How to avoid property fraud
The thriving industry of real estate comes with several issues in Pakistan. It would be best if you remain vigilant to prevent yourself from scams and frauds. Also, you must be aware of property laws for effective handling. Let’s move in-depth of the topic:
Some Legal Issues In Property Management
People might face several issues while buying, selling, or registration of properties. Here is some discussion in this regard.
1. Property Registration
The property registration of real estate refers to the type of properties needing to be registered. It falls under the Registration Act 1908, comprising of 15 sections. The law explains the time, area, and a guide to registering the property.
Agreements are usually made while buying and selling property and the user is required to pay a certain amount to the government. The amount is charged in stamp papers for legal validation and falls under the Stamp Act 1899.
3. Property Transfers
For transferring any property, people need to follow a specific set of rules falling under the Transfer Of Property Act 1882. It ensures that the property is entitled to a person efficiently.
That was about some issues people might face while property management. Make sure to be aware of all the rules to overcome these hassles.
Common Property Frauds In Pakistan
With the excel of the field, frauds are becoming more common. Here is a glimpse of some scams people might face.
1. Fake Documents
The scammers may hand over the false documents to people taking away their money. Therefore, the documents should be adequately verified when buying or selling from the property lawyers or any other expert.
2. Dealing With Unseen Property
It’s not appreciated to make a deal on a property you haven’t seen. Make sure to give a visit to the area, analyze the localities and then finalize the deal. The other case may lead to fraud.
3. Un-checked Market Value
Some agents may deliver you the wrong information about the market value of any property. Don’t rely on a single agent until the person is trusted. Cross-check the market value properly, and don’t allow anyone to deceive you.
4. Fake Agents
You may come across people or agents trying to deceive, having no information of the property. To prevent the issue of fake-agents, make sure to visit their office or check the testimonials. Also, deal with the agent in case of buying; rather, deal with the real owner to prevent fraud. The same goes for selling.
There are many other issues you may face while property handling. Make sure to take the precautions mentioned below.
How To Avoid The Property Scams And Frauds?
- Always deal with trusted buyers, sellers, or agents to prevent any scam.
- Ensure there is no dispute over the land you’re buying to avoid any future hassles.
- Don’t pay directly to the agent. Instead, contact the real owner.
- Don’t believe in low-authority newly made online form-filling websites.
- Make sure to visit the area and analyze it appropriately before making any deal.
With the advent of real estate in Pakistan, the chances of fraud are also increased. You might get looted in the name of online investments or selling your property. Make sure to research properly before making a deal.