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1. Rental Scams
These are some of the most common. A scammer will advertise a property for rent, usually with beautiful pictures and an unbelievably low price. When you contact them, they’ll spin a story about being out of town or too busy to meet, then ask you to pay a deposit upfront to “secure” the property. The moment you pay, they disappear — and often the property was never theirs to begin with.
π Tip: Always view the property in person and never pay until you’ve signed a legitimate lease.
2. Title Deed / Ownership Fraud
This one’s scary because it targets your actual property. Criminals steal your identity, forge signatures, and transfer the ownership of your home without you knowing. Suddenly, someone else is trying to sell or take a loan against your house.
π Tip: Regularly check with the Deeds Office to confirm your property is still registered in your name.
3. Wire Transfer Scams
When you’re buying a home, you’ll need to transfer a big chunk of money, usually through your attorney’s trust account. Scammers hack into emails, change the banking details in the instructions, and trick you into transferring funds straight into their account.
π Tip: Always confirm banking details with your attorney by phone or in person before transferring funds.
4. Foreclosure “Rescue” Scams
If you’re struggling to pay your bond, you may be vulnerable to smooth-talking fraudsters who promise to “help” save your home. They’ll ask for large upfront fees or get you to sign documents you don’t fully understand — sometimes even tricking you into handing over ownership of your house.
π Tip: If you’re in trouble, talk directly to your bank before anyone else.
5. Fake Investment Opportunities
These scams are wrapped in shiny promises: luxury developments, beachfront apartments, or plots of land in “fast-growing” areas. You’re shown brochures, photos, even contracts. The catch? The project either doesn’t exist or will never be built.
π Tip: Do your homework. Check building plans with the municipality and confirm that the developer is registered with the NHBRC (National Home Builders Registration Council).
6. Overpayment Tricks
You might come across a “buyer” or “tenant” who sends you a payment that’s higher than what’s due, then asks you to refund the difference. Their original payment later bounces, leaving you out of pocket.
π Tip: If someone pays too much, don’t refund until the funds are 100% cleared with your bank.
7. Fake Agents
Some fraudsters pretend to be real estate agents. They show you pictures of properties, arrange “viewings” that never happen, and collect deposits or fees before vanishing.
π Tip: Always ask for an agent’s Fidelity Fund Certificate (FFC) — a legal requirement in South Africa for any practicing estate agent.
8. Inflated Property Flips
Scammers buy cheap properties, do the bare minimum (like a coat of paint), and then push them onto unsuspecting buyers at massively inflated prices, often supported by dodgy valuations.
π Tip: Compare recent sales in the area and don’t rush into buying just because someone says it’s a “hot deal.”
π Lake Properties Pro-Tip:
Real estate is one of the biggest financial commitments you’ll ever make. Always slow down, verify everything, and ask the “awkward” questions. A genuine seller, agent, or developer will never pressure you to pay quickly or avoid paperwork. If you’re not sure, rather walk away — losing out on a deal is better than losing your life savings.
If you know of anyone who is thinking of selling or buying property,please call me
Russell
Lake Properties
www.lakeproperties.co.za
info@lakeproperties.co.za
083 624 7129
Lake Properties Lake Properties
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