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17 Tips for Sellers on How Not to be Left Without an Apartment and Money

17 Tips for Sellers on How Not to be Left Without an Apartment and Money

When selling an apartment on the secondary market, the owners risk less than the buyers. But, they still have the danger of running into scammers and losing money and real estate. Where are the potential traps?

There are instructions on buying an apartment and not stumbling upon a fraudulent scheme. However, what about security instructions for the other side of the transaction - the sellers. There are risks for them, too, so we have all the obvious and non-obvious moments in which you should be more careful.

Tip 1: Do Not Hide the Shortcomings of The Apartment

In order not to subsequently receive an invitation to the court to terminate the transaction, honestly admit all the important shortcomings of the apartment. Be sure to write them all down in the contract. For example, illegal redevelopment or dilapidated state of the house. Suppose the court takes the side of the buyer. In that case, no one will reimburse you for the costs of obtaining documents and processing the transaction. This is just as in the case of canceling the transaction after the seller issues all the certificates.

Tip 2: Check Realtors

A full check of everyone and everything in a real estate transaction is a good habit. Feel free to clarify whether the buyer's realtor is with the agency they say. If you want to make an investment that offers the least risk factor, then https://www.skymarketing.com.pk/faisal-hills-islamabad/ is a great source for many real estate experts.

Tip 3: Make Sure You Qualify To Sell

If you are selling an apartment in a mortgage, carefully re-read the contract. Is there a clause in which the apartment goes to the bank if it is sold? It would be useful to check with the bank whether it would object to the transaction and the transfer of your loan to a new owner.

Tip 4: Beware Of Share Buyers

Would you like to sell a share in an apartment? There is a risk of dealing with buyers of shares. Owners of other shares of the same living space have the first right to buy out your share. Thus, it is in their interest to force you to agree to a deal.

To do this, extremely unpleasant neighbors may be in the apartment, making life so unbearable that you will be ready to sell your share under any, even the most unfavorable, conditions. It is difficult to deal with this, but it is possible - mainly with patience and retaliatory measures.

Tip 5: Be Vigilant at The Shows

Not only do buyers come to see the apartment, but also, oddly enough, thieves. Remove all valuables and hide expensive equipment right away. Otherwise, the sweetest couple can steal from you, such as a bag carelessly left in the corridor, a laptop, or your favorite gold bracelet.

At the same time, please pay attention to how a potential buyer behaves. Listen to what he asks about the apartment and whether he asks. Consider, whether he looks at the view from the window, the condition of the floor, walls, and communications, or pays more attention to cabinets.

Tip 6: Never Give Original Documents For An Apartment

With original documents in hand, scammers get several chances to re-register the apartment for themselves. This even includes the most daring ways of forging a passport and impersonating you, the seller.

Tip 7: Do Not Go on About The "Poor Things"

In transactions involving a mortgage loan, occasions of this kind sometimes occur: the buyer claimed that the bank approved him a certain amount, but at the last moment, this amount turned out to be less (the buyer either deliberately hid the truth or something changed in the conditions of the bank). All the certificates have already been collected, and a lot of work has been done, but the buyer is now asking for a discount, claiming that he will not be able to buy your apartment at the price you agreed on earlier. The final decision remains with the seller.

A similar problem may arise in an alternative transaction: if the buyer unexpectedly lost the sale of his apartment, and he was going to pay you with the proceeds.

Tip 8: Do Not Sell Real Estate by Gift

Yes, we know that a donation involves donating an apartment, but some people try to avoid paying taxes in this way (they are not paid when donating), so they agree to formalize the deal. Given that the donation does not involve the use of money in the transaction (which you agreed to receive in words), it won’t be easy to prove to the court that it was an ordinary transaction. You run the risk of being left without an apartment and money.

Tip 9: Check Every Letter Before Signing a Contract

This is a commonplace mistake that both sides of the transaction nevertheless regularly encounter. It is necessary to check every letter in all copies of the contract.

Sometimes scammers deliberately make blots to force them to take a new copy. In this case, you need to watch your hands: it is possible that when re-signing, the text of the DCT will be completely different (the scammers will have time to replace the original version with a completely unprofitable one), and the tired seller will wave without looking. In this case, for example, he runs the risk of inadvertently committing himself to leave all the furniture and appliances.

Read More: AL Noor Orchard Lahore Residential Blocks (UPDATED) Payment Plan | Price Details

Tip 10: Exercise Discretion When Using an Electronic Signature

In the era of total remoteness, there is a great temptation to minimize movement around the city and the number of meetings, especially since with an enhanced electronic digital signature (EDS), there is an excellent chance to conclude a deal without leaving home. It's not worth it: anything can turn out in practice instead of the proposed contract. Moreover, owning an EDS is a temptation for scammers: you, without knowing it, give them your apartment - for this, you will only need to hack into your account on the public services portal. To prevent this from happening, you should apply to the MFC to ban state registration without the personal participation of the copyright holder.

It should be noted that the opinions of market experts are split on this issue. Most lawyers and realtors give advice, if possible, to refrain from using an electronic signature. EDS experts, on the contrary, argue that the danger of such signatures is minimal.

Tip 11: Use Verified Payment Methods

Safe deposit boxes or letters of credit are the most reliable ways to get money for your apartment. And yet, some still try to use outdated cash options.

In this case, the seller risks receiving counterfeit banknotes and a “doll”.  This is a dummy imitating a bundle of banknotes with real banknotes along the edges and counterfeit (or even paper) in the middle.

TIP 12: Keep in Mind That in a Deal with a Chain of Apartments, You Will Have to Wait for Money

Suppose several apartments are in the transaction (new ones are bought and old ones are exchanged at the same time) during the electronic registration of the contract. In that case, there is a possibility that the transfer of ownership in each case will take place on different days. This means that the seller will have to wait until all the formalities are complete.

Tip 13: Avoid Remote Work:

Above are the risks of EDS, but pay special attention to the participants in the transaction. This applies to both sellers and buyers. Despite the progress and modernization, it is still better to have all the documents for the sale and purchase on hand. With official seals and signatures made by hand and pen.

Then, when meeting with scammers, it will be easier for a conscientious seller or buyer to defend their rights later. In general, the advice to avoid telecommuting is universal. Only at a face-to-face meeting will you ensure that the seller’s identity and passport match.

If you decide to conduct a transaction remotely, visit the property first. No matter how far the progress has gone, some things are better to check in person.

Tip 14: Write the Full Amount in The Contract:

In an attempt to underestimate the taxable base, the seller and the buyer can indicate a smaller amount of the transaction. The tax is paid not on the real income of the seller but only on what is in the contract. But this attempt to save money will backfire on the seller when they do not receive the rest of the amount from the buyer. The court, in this case, will take into account only the terms of the contract.

Tip 15: Review Powers of Attorney Carefully:

A proxy deal is always a risk. If the buyer is a person buying your property for someone else, be aware. Remember to make sure the power of attorney is legitimate. This is easy to do on the Power of Attorney Registry website.

Tip 16: In the Morning and A Receipt:

Upon receipt of money for your living space, you will get a receipt for this. Simultaneously this transfers to the buyer with the actual transfer of the apartment. Do not spread the events over time. Otherwise, there is a danger of being left without an apartment and money.

Particular care must be taken when making a transaction with installment payments. More than once, as the property rights transfer to the new owner, and payments stop. Subsequently, the court will likely side with the seller, but it is stressful, wastes time, and is a missed opportunity.

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