Real Estate Complaints
The term ‘Real Estate’ refers to the property consisting of land, and any structure or buildings on it. It involves the purchase, sale and development of land, residential and non residential buildings. Buying or selling of house/property is one the biggest decisions a person has to take in his life and for this people generally look for agents/brokers. The Real Estate agents/brokers have an in-depth of knowledge of all the available properties in and around their domain. However, there many agents/brokers who make wrong use of this information. They make promises to their client and in return deliver them nothing and in this way trap them. Real Estate fraud is one of the most commonly occurring frauds in India. So what Real Estate fraud mean? Real Estate fraud/scam occurs when an individual or an agency uses false/wrong information for any real estate related transactions. The most common type of Real Estate frauds include False promises, Delayed Approvals, Mortgage fraud, Foreclosure fraud, title fraud and Value fraud. Mortgage fraud refers to the omission of crucial information related to the real estate property which can result in fraudulent transactions. Title fraud happens when the ownership(title) of the property is falsely changed. For instance, one person sells the property to another person by claiming to be the owner of the house. Value fraud occurs when the buyer is misinformed about the real/actual value of the property. So what steps can be taken to prevent such Real Estate frauds? Firstly you should read each and every agreement document detail carefully. You should avoid rushing and finalizing the details. You should do a thorough background check of the builder/agents/brokers prior to signing the contract. Moreover, getting an appraisal of the property helps you to get the fair value of the property. Finally, you should not be lured by their verbal promises. Rather, you should have them in writing in printed paper so that you can use it as evidence if required further. However, if you have become a victim of this and want to complaint against builders or Real Estate agents, what should you do? First and foremost you should schedule a meeting with the broker. The broker is the party who owes you the fiduciary duty whereas the agent is merely the broker’s employee. You should therefore be vocal about your complaint or you can even write your complaint on a paper. If you believe the agent hasn’t performed as promised you should gather all the supporting documents and attach it along with the letter and send it to the broker. You can even ask for a resolution from the broker. If you still believe they are not offering the required resolution or are ignoring your complaint you can approach the consumer forum. We at Voxya help in preparing the case documents for approaching consumer forum. We generally receive 30 monthly complaints regarding Real Estate agent/broker/builder frauds.
Most Common Issue Reported for Real Estate Complaints
i started this company on **/**/**** for servey of private and government properties. I done my work very honestly and send report dco (raja s. raju). When the salary time comes the company said they have issue a cheque of rs. ***** for me but ...
Apr 22, 2018 by Deepak Rajput
We booked Lodha Upper Thane property from The Netherlands without seeing the property, at the time of booking the Lodha Customer Sales Executive for the Europe & UK region Mr. Arun Kumar told us, as an NRI we will get the booking period of * Mo...
Apr 18, 2018 by Sanal K
Dear Sir, I am residing at Muscat, Oman. I would like to file complaint against Property Builder Company Name- A Square Infrastructure Pvt. Ltd. They widely advertised their New Township named as Pink Square City Located at Shivdaspura, Tonk ...
Aug 23, 2017 by Kamal Kumar Janjani