Nowadays, the process of advertising residential properties for sale or rent has become much more convenient due to various channels available to reach target audiences. Consumers can also easily find information about homes or condos they desire with just a click. What sets purchasing real estate apart from buying other goods is that real estate is an immovable asset. Interested buyers can only see the actual product and make the best decision by visiting the project in person. Therefore, deciding to buy or rent based solely on reading advertisements is insufficient and creates a loophole for malicious individuals to deceive others for their gain.

A report by ACI Worldwide titled It’s Prime Time for Real-Time 2023 found that countries with high rates of real-time payment systems are also more prone to financial fraud. Thailand ranks sixth in the world with a fraud rate of 25.7%. Online scams related to buying and selling goods or services have the highest reported cases in 2023, reflecting that financial fraud is closer to us than we think. These fraudsters are constantly seeking new tricks, even in the real estate buying and renting sector. Therefore, consumers should always be aware and cautious about money transfers and receipts.

5 Ways to Strengthen Your Protection Against Fraud: Ensure You’re Not a Victim When Buying or Renting a Home

When searching for a residence, sometimes buyers or renters do not have enough verified information to check, leading to concerns about credibility or fears of falling into a fraud trap. DDproperty, Thailand's number one real estate platform, recommends five ways to strengthen your protection against fraud when choosing to buy or rent a home. Here are some points that buyers or renters should verify before proceeding with transactions to close loopholes and avoid becoming victims who lose their assets and personal information to malicious individuals.

1. Check the Credibility of the Listing Source There are many channels for advertising residential properties for sale or rent, both offline and online, each with unique features to reach target audiences more effectively. Therefore, consumers looking for a residence should also consider the credibility of the listing source. If you see advertisements in public places, take photos to search for information online and check various details, such as comparing sale/rent prices in the market, verifying if the project's location is prone to flooding, checking if the project has had disputes or ongoing legal issues with nearby communities or other agencies, and reviewing past news about the project to aid in decision-making. Alternatively, visit the project to see additional sale/rent listings from residents directly.

Additionally, searching for information about residences online continues to be a popular method. Data from the latest DDproperty Thailand Consumer Sentiment Study reveals that 9 out of 10 consumers prefer to search for housing information primarily through online channels due to convenience and the ability to choose search methods that align with their lifestyles. Consumers should opt for reliable online channels, such as the project's official website or reputable marketplace websites that aggregate both new projects from developers and resale or second-hand projects in one place, like www.DDproperty.com, which is an interesting option that saves time in this digital home-buying era, significantly reducing the time consumers spend searching through numerous projects.

2. Check the History and Performance Before Choosing a Real Estate Agent or opt for agents with verified identities (Agent Verification). The process of buying or renting a residence requires considerable time for various procedures, leading many to choose real estate agents to simplify the process. Data from the latest DDproperty Thailand Consumer Sentiment Study shows that the primary factor for over two-thirds (69%) of consumers in selecting a real estate agent is their specialized expertise, as it helps ensure they receive services that meet their specific needs. This is followed by the length of experience (61%) and the agent's reputation (55%). Additionally, the expertise consumers desire most from real estate agents includes communication skills (31%), legal knowledge (21%), and financial and marketing skills (16% each), all of which facilitate smoother negotiations and transactions.

However, consumers should consider checking the agent's background, past performance, and reviews from other clients before contacting them for initial information about projects in their area of expertise or network to aid in decision-making. They can choose to use “verified agents” on the DDproperty website, which lists registered real estate agents, displaying clear contact information and preliminary expertise for consumers to consider. Look for the green "Verified" badge as an additional option to enhance confidence and alleviate concerns for consumers seeking agents.

3. Check Quality by Visiting the Actual Project Visiting the actual project to inspect the quality of construction and decoration will help in making the best decision. When consumers experience the actual atmosphere of the project, it makes it easier to assess satisfaction alongside the sale/rent price. Additionally, it allows them to see the actual environment and amenities of the project to determine if they are appropriate for the maintenance fees. It also provides an opportunity to observe the surrounding community before finalizing the purchase agreement and making a deposit. Furthermore, it is a great chance to meet the seller or agent in person to discuss and negotiate the price.

4. Check Ownership Documents and Verify the Actual Owner Once you find a desirable residence, the buyer should agree on the sale price and various expenses with the seller or agent clearly before finalizing the purchase agreement. This step is an opportunity for the buyer to verify preliminary ownership documents from the personal information the seller provides with the purchase agreement, including copies of the seller's ID card and house registration, as well as land ownership documents or certificates of ownership.

  • Verify the property being sold. The buyer should check if the property specified in the purchase agreement matches what is shown in the ownership documents by looking at the document number. For land and vacant properties, check the title deed number, which will indicate the land number and location. In the case of a condominium, compare it with the condominium ownership certificate (Form Ch.2) to ensure the details of the unit match the one you are interested in purchasing.
  • Verify the owner. Ensure that the seller is indeed the owner of the property being sold by checking that the seller's name and ID number match those on the purchase agreement, the ID card copy, and the ownership documents. Additionally, the land title deed will have the name and address of the first owner. If the seller is not the first owner, their name must appear on the actual land title deed, which will show all previous owners and the date the deed was issued. If there are any doubts after checking, visit the land office to request a copy of the land title deed for comparison to verify accuracy.
  • Check property details. The buyer can verify information from the land ownership documents to ensure it matches the sale advertisement. The land ownership documents will show the size and various details of the land, including boundaries with neighboring properties and land marker numbers. For condominiums, check details such as usable area, room area, balcony area, room layout, and the proportion of ownership of the common property. If purchasing a condo with a parking space, it should also be indicated in the ownership documents.
  • Check for any encumbrances. Another aspect to verify to prevent losing rights is any easements associated with the land, such as public access roads. This information is specified in the land ownership documents. Additionally, check if the land is genuinely adjacent to a road or public access and verify if there are any mortgages on the land. The ownership documents will show all past legal transactions. If purchasing a non-performing asset (NPA), ensure the previous owner has vacated to avoid future issues.

5. Carefully Review Contract Details Before Transactions Consumers should pay attention to reading the details specified in the purchase agreement thoroughly, as they will be binding and related to future transactions. The purchase agreement must specify the details of the contract, the parties involved, the property being purchased, the agreed sale price and payment terms, the registration of ownership transfer, and the handover of the property, as well as any conditions related to breach of contract or contract suspension.

On the day of signing the contract, both the buyer and seller must sign the agreement, along with one witness from each party. The purchase agreement will be made in two copies, with identical text, and each party will keep one copy. If a breach of contract occurs, whether by the buyer or seller, legal consequences will follow according to the conditions specified in the contract.

It is crucial for consumers to ensure that all information and ownership documents are thoroughly checked before making a deposit or payment. They should verify that the account name for the transfer matches the actual owner of the house or condo. This can be confirmed by asking the property management or checking the name on the electricity or maintenance fee documents. Avoid cash payments to maintain transaction evidence, and payments should only be made directly to the actual owner or rightful holder, not through intermediaries or agents, to prevent future issues.

“Cautious - Not Reckless” is the Sacred Mantra to Close Loopholes Against Fraud When Selling

However, from the seller's or landlord's perspective, they should not neglect closing loopholes to prevent becoming targets of fraudsters. They should choose to advertise their properties on reliable and popular websites among home seekers to increase their chances of reaching a larger target audience and enhance caution at every step, as follows:

  • Read policies carefully before posting. Before deciding to register to advertise a property for sale or rent on any website, read the privacy policy clearly to understand how the website will use the personal information provided. The website should not share your information with any third parties to mitigate the risk of misuse.
  • Post advertisements with basic information about the property, such as sale price, project location, environment, and amenities, while highlighting attractive features, such as including appliances or newly designed and decorated with built-in furniture. Provide clear details about the advertiser and contact methods, and include original photos of the house or condo with watermarks and contact information to prevent others from misusing them. If using project images, ensure to provide complete source details.
  • Avoid disclosing too much personal information. Advertisers should not reveal excessive personal details, as fraudsters may use this information to create fake social media accounts to deceive others. Additionally, never disclose important documents and official papers, such as contracts and land title deeds.
  • Regularly monitor updates from the website. Stay informed about changes in usage conditions or policies of the website. If encountering links to strange pages or links from unreliable sources, report them to the platform and block contact immediately.
  • Avoid leaving keys with agents without clear verification. Sellers or landlords should not leave keys or key cards for their homes or condos with real estate agents who lack clear identification or accreditation. Some fraudsters may impersonate real estate agents to contact buyers or renters. By keeping the keys or key cards, they may secretly occupy the property for sale or rent without the owner's knowledge and sometimes steal items from within before fleeing. Therefore, sellers or landlords should not leave keys or key cards with agents for extended periods and should regularly check the condition of the property being advertised for sale or rent, or monitor water and electricity bills for unusual increases compared to previous months. Alternatively, consider using digital door locks and resetting the password each time after an agent shows the property to interested parties.

DDproperty, a comprehensive source for buying, selling, and renting residential properties in various potential locations across the country, prioritizes user privacy policies and operates under national privacy laws regarding the collection of personal data. All users can be assured that every search for housing on the website will be protected.

To advertise properties for sale or rent with DDproperty, interested parties must fill out a form through the DDproperty platform or contact via phone at 0 2-204-9555 to express their intention to use the service. DDproperty staff will only contact back through the mentioned phone number. If SMS messages are necessary, the sender's name will always appear as DDproperty. DDproperty does not have a policy for employees to contact users for payment collection through any other channels.

In cases where individuals are interested in buying or renting a residence, they will only conduct transactions directly with the property owner. No DDproperty staff will be involved in this process. If anyone encounters someone impersonating DDproperty staff to collect fees for such transactions or soliciting other benefits, users should not comply with any requests from fraudsters. For further inquiries, please contact [email protected].