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First of all let me clarify one point. I have utmost respect of estate agents. They work so hard just for their nominal commission and showed so many parties so many houses but in recent down market they average wise sell/rent 1 house after showing to 100 parties so you can get the idea of their hard work. Most of them are very co operative and honest and I get some very good deals through them. But like all professions their is also some black sheep's and discussing their techniques openly have no harm to those honest and hard working estate agents and I think nobody appreciate more than them to this thread.
Hiring & lawyer for property matters is a good idea at nominal price. Read this question 7 times you got answer. Truly l like your question. One think important nominal price mean nominal advice. In a big deal it's necessary one thing more I'm advocate.
Not only Karachi is most expensive market, here documents verification is also expensive. Other offers verification for 40,000, and he did in 50,000 with all worked I mention so its fair. Secondly flat verification is more expensive than house/plot. Don't know why. For a house I was looking he asked not even 1 percent of property value so in my opinion it's good price. If you are dealing over 10 million deal its like to paid insurance premium.
I think you have presented a very good idea. Most of the agents don't know the legal technicalities and even some times they don't know what's written in the agreement and what particular claw would save you from future trouble. But I wouldn't blame the agents, It's such a important field and I haven't heard of any institute/university that would offer some courses of real estate.No laws have ever been heard under or around which the agents would work.
What's best would be to have agents who are educated and have good knowledge of legal issues as well. Even if its difficult for agents to understand legalities, Estate agencies should have contacts with good lawyers so that client would get all at one spot I am a real estate agent and i am very keen to bring advancement and education in our field so that proper respect could be given to our field.
Not a bad idea. Hire an in-house lawyer for helping clients give respectability to the estate agency too.These days so many lawyers so this idea not going to cost much (or hire on consultancy basis to come in evening and prepared and check documents and agreements) and you and your client will be covered from legal point of view as well. If you working in Karachi Posh areas,i think most of your clients going to welcome this idea and feel more comfortable.
There are many compelling reasons to hire a lawyer in estate purchase matters including :-
1. Estate Agents know a little about documentations, their legal value etc. (for example power of attorney under the law NOW looses its worth after 6 months. A property bought on PoA older than that period can not transfer any right to the buyer.)
2. Agents since know a little about procedural law too, they have to give bribe to govt. officials as there are so many lacunas in the documents they prepare and to cover up these, they have to pay bribe, which goes from the pocket of BUYER. Additional burden on buyers.
3. After seeing a buyer coming with a lawyer, a govt official hardly press for bribe and you will get the documents done/registered within time.
4. A hired lawyer can tell you worth or legal value of documents. He can also tell you if the entire chain of documents necessary to establish legal title over the properly, is available or anything is missing.
5. A layman knows little about law, legal procedure, documentations etc. so its wise to hire an advocate and in that way you are mentally peaceful about your deal as regards to the title/ownership/documents etc.
If you want to get any further legal advise about property, feel free to contact: cornatto@yahoo com
301 days ago
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