Preventing Real Estate Scams: Demand A Written Lease

With the high rate of scams in the real estate industry, a tenant should always apply preventive measures so as mitigate the chances of becoming a victim. It’s indeed a bitter experience to lose all your money to a scammer. To avoid this, never do a transaction without demanding for a written lease.  A written lease is very critical in any transaction done in real estate industry. This is because it can be used for future reference in case of any problem between a tenant and a Landlord.

Check out this video for some of the common rental scams

 

Though Oral leases are still valid in some states such as Illinois, sometimes they turn to being are problematic in several ways.  Under such situations, the tenant can easily lose his security deposit since there is no prove to show that he paid the amount.  If your Landlord insists on a month-to-month lease, that is okay, but you need to demand on the written lease so as to prevent scam.  Consequently, the written lease lays out the rights and responsibilities attached to each party. Therefore, the tenant will be able to clearly understand his or her rights and responsibility in the rented apartment. On that note, you will not be conned by the Landlord.

Additionally, a tenant should also demand a copy of the lease signed by the landlord.  You don’t have to allow the landlord to retain both copies.  In most cases, the landlord will give an unsigned lease copy to sign then ask you to send them back to him for signature, but they never return fully executed copy to the tenant.  In that case, you need to follow up and demand your duly signed copy.  Nevertheless, ensure the landlord has already signed the copy before picking it. Some landlords are scammers, and they can use any method to fraud his tenants.

Ideally, the tenant and landlord should sign the lease in the physical presence of each other.  The landlord should come with an original and duplicate lease copy so that after signing each can walk away with a copy. However, that is opposite with most of the landlord with evil motives.  It is for you to learn the intention of your landlord so as to prevent being conned.

If you need to prevent yourself from being a victim of the money scam, then you should carefully read and understand the above tips. This article will help you to avoid the possible scams by demanding for written lease from the landlord.