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:
People might face several issues while buying, selling, or registration of properties. Here is some discussion in this regard.
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.
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.
With the excel of the field, frauds are becoming more common. Here is a glimpse of some scams people might face.
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.
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.
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.
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.
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.