I have been reading many queries on LCI about property deals going wrong. From properties being transferred without the knowledge of the owner, to 7/12 which does not identify the exact plot (and therefore has no legal significance), to loan companies joining hands with fraudulent builders to sanction loans, I have read a lot of stuff that makes me wonder if an ordinary person is equipped avoid fraud.
My own father had to fight right up to supreme court after paying the builder in full and having all evidence of white money transactions. (It took around 12 years to get justice).
Similarly, I have heard of a huge property deal where the government objected that the land was fraudulently transferred from the government to the seller in 1930's, and proceeded to take over the property. (How many of us think of checking the land records till 1930??)
Given the high level of fraud in property transactions, what hope is there for the common man who is not knowledgeable about law? Most of us operate on assumptions that if loan is sanctioned, then all due diligence has been carried out, or if a party has 7/12 it is valid proof of ownership.
How can one stay away from bad property deals?
I am not knowledgeable about this topic, therefore there might be errors in my post. The intention behind posting this is to find out about steps one can take to ensure a valid deal.
