By This article explains how landlords can protect their property from fraudsters.
Protecting Your Property: Safeguarding Against Fraud
The age-old saying, ‘safe as houses’, has long been used to describe something considered solid and risk-free. However, in today’s world, even property ownership in Scotland isn’t as secure as it may seem.
In light of rising cases of property-related fraud, homeowners need to be on their guard to protect their valuable assets.
Property fraud – where a fraudulent individual assumes the identity of a homeowner and attempts to sell the property – has been on the increase since the pandemic. These con artists create fake identification and documents to trick unsuspecting buyers into handing over funds in what they think is a legitimate transaction.
Typically, these fraudsters target cash buyers to avoid the scrutiny of mortgage lenders and may even offer the property at a reduced price to expedite the sale.
When the genuine property owner and the ‘new’ buyer eventually discover the fraud, they face a lengthy and complex legal process to rectify the situation. So, who is most vulnerable to this type of crime?
Fraudsters tend to target properties that are mortgage-free and either vacant or tenanted. Vacant properties are particularly susceptible, as it’s easier for fraudsters to arrange viewings without arousing suspicion. There have also been cases where a tenant posed as the owner and attempted to sell the property.
To protect your property, consider the following tips:
1) Regular inspections: If your property is vacant or tenanted, schedule regular property inspections to ensure that nothing suspicious is happening. A vigilant eye can deter potential fraudsters.
2) Tenant verification: When renting your property, thoroughly verify the identity and background of prospective tenants. Request references and perform background checks to ensure they are who they claim to be.
3) Use reputable professionals: Engage trusted professionals for property management, including letting agents and solicitors. They can provide an extra layer of security and ensure all transactions are legitimate.
4) Secure documentation: Keep your property-related documents, including ownership deeds and rental agreements, in a secure location. Restrict access to these documents to trusted individuals.
5) Community vigilance: Maintain good relations with neighbours and the local community. Encourage them to report any suspicious activity around your property to help prevent fraud.
By proactively implementing these protective measures, Glasgow landlords can significantly reduce their vulnerability to property-related fraud. To learn more about property management services tailored to safeguard your properties, don’t hesitate to contact us at Scottish Property Centre today.
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