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WHAT ARE FORMS OF PROPERTY FRAUD IN KENYA?

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Over the years, property fraud in Kenya has been rampant. Property fraud is defined as the act of stealing property. For instance, a fraudster could forge a document to convince a mortgage lender that he or she owns the property and mortgage your property without your knowledge. One of the primary elements that heavily affects property buyers and property owners as well is property fraud. It’s time that we should all be aware of different forms of property fraud and learn how to prevent being victims of this kind of evil that is in real estate industry. These forms of property fraud are;

Foreclosure relief (Foreclosure fraud)

Foreclosure fraud/ relief happens when a property buyer experiences difficulties in making mortgage payments. To exemplify; a fraudster approaches a property owner with issues concerning his or her mortgage payment. Afterwards, he goes extra miles and offers loans and monthly payment schedule that is relatively at a lower price for the transfer of the property title deed to the lender.

Sad to say, these fraudsters use the property owner so as to reach out to property buyers with ostensibly lucrative property purchase price. The title deed will then read their name thus declaring the property as a foreclosed one. This means that you will no longer have the rights to claim the property in question as yours. To prevent being a victim of foreclosure relief, you should avoid accepting offers from debt consolidation or financial reorganization companies on social media. This is because these offers are strategically placed to attract specific property owners.

Title deed fraud.

Here, a fraudster steals your title deed and use it to sell that your property. Alternatively,  a scammer can decide to use the stolen title deed to get a loan against the same property. In such instances, a fraudster acts as the owner of the property who possesses all the rights of selling property to any property seeker.

Often, you might think that it is easier for you to differentiate between a legitimate title deed and a fake one when given to you especially after you have conducted an online property search. Occasionally, you could be wrong! Why? Nowadays, scammers include some government agencies into their schemes that will make you believe that you are dealing with the right people in Real estate market. Be vigilant enough to avoid falling in this trap.

Duplicate listing.

Duplicate listing fraud is where scammers have a listing platform where they copy legitimate property listings and offer low prices for the property. Due to fear of missing out these “awesome deals”, most property buyers are forced to pay deposits for the property in time only to realize that the listing was illegitimate. To curb this, ensure that you carry out your own due diligence and include qualified real estate agents in your deals.

 

Foreclosure relief, Duplicated listing and title deed fraud are the three common real estate property fraud in Kenya that every property owner and buyer should be aware of and know how to protect yourself from being victimized. To find property in Uasin Gishu County, Transnzoia County, Baringo County, Kakamega County and Elgeiyo Marakwet,  contact Baoriat Agencies on 0721-554-937 or visit Juma Hajee Building in Eldoret town room 16.

Find Property in Uasin Gishu County


Baoriat Agencies

Call: +254 721-554-937

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