7 Real Estate Frauds You Need to Avoid in Pakistan
To put money into real estate is the favorite market of the investors, now a days. It is considered a sensible use of money to get profit but Market is full of frauds/scams. While sale and purchase of properties, to hire a real estate agent has become a trendy need to tackle the market terminologies. A professional real estate agent knows the market values of property, he can help to find the land you are looking for, in market prices.
1-Online Form filling website:
Everything is getting computerized, in online marketing we have to deal number of frauds, you can only safe yourself from them, only if you can identify them.
Online websites of real estate where you have to submit the registration form of your personal information including your id card number, your credit/debit card number or bank account number. These are called online robbers, where many professional people trapped especially overseas Pakistani.
2-Sale of one land to more than one person:
This is very common fraud that real estate agent collect advance of one land from different parties.
3-Fake Registry Papers:
Few agents or other people collect the information of a specific property and make a fake registry of this land. On the behalf of documents many people got trapped and pay full payment to them.
4-Low cost Bungalow:
In some cases, it is observed that overseas Pakistani, who have property in Pakistan, hire a caretaker for the house, who act to be the owner of the house. He can fool you by trapping you in way that the hires an agent, who approaches you in way that a bungalow which is of 5 crore and someone purchasing it in 1 or 2 crores, because owner is going to left the country. Many people get trapped in such scenario.
In some cases, overseas choose the option of renters, and renter sale the house as owner and move somewhere else.
5-Replacement of Unmarked plot:
It is also observed that if you buy a plot in a non-developed area and pay full amount, do hurry to mark the boundaries of plot and register it. Otherwise, your land may replace to another, if someone pay heavy amount than you because market rates of property getting higher day by day.
A group who occupied the land of people, in very practical way and most of the time targeted people are overseas Pakistanis. Be aware of renters in this case, they can also occupy your land and sale it.
Fake agents can fool the both parties, buyer and seller. He may receive heavy amount of commission from both parties or he may ask you to give the advance payment of the property to him. But do not trust him and pay amount to the real owner of the land.
Precautions to save yourself from scams:
Rightdeed.com helps you by provide precautions to avoid these frauds.
- If you are hiring an agent, you have to make sure that agent is experienced or not. It will help you to know that he is fake or real. If you are new in real estate market do not hire an unexperienced agent. If you do not find any information about experience of agent, he might be fake or have less experienced. If you get successful to hire an experience agent with negotiated commission. He can help you to find the land you are looking for.
- Make sure land is registered and not occupied. And registry papers are original.
- When you payed full payment of property, do register it and mark the boundaries of your land.
Steven S Helms
December 13, 2018 AT 10:56 AM
April 2, 2019 AT 12:26 PM
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April 23, 2019 AT 02:36 PM
I had no idea about this and i will be careful now because i am doing real estate business in Pakistan. Thank you for sharing this helpful post. www.zameenforyou.com