MoRe 2.0 Conference Reviews Fraudulent Rentals & Tenancy Agreements

The real estate and finance sector is no stranger to scams and frauds. In the past few years, cases of fraudulent rentals and tenancy agreements have been increasing. Fraudulent rentals and tenancy agreements are contracts that are forged or created illegally with the intention to steal someone’s money. Fraudsters generally make it appear like a legitimate offer, asking tenants to sign the agreement or rental document and pay a deposit to secure the deal. Unfortunately, after paying the deposit, the tenant discovers that they have been scammed as the offer is false. Let’s discuss a few ways by which fraudsters conduct this scam, highlighted MoRe 2.0 Conference at its Spring Edition.  

Types Of Scam Offenses To Watch Out For When Renting Or Signing A Tenancy Agreement 

Double Renting

Another common type of fraud is double renting the same property. It is not uncommon for the same property to be listed by different agents. While there’s nothing wrong with this in principle, some fraudsters use it as a ploy to collect multiple deposits and run away with the money.

Deposit Fraud

Deposit fraud is when a person will ask for a deposit from a tenant in advance. He promises to hold the money for future rent or additional service, only to never return it. MoRe 2.0 Conference suggests renters to research the company and review their rental agreement before making a payment.

Rent-To-Own Fraud

Rent-to-own fraud occurs when a tenant pays rent each month but is unable to actually purchase the property at the end of the rental period. This type of scam is difficult to spot because the landlord may not explicitly promise ownership, highlights MoRe 2.0 Conference. Instead, insinuate that the tenant can eventually own the property after making enough payments.

Fake Lease Agreements

Fake lease agreements are when a landlord will create a fraudulent rental agreement that is signed by the tenant. Landlord then presents it to the tenant as an official document. The document includes fake data such as higher rental rates or extra charges, underlines MoRe 2.0 Conference. Sometimes fraudsters ask tenants to sign a tenancy agreement without being present at the premises. Again, this needs to be treated with caution and reviewed to ensure that all terms and conditions of the agreement are satisfactory. Renters need to always double-check the terms of their rental agreement. Also, they need to verify the authenticity of the documents before signing.

Hidden Fees

Hidden fees are additional charges not disclosed by the landlord until after the tenant has signed the agreement. The landlord may try to disguise these additional charges as rental deposits, fees for additional services, or unexpected maintenance costs. To protect themselves, renters need to review all additional charges carefully before signing a tenancy agreement.

Property Swindles

Property swindles occur when a landlord promises a tenant a home or property that does not actually exist. To avoid falling victim to this type of scam, tenants need to do thorough research. They can read reviews of the property and landlord before signing a tenancy agreement, suggests MoRe 2.0 Conference.

Renters and tenants need to be aware of potential scam offenses when searching for rentals or signing a tenancy agreement. Researching the company and reviewing the rental agreement can help to prevent fraud. Furthermore, double-checking all additional fees and reading reviews can protect renters and tenants from being victims of rental scams.

Ways To Avoid Getting Scammed, Suggested By MoRe 2.0 Conference

Research & Review 

The best way to protect yourself against such fraud is to do some research before you sign a tenancy agreement. Ask questions and thoroughly review the agreement. Do some online research and review other people’s reviews and experiences before you commit, asks MoRe 2.0 Conference.

Inspect The Property

You should always go to the premises to inspect it for yourself. Beware of agents who refuse to do this or demand money without seeing the property first. It is important to remember that any property listed at a price lower than usual could be a red flag.

Consider Background Check

Always do a background check on the landlord. If the landlord’s credentials are not known or are questionable, this could be a sign of a scam. A good way to get assurance about the authenticity of the property is to check with the local municipal authorities and make sure that the landlord is the rightful owner.

Legal Documentations

Be sure to look out for the legal papers related to the tenancy agreement and never sign any agreement before carefully going through the terms and conditions.

Conclusion

In conclusion, while the internet has made it easy to find potential properties and agents, it has also become easier for scammers to cheat tenants of their money. To protect yourself, it is always advisable to research before committing to any agreement, go through the legal papers, check with the local municipal authorities, and stay updated on the current trends. To stay informed about scam and fraud prevention methods, consider attending a real estate and finance event in 2023, like the MoRe 2.0 Conference in the USA and Dubai. Stay updated, and stay secure!