5 Common Property and Real Estate Scams in Pakistan
In today’s world, real estate is one of the most lucrative industries, just take a glimpse of the Pakistani real estate industry. The property market is thriving; the growth of many modern, advanced housing societies across the country is one of its most noticeable measures.
Just because a system is doing well does not mean that there are no problems. Even though you have many options to choose from in Pakistan’s property market, a lot of research and caution are needed for the operation.
There are scammers everywhere. These individuals are going to try to sell you fake property or give you fake deals. It can be complicated to recognize a real estate scam. However, if you are buying, selling, or renting, to prevent wasting your hard-earned money, here are some things you need to take into account.
Below are the property scams you need to evade in Pakistan:
1. UNRELIABLE AGENTS
This is one of the most common property frauds that you have to prevent. If you get in contact with unknown property brokers, you become susceptible to property scams while purchasing property in Pakistan. You must ensure that a confirmed real estate agency operating in the area belongs to the person you trust with your money. To verify their presence, you can visit their office and also check out their website if any.
2. FALSE LISTINGS
Meanwhile, technology is very helpful in building a secure environment however, it also involves some drawbacks. There is a number of online property portal in Pakistan and you may find false listings on these websites as these sites don’t have the proper technique to tackle the false listings. However, in order to avoid false listings, check for the authenticity of the person who is posting ads. Another thing that you need to check out is ensuring the asking price is according to the market value, not too less or greater than the value.
The issue of the false listing is not going away, and you have to remain alert because it is also the most common property scam that you need to evade.
3. FRAUDULENT PROPERTY BUYER
Please be careful of the dishonest purchasers of property identified these days everywhere. It might turn out that a potential purchaser of your property is a scammer. Try to meet people you’re working with in person and get as much information about them as possible before entering into a contract of some kind. Before addressing any matter connected to money and land, always make sure to request their NIC. Unless the agreement is legally finalized, avoid handing over any official paper or record disclosing possession or ownership of land.
4. FAKE DOCUMENTATION
The most popular way to trick a property buyer is to use false documents.
Another most frequent property scam you need to prevent is the occurrence of false documents. Did the other party hand the original property records over to you or not? This is one of the most worrying problems that troubles everyone related to a specific real estate contract. With the aid of proper means, it is very necessary to carefully validate documents. To clarify the laws behind the contract, take advice from an experienced property lawyer or reach out to a legal institution. Don’t ever sign or approve a document that appears dubious to you and try to go through the legal verification process at all times.
5. BUYING OR RENTING AN UNSEEN PROPERTY
Do not do that, ever. It is yet another significant error committed by most property buyers and investors. Some individuals gamble their money by purchasing or renting an unseen property in order to escape the trouble of traveling and examining the property personally. In order to get into a property contract, digital media such as maps and photos shared on a website should not be enough for you. You should always visit the place you want to purchase or rent in person, thoroughly inspect it, and only then make your decision.
6. FALSELY COMMUNICATED MARKET VALUE
Property scammers trick people by sharing the overvalued price of the property with them. If you want to know the market value of a property that you want to purchase, never depend solely on property agents. In certain cases, these individuals multiply the real price by two or three to trick the consumer. In order to avoid this rip-off, you can check out the online property portal and compare the asking value against that property. As the online portal will provide you with an estimated price that you want to purchase or rent.
PRECAUTIONS TO STAY AWAY FROM PROPERTY FRAUDS:
Some Important Precautions to Safe yourself from Property Frauds
• If you are hiring any property agent, make sure that his agent belongs to a trustable real estate agent and whether he is experienced or not.
• Before investing in any property, do research and confirm that the land is registered and not occupied.
• And whenever you buy a plot in an under-development area, do register it as soon as possible and also mark the boundaries of your plots as well.
If you follow these steps and take precautions, you can easily avoid getting scammed by many dishonest people who are always ready to pounce on unsuspecting clients.
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