Buying a property, whether it is an apartment, villa, land, shop or any other type of property, is one of the most important financial decisions of every person’s life. This decision will affect not only the financial situation of the person, but also their quality of life. However, buying a property without being aware of the risks and without taking the necessary precautions can lead to heavy financial losses. In this article, we will comprehensively examine the risks of buying a property, common fraud methods in this area and, most importantly, strategies for buying a property safely and securely.

General risks of buying property

• Housing market fluctuations:  Housing prices fluctuate due to various factors such as inflation rates, interest rates, supply and demand, government policies, and the country’s economic conditions. Therefore, the value of the property may decrease after you purchase it.

Ancillary costs:  In addition to the purchase price of the property, there are other ancillary costs such as transfer costs, taxes, real estate agent fees, and repair and maintenance costs that must be planned for.

Legal problems:  The property you are interested in may be facing legal problems such as ownership disputes, debts, mortgages, or legal restrictions.

Natural hazards:  Natural disasters such as earthquakes, floods, fires, etc. can cause serious damage to property.

Specific risks of buying different types of property

• Apartment:
  • Construction problems: The building may have construction defects that will cause heavy maintenance costs in the future.
  • Community rules: The rules and regulations of the residential complex may impose restrictions on the use of common facilities and spaces.
  • Common costs: Common costs such as water, electricity, gas, security, etc. are charged to the owners on a monthly basis, and this amount may increase as costs increase.

• Villa:
  • Access to urban facilities: Villas are usually located in areas far from the city, and access to urban facilities such as water, electricity, gas, telephone, and internet may be problematic.
  • Maintenance costs: Villa maintenance costs, especially large villas, are very high.
  • Legal Restrictions: There may be legal restrictions on the construction or change of use of the villa.

• Land:
  • Change of use: Changing land use may encounter problems or involve high costs.
  • Infrastructure: The lack of proper infrastructure such as water, electricity, gas, access roads, etc. can reduce the value of land.
  • Legal problems: The land may have legal problems such as ownership disputes, mortgages, endowments, or legal restrictions.

• Shop:
  • Competition: Intense competition in some business areas may affect the profitability of the store.
  • Area change of use: Changing the use of a commercial area may negatively impact the value and profitability of the store.
  • Rent: Increasing rent can increase the running costs of the store.

Fraudulent methods in property purchase

• Selling someone else’s property:  Selling property that the seller does not own is one of the most common methods of fraud in the field of real estate purchasing.
• Forgery of documents:  Forgery of ownership documents, power of attorney, and other documents is another method of fraud.
• Illegal change of use:  Illegal change of use of land and selling it at a higher price is another method of fraud.
• Selling a property with debt:  Selling a property with debt without the buyer’s knowledge is another method of fraud.

Safe solutions for buying property

• Consulting with experts:  Before purchasing a property, be sure to consult with a real estate agent, lawyer, and property expert.
• Carefully review documents:  Carefully review all ownership documents, power of attorney, contracts, and construction permits.
• Inquire from competent authorities:  Inquire from the land registry offices, municipality, housing foundation, and other competent authorities to ensure the legal status of the property.
• Property Expertise:  Before purchasing a property, use an official court expert to conduct a technical and legal evaluation of the property.
• Drafting a detailed contract:  Read the purchase and sale contract carefully and understand all its clauses. It is best to have the contract drafted by a lawyer.
• Using escrow services:  Using escrow services can increase the security of the transaction.

The role of the site BeSand.com in helping buyers

By providing comprehensive and up-to-date information on buying and selling real estate, especially untitled properties, BeSind.com can be of great help to buyers. By providing search tools, the ability to compare different properties, and access to legal advice, the site helps its users make more informed choices.

The importance of home insurance

One of the most important things you should do after buying a property is to get the right insurance policy for it. Home insurance protects you against events such as fire, earthquake, theft, etc. There are different types of home insurance policies, each offering different coverage. It is best to consult an insurance advisor so that you can choose the right insurance policy for your needs.

The difference between buying and selling property through a real estate agent and directly

• Real Estate Agent:  Real estate agents are familiar with the housing market and can help you find the property you want, determine the right price, and complete the legal steps to purchase. However, you will have to pay a real estate agent fee.
• Buying Direct:  Buying directly from the owner can reduce your costs, but you may encounter some difficulties due to your lack of familiarity with the housing market.

Important points when visiting the property

• Check the condition of the building:  Pay attention to the condition of the building in terms of structure, installations, insulation, etc.
• Neighborhood survey:  Pay attention to the neighborhood’s condition, access to urban facilities, security, etc.
• Negotiate with neighbors:  Talk to neighbors to learn more about the condition of the building and neighborhood.

Payment methods in real estate transactions

• Cash payment:  Cash payment is the fastest payment method, but you may encounter problems such as transporting funds and paying transfer taxes.
• Paying by check:  Paying by check is a common method, but you need to ensure the authenticity of the check and the validity of the issuing account.
• Payment via bank transfer:  Payment via bank transfer is the safest payment method, but it may take time.
• Payment via Escrow:  Using escrow services can increase the security of the transaction.

Other important points

• Register the contract at the notary’s office:  Be sure to register the property purchase and sale contract at the notary’s office.
• Obtaining a completion certificate:  For new buildings, it is mandatory to obtain a completion certificate from the municipality.
• Check the status of property debts:  Make sure there are no tax debts, municipal fees, and other debts on the property.
• Life insurance and future provision:  Obtaining life insurance and future provision can help you be financially secure in the event of unforeseen events.