TITLE AND SUBJECT OF ARTICLE
How to shun Land
Learn how to shun any type of a Land Scam in the UK.
london land scams, kent land scams, sussex land scams
<b>London land scams, Kent land scams and Sussex land scams</b> are some of the scams that recently happened in UK wherein undeveloped or a land that has no title was sold to investors. To avoid such land scams we provide here a list of precautions one should take before Investing in UK land.
Tips to avoid being a victim of <b>Land Scams</b>:
1. Beware of high-pressure tactics.
Say "no" to any person who presses you to make an immediate investment decision. You need time to do your own research. Any ethical salesperson will understand this.
2. Exercise particular caution if you lack financial experience.
It's easy to feel intimidated and overwhelmed by complicated financial slang, but resists the impulse to turn it over to "the expert." Ask lots of questions and insist that the salesperson explain the land investment in everyday language until you understand it. Protect yourself by educating yourself.
3. Keep in mind that good manners don't indicate personal integrity.
Con artists are generally extremely polite, knowing that many of us equate courtesy with personal integrity. Swindlers are also counting on your good manners to keep you from cutting them off. Don't let your good manners land you in trouble; simply hang up if you don't like the conversation.
4. Watch out for salespeople who prey on your fears.
It is common for swindlers to pitch their schemes as a way to eliminate your financial fears for the future. Remember: fear and greed can cloud your good judgment.
5. Exercise particular caution if you are an older citizen.
The elderly, and particularly older women, are a frequent target of scam artists. Always seek the advice of a neutral party before investing in land.
6. Monitor your investments and ask tough questions.
Insist on regular written reports and look for signs of excessive or unauthorized trading of your account. Constant vigilance is a vital part of being an investor. If you suspect that something is muddled be very careful and take full precaution and consult a solicitor.
7. Report land investment scam or abuse immediately, despite any embarrassment or fear you may feel.
The sooner you report fraud or scam, the better your chances of recovering some or all of your investments.
8. Beware of "reload" scams.
Investment losses often create a panic well-known to con artists who have developed schemes to take a "second bite" out of investors. To recoup their losses, victims some-times invest in another scheme (a "reload") in which the con artist promises to make good the original loss--and may offer new higher returns. Often the result is only more losses.
Land Scams: How to
keep yourself apart
Updated information can prevent you from being a victim of Land Scams.
land scams, kent land scams, sussex land scams, london land scams
Whenever any buyer invests in land he has different questions in mind: whether I will my title cleared? Is this land disputed? Am I being a part of any fraudulent activity? and others...
There have been <b>London Land Scams</b>, <b>Kent Land Scams</b> and <b>Sussex Land Scams</b> in the past but land scams are no more common than other types of real estate fraud. Where there is money to be made fleecing the greedy, the ignorant, or the just plain lazy, con men are sure to follow.
This isn't what is commonly meant by land fraud. Here are some real examples:
- Selling worthless land, in other words land without development potential, and claiming it has great value, the classic being land underwater but also land on the sides of cliff faces, under bridge abutments, and in the medians of highways.
- Promising land buyers development amenities like golf courses, community centers, and tennis courts that will never be built.
- Promising land buyers subdivision improvements like sewers, street lights, sidewalks, even roads knowing none will ever be built.
- Making false representations to buyers about the value of their land, especially claiming that lots bought today will skyrocket in value.
- Vague descriptions on deeds which allow the land promoter to sell the same land to multiple buyers at the same time.
- Illegal or unapproved subdivisions, especially where land has not been properly platted and permits granted.
- Selling land where clear title cannot be transferred, for example, selling land you don't own and masquerading as the real owner through the use of forged documents and fake IDs.
- Reserving mineral, water, and other land rights without disclosing this important fact to buyers at the time of sale.
- Using high pressure and unscrupulous tactics to sell land, especially misrepresenting a buyer's legal rights to cancel an agreed upon sale.
- Selling land of marginal value for excessive prices, especially through the use of easy credit terms ($5 down, $50 a month).
- Selling land where defects such as environmental contamination are known but not disclosed or failing to tell buyers material facts which would ultimately diminish the sale price of the land.
How to Prepare for
a Land Tax Sale
A detailed review of the necessary prepartion an individual needs in order to be succesful at a Land Tax Sale.
Land for Sale, Land Investment, tax sale
You just read, in the legal section of your local newspaper, about vacant lots or land parcels for sale. This county sale is due too uncollected back real estate taxes that are owned to your local county offices by the current land owner.
If you have never attended a Real Estate Tax sale before, their is a learning curve on How to Prepare for this land purchasing, opportunity event.
This is an opportunity, because you can invest in land for sale at a very small fraction of it's market value. A real buy low event. However, preparation meeting this opportunity will help spell success in your new purchase or purchases of land for sale.
Research your potential land for sale purchase. Many advise that you do a little title search yourself at the local county assessors office to look for any title liens or other clouds to the title within the lands recorded documents. An easier process is to pay a title company for a Title Binder, which will reveal any liens or title disputes prior to your bidding on any land.
In order to do a search you need what they call a legal description. Usually this consists of the lot number, block number and unit number of a named subdivision. For example, lot 1, block 12, unit 3 of the Pacific Subdivision. Obviously this subdivision is located in your county and state.
In your search, the local county tax is a lien against this land for sale. This will show on your search or title binder, but should also show as a dollar amount in back taxes within the local newspapers legal notice. Other federal back taxes or what is called mechanics liens may also show. So when the title is transferred to you or others, these liens need to be paid in order to pass clear title. If you do not discover these liens, you will have to pay your bid amount and eventually
pay these other liens before re-marketing the land.
After your title search you need to locate your lot for sale. If it's located in an existing subdivision, a local street name and number may suffice. However, much vacant land is located in the open areas were no development has taken place. In this case, you need a plat which shows all the lots located in an existing area. These plats show various lots and street names and are public information. You can purchase recorded plats at your county court house or a local mapping
service at very reasonable prices.
When viewing the land for sale, you need to determine if this a buy now and hold for later sale investment. If not, perhaps you can purchase now and re-sale immediately for an immediate gain. In other words, what are your investment goals.
You have your plat maps, a list of eligible lots or land parcels for sale that you want to bid on and a "letter of credit". You need to visit your bank a day or two before the tax land sale and arrange to have cash available or a letter of credit showing you have a dollar stated amount in you checking account. The county wants certified funds or cash in order to transfer title to you, the new land owner. Assuming you successfully won the land bid.
You can transfer funds from your savings account or line of credit to your checking account. Make sure you have ample amounts in order to bid on more than one piece of property for sale at the land auction.
Remember, the "letter of credit" is essential in order to bid. The county officials will not just accept you personal checks without this letter. With it, you will receive your bidding number. Sounds as though you might be prepared now, but a few other needed elements exist for your success. Elements that we will review in the Last Part of this article.
THE LAST PART