That’s No Realtor After All

It isn’t the first time we’re writing about scams, and it certainly won’t be the last. In the past, we warned you about online tricks, including con artists posing as Brazilian lawyers. Today, we’ve moved on to realtors.

A recent article published by UOL is calling attention to “fake” realtors. Apparently, there are fraudsters pretending to be realtors and stealing money from unsuspecting victims.

The trend is concerning, particularly for foreign buyers of real estate who often rely on the Internet to both find and purchase properties abroad. And now, while international air travel is limited, it’s even more relevant. It’s just one more reason to make sure you’ve done your due diligence.

In Brazil, all realtors must be licensed with the Conselho Regional de Corretores de Imóveis (CRECI). Don’t be afraid to ask your realtor for their CRECI registration number. When it’s in São Paulo, for example, you can run a search online to easily identify whether the person you’re dealing with is actually a licensed realtor.

You’ll also want to make sure the property you’re looking to buy truly exists, is owned by the person who claims to own it and doesn’t have any liens or other encumbrances. You can accomplish this by getting copies of the matrícula, escritura and relevant certificates up front.

Finally, remember that transferring real property in Brazil requires signing documents in front of a local notary. If someone tells you a simple PDF signature sent by e-mail along with a bank transfer will do the trick, you might think about running the opposite direction.