It is difficult to protect one’s self from the fraud and scams happening every other day in Pakistan. Now and then, you get to hear another horrifying story of property fraud happening to someone around you. So, it is fair to ask how one can protect oneself from such scams.
If you are asking yourself and the internet the same question, then worry not because you have landed on the right page. Here, we will tell you some ways through which you can protect your assets from getting scammed
7 great tips to avoid property fraud in Pakistan
1. Inspect the documents
It is a basic but very important step in avoiding scams: inspect the document of the property you are contemplating to buying. The document needs to be authentic, and verifying it from the respected authorities is also a safer option. Ownership and status of the property is an important aspect and it is safer to check it before making any purchase.
2. Seller’s identity verification
Verifying the identity of the seller is also important. Ask them for their national identity card or their tax registration number. And later verify it from the national database or federal board of registration.
3. Verification of the location of the property
Making sure that the prospective property is located in a secure area is as important. Checking for the crime rate and asking the local authorities regarding the security of the area is an important step as well.
4. Hiring a real estate agent
Instead of managing the purchase all by yourself, relying on a trusted real estate agent is also helpful. Since they are present in the field, they know much about the available property. A trusted agent can assess the property for you to avoid any fraud or scam.
5. Trusting a lawyer
A lawyer is beneficial in verifying the title of the documents, the identity of the seller, and the authenticity of the place. A lawyer who is an expert in real estate is the best option for such matters.
6. Avoid paying in cash
To avoid money laundering, it is safer to pay through a bank draft or cheque. Through this, you can get a receipt of the payment.
7. Always doubt Strange discounts
If the seller is giving away the land at a relatively lower price or adding too much discount on the property, then it is alarming, and you should be wary of proceeding with the purchase.
FAQS
- Is property fraud common in Pakistan?
Sadly yes, real estate fraud is common in Pakistan.
- Is there a Property lawyer?
Yes, surely, there is a property lawyer who can help you avoid property fraud.
- Which is safer, paying in cash or through a bank cheque?
It is safer to pay through a bank draft or cheque rather than money.
- Should I hire a real estate agent?
Yes, hiring a real estate will save you from a lot of hassle and will ensure a secure purchase.