1. The "rent overpayment" scam.

A landlord advertises a home for rent on a website such as Kijiji and Craig's List. They receive a call from someone outside the country who says the place is perfect for their child, who will be attending university nearby. You ask for $1,000 up front. They send you a cheque for $10,000. You call them to say that they overpaid. They ask you to send them the difference of $9,000. You do this. They then quickly cash your cheque, while the $10,000 cheque never clears your bank. Now you are out $9,000.
 
2.  The "rent out what you don't own" scam.

Here, the scam artists advertise various homes for rent on social media websites but they don't own them and don't have the authority to do so. They then collect the rent and when the tenant shows up at the home with their moving truck, the duped tenants find out about the fraud.
 
 

 

3.  The "I'll give you a loan for the title" scam.

Not necessarily a cyber scam...but good to know about too!

Know also as a form of foreclosure fraud, this happens when home owners are having problems making their payments. Victim-owners are tricked into transferring their property title in return for a loan that will help them make their payments. The fraudsters usually keep the payments that the home owners make in good faith but also keep the title to the home, which they can resell or re-mortgage.
 
4.  The straw buying scam.

And one more to watch out for:

This occurs when someone with good credit is convinced to put their name on a mortgage application for a home that someone else will be buying, usually in return for quick cash. The scam artist then puts a large mortgage on the property, based on the good credit of the duped applicant, then takes all the money and never makes a payment. The mortgagor then find out that they have in fact guaranteed the mortgage and owe the payments themselves.

Here are 3 important tips to avoiding these scams: 

 1.Never accept money, guarantee a loan or add your name to a mortgage unless you fully intend to purchase the property.

2.Always know who you are doing business with. If you are buying, selling or renting a home, use only licensed Real Estate Agents and other industry professionals. And never sign anything until you know exactly what you are signing.

3.Find out who actually owns any property you are thinking about buying or renting. If a deposit is required, make sure the funds are held “in trust” by the seller’s real estate agent or lawyer.

Remember, if it sounds too good to be true, it is.