Real estate is one of the most lucrative businesses in the modern world. Take a look at our own country. The real estate market is booming. Among its most striking indicators is the development of many new and modern residential developments throughout the country.
However, just because your system is performing well does not mean that there are no problems. While you have many choices in the Pakistan property market, the process requires careful study and caution.
People will try to sell you fake property or offer you fake deals as scammers are everywhere. Real estate fraud can be difficult to detect. But we can help you.
Whether you are renting, selling, or buying, here are few points you need to consider to avoid losing your hard-earned cash.
List of Frauds to Avoid
UNTRUSTWORTHY AGENTS
This is one of the most common types of real estate fraud that should be avoided. You become vulnerable to real estate scams when buying real estate in Pakistan after contacting unknown real estate agents. You need to make sure that the person you trust with your money belongs to an approved real estate agency that operates in the area. You should visit their office to check their presence and also check their website if they claim to be there. A real estate portal like sirmaya.com is one of the safest ways to avoid real estate scams in Pakistan and communicate with agents you can track and trust. With Sirmaya, you can find properties and contact agents throughout the country with just a few clicks.
FALSE LISTINGS
Many websites in Pakistan are referred to as real estate portals. Most of them don’t have a proper verification mechanism like Sirmaya to prevent people from posting fake properties. Even when using sirmaya.com, ensure that the cost of the property you are interested in isn’t remarkably higher or lower than the cost of other comparable properties. The bogus listing problem won’t go away anytime soon and you need to remain vigilant as this is one of the most common real estate fraud schemes that you should avoid.
FRAUDULENT PROPERTY BUYER
Be careful! The potential buyer of your property may be a scammer. Try to get to know the people you interact with personally and provide as much detail as possible about them before entering into any deals. By information, we, of course, mean official information. Always ask their experts or consultants before discussing any money and property-related issues. Avoid handing over any paper or official documents detailing the ownership or ownership of the property until the transaction is legally finalized.
FAKE DOCUMENTATION
The phenomenon of fake documentation is one of the most common types of property fraud that should be avoided. Did the other party deliver the original papers/documents to you or not? This is one of the most troubling questions that worries everyone involved in a particular real estate transaction. It is extremely important to carefully check the sheets with appropriate means. Consult an experienced real estate attorney or consult a law firm to understand the legal aspects of a transaction. Never sign or accept a document that seems suspicious to you, and always try to get through a legal verification.
RENTING OR BUYING AN UNSEEN PROPERTY
Never do this. This is another big mistake that most property buyers and renters make. To avoid the hassle of travel and property inspection, some people risk their money by buying or renting invisible property. Digital media such as GPS, maps and photographs posted on the website may not be sufficient to conclude a real estate transaction. You should always visit the place that you are going to buy or rent from the person. You should carefully study it and only then make a final decision.
FALSELY COMMUNICATED MARKET VALUE
Don’t just rely on real estate agents if you want to know the market value of the property you want. In most cases, these people multiply the real price by two or three in order to deceive the buyer. What should you do in such a situation? You can actually search for properties similar to the ones you’re interested in on sirmaya.com and check prices. This will give you an idea of the expected price range for the specific type of property you are looking to buy.
Seems to Know Enough About Real Estate Fraud in Pakistan
If you are planning to buy real estate, it is always advisable to keep a checklist of all of these items. It’s vital to remember that fraud can be avoided by taking small steps even if scammers try to trick you. Remember to report to law enforcement if you encounter fraud or feel that someone is trying to trick or scam you.
