Pakistan’s real estate has grown remarkably over the last few years. Therefore, every pro-investor to purchase land or invest in the real estate sector. If you have decided to invest in the real estate market, you need to know the process of making smart financial decisions. So that you can prevent yourself from deception by fraudulent real estate agents and activities. People are frequently falling victim to property fraud because the tricks that scammers use are now much more complicated. Let us see some fraudulent scams in the property market.
Real Estate Agents
They are considered to be the most common frauds in the property business. You become vulnerable to real estate scams when purchasing a property in Pakistan. Especially when you get in touch with unknown property agents or not-listed agents. Moreover, you must make sure whether the person you are trusting with your capital belongs to a verified legit real estate agency. You must visit their office to confirm their existence and also check out their website if they say they have one.
Crooked Property Buyer
Be careful! A potential buyer of your land/house could turn out to be a fraudster. Try to meet people you are dealing with in-person and get as many details and information as possible regarding them before you get into any agreement. Always make sure to ask for their ID card before discussing any matters related to property and money. Avoid handing over any official document or paper detailing property ownership or possession until the deal is legally finalized.
The phenomenon of fake paperwork or documentation is one of the most common property frauds you need to avoid. Has the other group handed you over the original property documents or not? This is one of the most troubling questions that bother everyone involved in a particular property deal. It is quite essential to verify papers with the guidance of proper means thoroughly. Take proper guidance from an experienced property lawyer or reach out to a law institution to know the legalities behind the deal. Never accept or sign a document that seems suspicious to you and always try going through the process of legal verification.
Unseen property for Buying or Renting
Do not ever do that. It is yet another huge mistake that the majority of property buyers and tenants commit. In order to avoid the trouble of traveling and inspecting the property themselves, some people risk their cash by purchasing or renting an unseen property. Digital mediums like maps, GPS, and pictures posted on a website should not be sufficient for you to get into a property deal. You should always visit the place in person that you intend to rent or buy, inspect it thoroughly and only then make a final decision.
Never solely rely on real estate agents if you want to know the market value of a property that you desire. In many cases, these people multiply the original price by two or three, so as to deceive the client. You can really search for listings of properties similar to the one you are interested in on legit property sites and check for the prices. This will give you a better idea about the expected price range of a particular property type that you want to buy or rent.
Be very careful of mail solicitations claiming high returns, no matter how great they look. Check out the company first. For example: does it have a proper landline number and street address? If a deal seems too good to be true, then it probably is. Never make investments without proper research. Find out where the property is and view it before withdrawing your money or making a transfer. Ask the locals various questions about its history and the neighborhood.