Source-Iharare
Real Estate Fraud In Zimbabwe A Detailed Guide, Read Before Buying Property in Zimbabwe
Buying property in Zimbabwe is a tedious affair. Apart from the rather high prices, many home seekers have been duped of their hard-earned money by bogus agents and land Barons. These agents employ various tactics to ensnare their victims and below is a rather interesting and eye-opening thread from a Twitter user Mutape Nhachi. He explains the various modus operandi these Con-men use on their victims. The syndicates also include Zimbabwe real estate agents who sell stands in undesignated areas.
Real Estate Fraud In Zimbabwe
Many have fallen victim to real estate fraud in Zimbabwe. Fraudsters pry on home seekers and their tactics have become more organized and sophisticated that it can be hard to detect.
Main culprits are agents, bogus real estate companies, and developers.
1.Paying to Be On The Waiting List.
They will tell you that they have houses or stands they are developing and you have to pay to get on the waiting list. They will allocate a stand to you and then make you sign an agreement of sale, you will pay at least usd300 for that agreement alone and then they make you pay the full purchase price or make instalments. When you pay them, you never get your stand and they will frustrate you until you withdraw. When you claim your money after withdrawing they will show you a clause in the agreement which says they can retain 30%.
2. Double sales.
This is when you are sold a stand that has been sold or will be sold to someone else. Later, another person will come & claim that they also purchased the stand. One of you will lose the stand & the seller will be nowhere to be found.
3. Identity theft.
The fraudsters identify an unused piece of land lying around. They go & get a photocopy of the title deed which will also have the details of the owner. They forge title deeds and IDs which look exactly like the originals. When they give you a copy of title deeds to do background checks, everything will seem to be in order. They usually insist on cash and they want to be paid before transfer. By the time you realise they are not the owners, it would be too late.
4.The classifieds
. They will post an advert in the classifieds and wait for someone to bite. When you contact them they will tell you that they are in Hwange or Victoria falls. They will demand money for fuel so that they can come to you. They will demand more money from you for various reasons before they disappear and their phones will not be reachable anymore.
5. Power of attorney.
There are individuals who will tell you that they have a power of attorney or mandate to act as an agent for the seller. You will never meet the owner, they will tell you he is out of the country or something. They will go on to sell the property to you or even other people, collect money, and disappear. These guys usually will have nice offices and a catchy company name.
