Tips to Avoid Real Estate
Scams and Frauds
Beware of being scammed while dealing
with commercial real estate agents in
Toronto. The ratio of real estate scams is at
the surge in this modern era. Criminals
target the clients creatively. Here are the
most reported scams listed below.
Continue reading to get educated about
the scams and the tips to prevent them.
If you receive an email, text, or call from
the representatives of an escrow
company, and they instruct you to
deposit your escrow amount.
Remember that scammers create fake
websites exactly similar to the lending
company you are working with. In
addition, they use many spoofing tactics
to target consumers.
Escrow deposit scam:
This is the most common fraud with
many victims who trust easily. In this real
estate fraud, the property owner claims
they cannot make you visit the exact
location you are about to buy because
they are out of the country.
Out of country statement:
Some fraudsters usually call you and ask
about buying or renting a property. In this
way, they request your banking details and
personal information. And their next step is
to misuse your identity and rob cash directly
from your bank account.
Scammers mostly use social media for
rental scams. First, they post rental
property ads; they have no connection
with. Then, they use fake accounts and
post pictures from listings of any genuine
rental company to make it look natural.