Property Frauds – How to Protect Yourself?

Real estate societies are offering many reasonable properties for investment in different types, including residential plots, commercial plots, houses, villas, malls, offices, apartments, penthouses, and the list goes on. Whatever kind of property you want to invest in, is a quite challenging process. Investors get stressed and frustrated if they do not get a simple process for investment.

Sometimes to make the process easier, they do not consult real estate agents but go to websites like OLX and Zameen.com where many properties are listed and you can choose one property according to your budget. But this has a drawback where you will not find any personalized properties according to your budget and choices.

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Real Estate Agents like Pakistan Property Services make sure the investor gets the type of property that is the best for them. Agents at Pakistan Property Services guide the investors about their choices and help them make profitable decisions.

Investors who are new to this field should give this blog a study to make sure you protect yourself from property fraud. Let’s discuss the property frauds that you can face during your investment process and how you can protect yourself from these frauds. Because your hard-earned money is valuable.

Do your market research:

For investing in real estate, the most important thing is to do market research about the actual market prices, reliable dealers, required paperwork, friendly societies (for residence), projects by reliable developers, etc. This can save the investor from a lot of hassles and difficulties.

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Research can help you filter down the projects in which you can invest. You can decide a lot easier. You can also ask the price of the same area in which you are interested from different agents and dealers and now we have the facility of online listing too. It’s the easier way of researching real estate products.

Fake Real Estate Advertisements:

Among the different ways of scamming investors, one way is fake real estate advertisements. These ads are shown as lucrative, with low prices, ideal location, and modern amenities. Many investors are trapped by these fake real estate ads and if you are new in the real estate investment sector, the chances are even higher.

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Real Estate Agents like Pakistan Property Services can help and save investors from these fake advertisements because of their great experience in the field. Consulting the authorized agents is even better. They are more genuine than the common agents.

Meet and negotiate with the seller

When you have finalized the property in which you want to invest in, ask your agent to set up a meeting with the previous owner of the property. You should not make a deal of such important matters with the seller or buyer alone and unless the property is being sold for the first time by a reliable developer group.

The investor should also verify ownership of the property by cross-checking the allotment/transfer letter with the NIC of the seller you’re buying the property from.

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This is a big issue for foreign investors as they cannot meet the seller of the property directly. If it is feasible then they should visit the area personally and try to meet the seller too. This is important as agents do fraud at this step. If you are confused then it is better that you don’t invest here.

Do not give advance before signing documents

One great way of property fraud is that investors are asked to give advance payment as soon as possible, even before the property papers are ready. This should ring an alarm bell as this case can lead to fraud. The so-called seller will flee with your hard earned money and you cannot even file a case against him as there are no signed documents that can prove your stance.

So the key tip is to make sure and discuss the documents to be signed with your real estate agents and after all these documentation and formalities, only then you should pay the advance payment.

Confirm approved layout

Investors must obtain a copy of the approved building layout, if they are buying a constructed property, from the developer/seller of the property. Confirming that the building plan/layout and construction are approved by the authorities will moderate the risks such as delay in execution or cancellation of project plans. This quick analysis of the property will ensure that the plan is authentic and reliable. This also ensures that the buyer is not cheated after the initial down payment.

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The investor should also confirm the details of the area. Developers use terms like super built-up area, built-up area, and carpet area to establish, define and communicate property prices to the buyers. A buyer should confirm the carpet area (area on which the construction can be done) of the property under consideration by measuring the actual area and not merely relying on details mentioned in the advertisements and brochures. Additionally, to prevent further disputes, it is important to ensure that the same area details are mentioned in the agreement’s documentation as well.

Sight Visits:

After you have chosen a property for investment, you should have a sight visit to know the real location and its surroundings. The ads can be deceptive. You can visit your plots to make sure they are on grounded or even they are present on the map of the society. In case you are buying a house, the visit can be very helpful too. You can ask about the material used in the construction, and if the furniture is placed you can ask about their status too. The property can be easily verified when sight visits are done.

Don’t rush while buying

While buying or selling a property, the investors shouldn’t rush into the process. Sometimes, the sellers are pushing the buyers that they should buy the property as soon as possible. Beware of this technique, as most sellers try to get rid of defective buildings or plots where basic and civic amenities are not available. Do proper research on the property you are interested in. You can also consult reliable real estate agents that help you make a proper and profitable decision.

Pakistan Property Services:

The real estate agents and consultants of Pakistan Property Services are very reliable and help you make good and informed decisions. Pakistan Property Services give beneficial consultation to clients in many cities of the country. Overseas Investors can also consult Pakistan Property Services.

Moreover, we help our investors by posting YouTube videos where the live tours are done so that the investors can get to know about the location very well. So, book your next property with Pakistan Property Services to have a great investment experience. We are the authorized dealers of Bahria Town.

Projects We Deal in:

Bahria Town Lahore
Bahria Orchard Lahore
Bahria Nasheman Lahore
Bahria EMC (Bahria Education and Medical City)
Bahria Town Karachi
Bahria Homes
Bahria Paradise Karachi
Bahria Paradise Villas
Iqbal Villas Bahria Town Karachi
Quaid Villas Bahria Town Karachi
Liberty Commercial
Bahria Sports City Karachi
Bahria Sports Villas different precincts
Bahria Farm Houses
Bahria Golf City
Bahria Heights Karachi
Bahria Apartments Karachi
DHA’s in all cities of Pakistan

Many residential and commercial societies in Pakistan are evaluated carefully to help our clients make the better decision. Pakistan Property Services helps the clients invest in projects with good prospects that depend upon the parent company, developers, location, payment plan, amenities they can have in the desired project.

Lahore:

Lahore is the cultural and economic hub as well as the provincial capital of Punjab. The city is well known for its huge economic opportunities in different sectors. People come from different areas to grab these opportunities and have a residence here. Below the list of some of the top Projects in Lahore:

Karachi:

Bahria Town Karachi is a benchmark within the landscape of Karachi with its world-class excellent-planned society. This society is sketched with an area concept to supply outstanding lifestyle facilities to its residents and can introduce new benchmarks of community development in Karachi. Below the list of some of the top Projects in Karachi:

Islamabad:

Islamabad is nestled against the backdrop of the Margalla Hills. It is a modern, planned city with wide tree lined streets, large houses, elegant public buildings and well-organized bazaars. It is however; always under construction to improve transportation or develop new housing areas for its growing population. The walkways are shaded, safe, and separated from the traffic by rows of flame trees, jacaranda and hibiscus. Roses, jasmine and bougainvillea fill the parks, and scenic viewpoints show the city to its advantage. Below the list of some of the top Projects in Islamabad:

Rawalpindi:

Rawalpindi is an important administrative, commercial, and industrial centre. Its industries include locomotive works, gasworks, an oil refinery, sawmills, an iron foundry, a brewery, and cotton, hosiery, and textile mills; it also produces shoes, leather goods, pottery, newsprint, and tents. Below the list of some of the top Projects in Rawalpindi:

Rawalpindi Ring Road Latest Developments

Faisalabad:

Faisalabad, formerly known as Lyallpur named after the founder of the city is the third-most-populous city in Pakistan after Karachi and Lahore respectively, and the second-largest in the eastern province of Punjab. Below the list of some of the top Projects in Faisalabad:

DHA Faisalabad

Gujranwala:

Gujranwala is a city and capital of Gujranwala Division located in Punjab, Pakistan. It is also known as “City of Wrestlers” and is quite famous for its food. The city is Pakistan’s 5th most-populous metropolitan area, as well as 5th most populous city proper. Below the list of some of the top Projects in Gujranwala:

Multan:

Multan is city of Saints, it is best place to live if you belong to either middle class family, rich family or a poor family. The city is now develop city of Pakistan you can get every life facility here easily at low cast. Multan’s foods are very delicious especially mangoes of Multan are world famous. Below the list of some of the top Projects in Multan:

Bahawalpur:

Bahawalpur lies in the heart of South Punjab and is filled with stories that surround the legacies of Kings, Nawabs and their extravagant lifestyles. Below the list of some of the top Projects in Bahawalpur:

DHA Bahawalpur

Peshawar:

Peshawar is the capital of the Khyber Pakhtunkhwa province of Pakistan. It is the biggest city of Khyber Pakhtunkhwa and is a relatively prosperous city. It is also a cultural and economic hub of Khyber Pakhtunkhwa. The city is famous for its food and tourism as it is one of the oldest cities of Pakistan with a recorded history that dates back to 539 BC. Below the list of some of the top Projects in Peshawar:

Gwadar:

Gwadar, town and seaport, southwestern Balochistan province, southwestern Pakistan. Located on the sandy Nuh headland that juts southward into the Arabian Sea, the town is an important fishing (sardines and sharks) and trade centre. Below the list of some of the top Projects in Gwadar:

Suggestions:

We can see that the Pakistan Real Estate Forecast 2021 suggests investing more in this market as it promises a huge profit in the coming future. The investors should purchase the properties at a low rate so that they can earn more by selling it once the rates are good enough.

Maps of Societies and Projects in Pakistan:

Maps are the only source to view online high resolution 24 hours updated maps of Housing Societies, Schemes, Towns, Villas and Homes in all over Pakistan. Below the list of maps of some of the top Projects in Pakistan: