Real estate is very big industry, and it deals with all kind of people good and bad. The real estate regulatory act came in 2016, way before this law was passed that real estate has to abide by the rules made by this authority many agents and brokers were involved in malpractices and corruption. RERA was made to check this illegal act and save the common people from financial and mental theft. Though these acts have somewhat reduced, it is not completely gone. There are still some illegal acts practiced by real estate agents and brokers which are needed to be watched out by the buyers and sellers.
This is the most common type of Malpractice followed by real estate agents. In this the agents do not reveal certain information about the property, this can be intentional or unintentional. Some agents just forget or fail to interpret the information to the client this is unintentional misleading but when these agents with the intention to deceive the client do not reveal the information it is called intentional misleading.
For example – if You are an agent and someone hires you to help them buy a property and you take your client to the property and then take the token money from your client but never show up that will be deceiving the client and it will be intentional misleading.
Real estate agents job is to help people in buying and selling property and his/ her duty is to perform this job with honesty and punctuality. The clients trust the agents that they will make the best decision for them. When a real estate agent takes extra commission which the client is not aware of, or if the agent takes a bad decision, accepts or declines an offer without consulting the clients the agent is at fault. There are many cases where the client later comes to know that the property has many problems about which he/she cannot do anything because the money has already been given.
There is another type of malpractice done by real estate agents, we know that the agent helps in the documentation process also because they have more experience. So here sometimes the agent wrongfully induces a client to buy or sell a property. Take an example where you are the seller and you want to sell a property so you hire a real estate agent to help you out, now the agent finds a buyer for you, everything is okay but then the buyer has some specific needs for his property like some extra ground, or property should be near a market, etc. So in order to sell the property and get the job done the agent makes changes in your documents showing you have the exact requirements of the buyer, then the deal is done, later when the buyer comes to know about this the person getting sued will be you because it’s your documents that are faulty. This is also dangerous malpractice done by agents.
Frauds don’t have a specific type, these are just some ways in which a real estate agent can cheat you, there are several other ways in which you can be cheated, there is no substitute for vigilance and precaution. Make sure to keep your eyes and brain open when dealing with agents or anybody so that you don’t regret it later.