Avoid These 7 Common Frauds When Buying Property in Pakistan
Nowadays, buying property in Pakistan is the best investment option for investors. Making an investment in the real estate market is considered the ideal to get a handsome profit with a secure investment. But the property market is full of frauds/scams.
No matter, you are planning to sell your property or looking to buy property in Pakistan it is very important to know the market value of the property, and at the same time, you must be aware of these seven property scams and frauds that are unfortunately common.
So let’s explore these frauds that you must avoid to get the best property deals in Pakistan.
Avoid Fraud Online Form filling Websites.
In this modern age, where everything is getting computerized, many fraud online marketing websites will offer you numbers of fake property deals. You can only save yourself from these online robbers if you can identify them.
In online marketing websites, it is needed to submit the registration form of your personal information, including your National Identity Card Number, credit/debit card number or bank account number. So please check and confirm it that you are not providing your information to online robbers and the marketing portal is really trustable.
Real Estate Agents Sales One property To Many Persons
The sale of one plot to more than one person is very common fraud in the property market of Pakistan. Fraud real estate agents mostly collect advance of the same land from different parties, and when these parties claim to handover it, they run away.
Fake Registry Papers To Trap Many Parties
Some of the fraud property agents only work to collect the information of a specific property, and when they get it, they make the fake registry of this land. On behalf of these fake documents, they trap different parties and get full payment of property from them.
Avoid Buying Low Cost Constructed Property
In the past days, another very common property fraud is observed that overseas Pakistani, who has houses in Pakistan, mostly hires a caretaker for their houses. And many times, these caretakers act to be the owner of the house.
These fraudulent can easily fool you by hiring an agent, who will offer you a villa of 5 crores in the price of 2 crores to 3 crores. And mostly the traps the people with a statement that the bungalow is available at low prices because the owner is going to leave the country and he wants to sell this property as soon as possible.
Replacement of Your Plot In Non-Develop Societies
In many cases, another property scam is observed that if you buy a plot in a non-developed area and also paid its full amount, but do not mark the boundaries of the plot and register it in few months. Then this plot may replace another plot because any second party is ready to pay heavy amount than you.
The fraud is not only limited to plots only, but in this case, must be aware of renters, as they can also occupy your land and can sale it by declaring themselves as the owners.
Fake Real Estate Agents
Whenever you plan to make any deal in the real estate market, be aware of the frauds of property agents. Fake agents fool both the buyers and sellers and receive a heavy amount of commission from both parties. The may ask you to give the advance payment of the property to him. But do not trust anyone and must pay this advance amount to the real owner of the property.
Some Important Precautions to Safe yourself from Property Frauds
• If you are hiring any property agent, make sure that is agent belongs to a trustable real estate agency and he is experienced or not.
• Before investing in any property, do research and confirm it that the land is registered and not occupied.
• And whenever you buy a plot in 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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