- June 28, 2019
- Posted by: admin
- Category: Islamabad, Rawalpindi, Real Estate Market, Trending
Purchase of property in Pakistan is just not signing few documents or striking a deal with a real estate agent. There are a lot of factors to consider when buying property especially for overseas Pakistanis to safeguard themselves from frauds. Many Overseas Pakistani’s, have suffered badly by being cheated on in their attempt to purchase property in Pakistan. To avoid the trouble we are posting this easy guide for our readers so our overseas Pakistanis can invest in their homeland safely.
Following are few things to keep in mind when buying property from Overseas and precautions to take.
Safest way to Purchase or Sell Property for Overseas Pakistanis:
Take Precautionary Measures:
It is advised for overseas Pakistanis or foreign buying or selling property in Pakistan to take precautionary measures. The concept of many overseas residents doing direct deals in order to save themselves from paying extra commission without gathering all the necessary information and getting checks done and ultimately end-up facing a lot of hurdles and getting deceived.
Do Not Fall for the False Ads:
Try not get hasty and fall quickly for the property sales-housing society ads that are targeted at you on Facebook, other social media channels and on TV every other day.To be precise, any overseas Pakistani intending to buy property in Pakistan should not fall prey to prices of these glamorous advertisement and should be aware of these commercial built scams. Being held up in such situations with these societies and their shenanigans can become a real headache for those who live in Pakistan, never mind those who live in abroad.These societies or properties can be substandard or are likely to go into litigation later due to no proper permits or government clearance.
Hire A Good Real Estate Agent:
It is advisable to hire a good real estate agent who is fully familiar with all the regional real estate scenario and will be able to accommodate you according to your need and capacity. This way you will be able to save yourself tons of money.
Also read our previous blog for details all about Safe housing society in Pakistan
Survey the different potential Properties:
Before you make up your mind to invest your savings, you should ask your property dealer/real estate dealer to take you to visit the properties he has shortlisted for you. Inspect the properties and properly check their authenticity before you make a final decision.
Invest in Authentic Properties:
Our advice is to invest in established authentic housing societies which have a reputable history and are not ripping its investors with different fees and development charges, but instead giving a good deal in a good price.
Hire a lawyer:
In a perfect world everyone would engage in the services of a lawyer or certified real estate agent but unfortunately in real world that isn’t the case. In most cases people end up in legal issues and frauds just in order to save a few extra bucks, which later costs them an arm and a leg to just get out of such situations. The best way of not getting caught-up in such situations is by hiring an experienced lawyer and authenticating the paper work and the whole process of buying/selling property.
If you can’t afford a real estate agent or a lawyer:
If you are intending to strike a deal directly with the owner of the property without any lawyer or real estate agent, verify the registry title of the seller from the local authorities as open market plots are most prone to illegal possession. Make sure the property you are purchasing has the registered sales deed updated in the land records and validates you as the new owner. Else the sales deed has no purpose.
Read and check all Documents before signing:
Whenever you consider buying property or renting one in Pakistan thoroughly check the important documents for verification before you strike a deal. By going through these important procedures will save you a lot of trouble in future.
In case you are abroad and want to purchase or sell Property in Pakistan:
If you are abroad and can’t visit Pakistan to close a deal, it’s advisable that you have a close relative living in Pakistan or a trusted friend to visit the property and inspect it.They should inquire on your behalf from the official administration of the housing scheme about the legal procedure. Whether they will transfer the land in your name or just give an allotment letter.
If you live abroad and want to your family member or close relative to take care of your property you can give them a letter of attorney. But keeping in mind never to give General Power of Attorney to anyone, unless it is really necessary, only assign Special Power of Attorney mentioning specific purpose. As the holder of General Power of Attorney enjoys all legal powers including the right to sell property without notifying the owner.
The importance of Power of attorney:
Whether you should authorize power of attorney or not is the question here? Sometimes it can be astoundingly surprising when a good friend deceives you and misuses the power you give them. A major issue in Pakistan is that there are many ready made powers of attorneys made with same content that is commonly assumed that it fits all scenarios. There are few things that need to be included in there by law, but every power of attorney should be different and relevant to the reason you are giving it to someone in the first place. It is always recommended not to sign any undertaking until the content has been thoroughly read and understood by you and your lawyer.
Also don’t forget to read our previous blog all about Real estate scams and how to avoid them.