- June 20, 2019
- Posted by: admin
- Category: Islamabad, Real Estate Market, Trending
The real estate market is the favorite industry of Pakistan for investment of all time. A market where investors feel a sensible place to use of money to get profit but a Market is full of frauds/scams. Hiring a real estate agent has become a trendy need to deal with the market tactics for the sale and purchase of properties or for renting a place.
1-Online Form filling website:
Online marketing is the new trend with eye catching techniques to capture the investors with a number of frauds.
The real estate marketing companies and housing societies offering online registration form for booking where you have to submit information including your id card number, your credit/debit card number or bank account number. The most targeted investors are overseas Pakistanis who are easily trapped by such online frauds/scams.
2-Sale of one land to more than one person:
A very common fraud of real estate agents is collection of advance from different investors for one land and then disappearing.
3-Fake Registry Papers:
Another common fraud tactic used by “so called” real estate agents is the collection of information of specific plots whose owners have not visited their property for a period and make fake registry of the property. Many people get spellbound and pay full payment to them.
4-Low cost Bungalow:
In few cases it has been observed that owners of the house especially overseas investors hire a caretaker or an estate agent to look after the property, who eventually ends up acting as the owner of the house. They deceive you by hiring another estate agent, who approaches you in way that a bungalow which is of 4 crore and someone purchasing it in 1 or 2 crores because owner is going to leaving the country.
In other cases overseas investors who opt for renting the property as a source of income end up with losing the property as the tenants occupy the property or sell the property by acting as the owner and move to another location.
5-Replacement of Unmarked plot:
Investors who buy a plot/land in a non-developed area for purpose of long time investment and pay full payment at time of transaction. If the investor does not mark the property with boundaries and gets it registered, then there is a high risk of your land getting replaced to another, in case someone else pays a hefty amount as market rates of property is getting higher.
There is also possibility that the property gets occupied by land grabbers, most of the time people targeted are overseas Pakistani investors.
There are many fake agents that trick investors who are not familiar with the market trends into buying and selling of property. By receiving heavy amount of commission from both parties or asking for advance payment of the property. But do not trust such agents until you have visited the property physically and met the real owners and also visited the office of the estate agent.
Precautions to save yourself from scams:
Hiring an agent, you have to make sure that agent is experienced and is certified by the official authority. If you are new in real estate market and do not know the trends do not hire an inexperienced agent. After hiring a successful and experience agent with negotiated commission. He can help you to find the land you are looking for.
- Make sure land is registered and not occupied. And registry papers are original.
- When you have paid full payment of property, do register it and mark the boundaries of your land.
- Avoid paying in cash. It is always better and secure to pay using pay orders.
- Make sure the token receipt has the complete address or file number of a property.
- Your token money should be in between rupees 50 K to 1 Lac.
- Do ask for a receipt from owner/agent about the token money.
Also do not forget to read our previous blog about things that can go wrong in real estate sale.
Know any other real estate scams? Spare some time and share your real estate scams/frauds details with us in the comments section, or join our social media platforms right now.