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  • Writer's pictureDamir Knezevic

Common Real Estate Scams to Look Out For

As a Canadian looking to buy or sell real estate, it's important to be aware of common scams that can put your finances and personal information at risk. Here are some common scams to watch out for:

1. Wire transfer scams: In this scam, scammers pose as real estate agents or lawyers and instruct you to wire transfer funds to secure a property or to complete a transaction. Always verify the authenticity of the request and the contact information of the agent or lawyer before wiring any funds.

2. Title fraud: Title fraud occurs when scammers steal your identity and use it to transfer the ownership of your property to themselves. To prevent this, ensure your personal information is kept secure and always check your property title frequently for any suspicious activity.

3. Rental scams: Rental scams involve fake landlords advertising rental properties at attractive prices and requesting deposits or rent payments in advance. Always verify the authenticity of the property and landlord before sending any payments.

5. Investment scams: Be wary of investment opportunities in real estate that promise high returns with little risk. Do your research, verify the credentials of the investment firm, and seek the advice of a financial professional before investing.

6. Phishing scams: Scammers may use phishing scams to obtain your personal information or financial details. Be cautious of unsolicited emails or calls, and never give out personal or financial information to unknown individuals or entities.

By staying vigilant and taking the necessary precautions, you can avoid falling victim to these common real estate scams. Always verify the authenticity of any transaction or request, and seek the advice of trusted professionals to ensure your real estate transactions are safe and secure.

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