If you’re searching for a place to live, the very last thing you want is to fall for a rental scam. Because the feelings associated with the apartment-hunting procedure might make individuals more prone, scammers reap the benefit of new buyers.
If you’re excited and enthusiastic about seeking a new place, for example, your enthusiasm may cause you to be more trustworthy. House hunters in a hurry (due to a job transfer or a domestic crisis) and need to explore a decent new place immediately are also targeted by scammers.
Luckily, there are steps apartment seekers may take to reduce their chances of falling victim to a rental scam. Here are some things to bear in mind while hunting for the ideal rental:
Dealing with Cash Is A Bad Idea To Begin With
Dealing in cash simply is the most common method of carrying out dubious money transactions. The fact that money is not traceable is one of the main reasons why fraudsters like to work with them.
So, when you’ve paid someone for a lovely cozy apartment, they get all the time or energy to steal your cash.
Rental scammers love to work with cash. If you refuse to pay money directly, a renter out to scam, you will just go on to the next potential tenant.
Please note that cash or money orders shouldn’t be used for things like a down payment or paying the very last month in advance. They are frequently involved in renting frauds.
Some scammers will offer you to move into an apartment or condo without requiring any paperwork. It’s not a good idea! Verbal agreements are unusual and should be regarded with caution.
Month-to-month rentals are popular, though they usually come with some sort of pre-signed agreement. An online rental agreement that isn’t accompanied by a lease can be a leasing scam.
This rental fraud may become more widespread due to COVID-19 since many renters opt for virtual tours of apartments, online lease signings, and limited contacts with owners and estate agents.
Red Flag: When you request a lease contract, the owner will excuse why they can’t or won’t have one, indicating that it’s a fraud.
How to Stay Away From It: Do not lease unless you have seen a lease or rental contract. Ask seeing a lease, you’ll appreciate yourself afterward. If a homeowner provides a lease, read it thoroughly and ask any questions before making final judgments. Always sign a lease agreement, which is readily available at CocoSign. Click here to get started!
The landlord’s and resident’s contact details, the duration of the agreement they’ve agreed to, an overview of the rented flat, the monthly rent, the value of the security deposit, the monthly deadline for the payment of the rent, method of payment, bank details, the rate of annual exchange rates, as well as the advance amount made to pay by the leaseholder are all typically included in a lease agreement.
CocoSign is your ideal option for getting a rental contract or a proof of residency document. It has all of the necessities. Cocosign is a well-known brand that connects people and allows them to sign free agreements online in over 190 countries.
You can get the online rental agreements from CocoSign and customize them as per your need simply after signing up for a free account. CocoSign also offers a 30-day free trial to its new users.
Determine who owns the property.
Before signing the rental contract, make sure you get the ownership documentation to ensure you’re working with someone who has the legal authority to rent out the property. This will assist you in determining whether or not the entire transaction is legitimate.
Beware of anyone who claims that the paperwork will be provided to you later; a genuine owner has no incentive to hide the documents from you.
And there is nothing you can do if you look at the property records and the name does not match the renter’s name.
There is no screening procedure in place.
As a tenant, you must expect to be subjected to a credit and history check as part of the screening process. If there isn’t one in place for the property you wish to rent, you should be concerned.
Landlords are meticulous in their screening of potential tenants, and you want an owner that is both caring and knowledgeable. An owner who ignores the rental request and background check, on the other hand, will not have either one of those characteristics.
Do your homework
The wonderful thing about the internet is that it never forgets and always has venues for people to leave criticism on everybody and everything.
So, before renting a house from anyone, please ensure you do your research and conduct basic online research on the lender: e-mail addresses, names, property addresses, and so forth.