Real estate is one of the most profitable businesses in today’s world. Take a look at Pakistan. The property market is thriving; one of its most visible indicators is the development of many new, advanced housing societies across the country.
However, just because a system is doing well, doesn’t mean there aren’t any issues. Case in point: While you have many options to choose from in the property market of Pakistan, the process requires a lot of research — and caution.
Scammers are everywhere. These people will try to sell you fake properties or offer you bogus agreements. Spotting a real estate scam can be difficult. But we can help you out.
Whether you’re buying, selling or renting, here are some things you need to take into consideration to avoid losing your hard-earned money.
Listing Down the Property Frauds You Need to Avoid
This one of the most common property frauds you need to avoid. You become vulnerable to property scams when buying property in Pakistan once you get in touch with unknown property agents. You must make sure whether the person you’re trusting with your money belongs to a verified real estate agency operating in the area. You should visit their office to verify their existence and also check out their website, if they claim to have one. A property portal like Zameen.com is the most authentic way to avoid property scams in Pakistan and get in touch with agents who can be tracked and trusted. With the help of Zameen, you can find properties and contact their agents all over the country with just a few clicks.
A lot of websites in Pakistan claim to be real estate portals. Most of these do not have a proper verification mechanism like Zameen to block people from listing fake properties. Even when you are using Zameen.com, make sure the price of your property you’re considering is not extraordinarily greater or less than other similar properties. Plus, go for the properties that have a ‘blue check-mark’ on the top right corner of the listing as it verifies the physical existence of the listed property. The problem of false listing isn’t going away anytime soon, and you have to stay alert because it one of the most common property fraud you need to avoid.
Fraudulent Property Buyer
Beware! A potential buyer of your property could turn out to be a fraudster. Try to meet people you’re dealing with in person and fetch as many details as possible regarding them before getting into any kind of a deal. By information, of course, we mean official information. Always make sure to ask for their NIC before discussing any matter(s) related to money and property. Avoid handing over any official paper or document detailing property possession or ownership until the deal is legally finalized.
The phenomenon of fake documentation is one of the most common property frauds you need to avoid. Has the other party handed you over the original property documents or not? This is one of the most concerning questions that bothers everyone involved in a particular real estate deal. It’s very important to thoroughly verify papers with the help of proper means. Take advice from an experienced property lawyer or reach out to a law institution to understand the legalities behind the deal. Never sign or accept a document that looks suspicious to you and always try going through the process of legal verification.
Buying or Renting an Unseen Property
Do not ever do that. It is yet another big mistake that most property buyers and tenants commit. In order to avoid the hassle of travelling and inspecting the property themselves, some people risk their money by buying or renting an unseen property. Digital mediums like GPS, maps and pictures posted on a website shouldn’t be enough for you to get into a property deal. You should always visit the place in person that you intend to buy or rent, inspect it thoroughly and only then take your final decision.
Falsely Communicated Market Value
Never solely rely on property agents if you want to know the market value of a property that you like. In most cases, these people multiply the actual price by two or three, so as to deceive the client. In such a case, what are you supposed to do? You can actually search for listings of properties similar to the one you are interested in on Zameen.com and check for the prices. This will give you some idea about the expected price range of a particular property type that you desire to buy or rent. Plus, you can also navigate to the Zameen’s price index page to know about the rising and falling demand and rates of properties across the country.
Looks Like Now You Know Enough About the Property Scams in Pakistan
It’s always good to keep a checklist of all these points if you’re planning to buy property. Scammers may try to trick you, but it’s important to remember that frauds can be avoided by taking small measures. That said, always inform law-enforcement authorities if you’ve been defrauded or if you sense someone is trying to scam you.