are real estate agents in Chennai as well as in other parts of the country, wherein they practice without a formal license, which is not accepted legally, since they can’t be traced down in case of fraud or unwanted situations. Moreover real estate deals are quite expensive, hence it is always suggested that you do not entertain any real estate agents without a licence.
Sell one property to multiple buyers
There are many real estate brokers who have cheated on their clients, by selling one property to multiple clients or buyers. Or, sometimes, they try to sell the properties which are having legal issues without disclosing the truth. Hence, always try to get a pro real estate lawyer who has the understanding of the technicalities of the trade.
Hesitate to provide receipts for payments
If any broker is apprehensive about providing receipts for the monetary transaction, then yes, the broker is definitely practicing something which is beyond the territory of law. But if you are also indulging in such an act, then chances are, you may lose your hard earned savings, because there wouldn’t be any clue or mention about that money anywhere and they may come back and demand more.
Insists on cash payment and denies to provide an acknowledgement for that
Sometimes, many property brokers insist that you pay the amount in cash which is a way of accumulating the black money by evading tax, since cheque payment involves a bank transaction which attracts tax payment.
Demand whopping amounts as charges
Those property dealers who have the tendencies to charge whopping amounts as remuneration and who behave in a strange way, chances are there that he may take your money and disappear.
There are also instances wherein a con man dressed as a real estate broker almost sold Taj Mahal, Red Fort etc. to the people, and who is not aware of the great Mr. Victor Lustig, who was one of the prominent con men of the world and sold Eiffel Tower twice. So, to be very candid, these people are very smart and unbelievably convincing. To avoid this sort of unwanted situations, it is always preferable to shortlist the property dealers from good real estate firms, because the chances of getting trapped diminish and you can avoid being a part of the illegal practices of the brokers too.
