Real Estate Market Scams-Frauds and How to Avoid Them
Real Estate Market Scams-Frauds damage the reputation of the real estate sector in Pakistan and people may refrain from investing in this sector in the future. But if there is a problem, there is a solution to it as well. It is important to stay clear of these fraudulent activities in the real estate market:
Real estate investment is one of the lucrative investment options in the country as many people are looking forward to investing their money in this sector. The real estate sector has developed a lot in the previous few years in Pakistan but this has opened channels to fraudulent activities as well.
Unreliable Agents
It is a blessing to find a trustworthy real estate agent in Pakistan and there are many frauds in this category as well. There are only a handful of agents that are damaging the reputation of every real estate agent in the market. They scam one or two people and then they completely disappear from the area.
The only solution to this problem is to do your market research before ending up with a real estate agent. Otherwise, the buying process is being made easy by the authorities and one can easily purchase with land verification from the authorities without having to go to an agent at all.
One Land – Many Claimants
This is a more common fraud that one might even think of as more people come to claim a single piece of land. In this scenario, multiple people fell victim to a crime at one time, as they come to claim their land.
They realize that the land was already in someone’s name and they have lost all their hard-earned money. This fraud can be avoided as well if the person verifies all the documents from the concerned authorities from his respective city. This will clear any doubt about the land and whether or not the housing project is cleared by the authorities.
Online Fake Listings
There are many websites nowadays where the properties can be listed and the source of these listings is untraceable. These fake listings lead to frauds and people fell prey to these frauds easily. One simplest way to judge whether or not the listing is fraud or not is to look at the prices of the properties listed by the seller.
If the prices are too much or too less, in either case, the property might be a fraud. It is better to report such a listing so that the website can look at the credibility of the seller. In this way, fake listings can be avoided, and by reporting them, many people will be saved from them.
Fake Buyers
Fake Buyers are yet another one of the Real Estate Market Scams-Frauds. It is strange to know that the property frauds are not committed from the seller’s side only. There are fraud buyers in the market as well. It is very important to meet the buyer in person to ensure that the credibility of the buyer can be verified.
Many people will try to make an offer online and will not meet you in person. It is important to stay away from such people. You should always meet in person or ask for the NIC before making any transaction. You can verify the address and other credentials from the NIC.
Fake Documents
One must always hire a trusted agent or a property lawyer to verify the documents that can otherwise prove to be a fraud. People are scammed by fake documents as it is one of the most common crimes in the real estate sector of Pakistan.
This fraud can easily be avoided if the person is vigilant and hires a professional to verify the documents. In Punjab, the property can be verified digitally as well, and people can always visit the concerned authorities to verify the documents in person.
Rental Properties
All the people who are looking to rent a house, flat or a shop, should be vigilant as well. There have been crimes in the real estate sector where people were scammed in rental properties. One should never rent an unseen property. It will hardly take any time to visit the property before renting or buying but it will end up saving millions of rupees in the wrong deal.
Conclusion
You can look out for Real Estate Market Scams-Frauds by keeping an eye out for the above-mentioned points. Keep visiting our website for more useful content related to real estate. Contact us for the sale and purchase of the property!
