Without a doubt, the real estate market in the country is expanding and enlarging its tentacles. Especially, in recent years, the development in the real estate sector has been unusual. With this hype and phenomenal growth, fraudulent activities have also increased. A handful of rogue elements try to criticize the real estate market through their unwelcoming acts. Scams are a reality but it does not mean that we should not invest in the real estate market rather we need to disclose them.
Common Property Frauds That You Must Avoid
To make you aware of fraudulent acts, we have enlisted the types of scams people usually face in the real estate business. But it is noted that, when fraud is committed, it is not always possible to identify it. However, there are some things you can keep an eye on to avoid situations that could cost you your savings.
Here’s the list of the most common types of property fraud that you can easily avoid:
- Unreliable Agents
- Fake Documents
- Fake Online Listing
- One-Land Many Claimants
- Scams in Rental Properties
- Fake Buyers
Let’s take a look at each of these individually.
Some people are not trustworthy. They disappear from a particular area after scamming and looting the hard-earned money of people. Their utmost purpose is to make money by deceiving people. They are not reliable and cannot be trusted. Before hiring any buying or selling agent, you need to know about them. If an agent is reputable in the market and has a good reputation then there will not be any issue but if a person does not have a good reputation, then you must avoid proceeding with him. That is why you should do thorough research before hiring an agent.
If you’re considering investing your hard-earned money, it’s crucial to find reliable and trustworthy real estate investment experts, Al Safa Group is one such company with a track record of offering safe and successful investment opportunities. By partnering with Al Safa Group you can invest in its dynamic projects which have a proven track record of success. So, if you are looking for a safe and secure investment and quicker profits, then it is the right time to invest with Al Safa Group
Sometimes, fake documents are shared with the client. For an ordinary person, it is hard to identify or verify those documents. Many people fell victim to this heinous trap. In this, the client does not get a hint until he is scammed. So, in order to avoid this sort of real estate fraud, you should hire a trusted agent or a professional lawyer. They can easily disclose such frauds and can protect your savings.
Fake Online Listing
With the increasing trend of online shopping, many people have started using online channels to buy property. Given this inclination, online mediums have increased. Social media channels and websites are providing information. But there are a few websites, where the source is untraceable. Secondly, rates on listings are too high or low. You should avoid contacting them in the first place and secondly, you should report those listings because mostly, those types of listings are not genuine.
One-Land Many Claimants
At times, one land is sold to many clients. This happens when proper channels of communication are not followed. Mostly, overseas investors face this sort of fraud. To avoid these frauds, a client must do thorough research and should get a token receipt where all the required information is mentioned such as this property is free-of litigation. Physical examination and inquiry are recommended while buying a property to avoid any nuisance.
Scams in Rental Properties
Scams in rental properties are also common. People usually rent for an unseen property and in the end, fall prey to property fraud in Pakistan. Do not pay ever for a neglected property. It does not take much time to visit the property in person and it can keep you from any hassle.
Not only do sell agents scam you but some buyers also have malicious intentions. There are many reported incidents when buyers did not pay the required amount. Sellers also need to verify buyers. They should ask them about their credentials like CNIC, address, etc.
How to Avoid Property Scams and Frauds in Pakistan?
- Always work with a Licensed and Reputable real estate agent.
- Do your own research about your agent, his reputation, and the property.
- Avoid paying large sums of money in advance.
- Always confirm the authenticity of the website before making any transactions.
- Be careful of inappropriate Emails and Phone calls
- Always use secure payment methods like bank transfers or verified payment networks.
- Carefully review the contracts and documents before making any transactions.
- Take your time in this process and do not make a decision quickly.
With the emergence of real estate in Pakistan, the possibility of fraud has increased. In this case, Internet is quite helpful in this regard. You can get complete data about your agent and property as well as the Authorities have launched websites where you will have access to all information about housing projects being developed in that area. For example, if you need information about a housing society in Islamabad, CDA can be used to get authentic and updated information