Guide for Overseas Investors to Invest in Pakistan Realty Sector
If you are also the one looking for a property in Pakistan; before making investment, you must be cautious enough, lest your hard-earned money goes down the drain. It is because even after making a final choice, you will have to go through tedious legalities and endless paperwork to call that property yours. With proper planning, the buying process can become smooth and you can keep yourself safe from potential fraud. Familiarize yourself with all the requirements and legal documents, commonly used in property transactions in Pakistan.
Follow the given points to help making overseas property buying process a bit simpler for you.
Conduct Thorough Research
Before investing in properties in Pakistan, you need to answer a few questions to help you proceeding with the property purchase process.
- What is your purpose to buy an overseas property?
- Do you have enough finance to buy a property? If not, how long will it take to collect funds?
- How much are you aware of property buying process of Pakistan?
Initially, you may not have answer to all these questions but you can begin your search on the basis of these points. You will surely get wealth of information through reliable online property portals to help you make well-informed property purchase decision.
Get Legal Advice
Once you get a general idea of property purchase process, it's time to seek independent legal advice from a lawyer. You can also take his help to interpret the legal documents, in order to avoid any fraud in future.
Key legal aspects that you must consider before making the final payment:
- Title deeds of property
- Taxes that you will have to pay after buying the property
- Know about the concerned local land record department
Visit Before Making Final Payment
This is what really matters, when you intend to buy an overseas property. It is highly recommended by Pakistan real estate professionals to visit the property to see it yourself before making final payment. Visit is essential to get the real feel of property surroundings, get to know about community residents, civic facilities of community and see the property in reality. If you will buy through a legitimate Pakistan real estate agent, he will give you an opportunity to visit the site yourself, so you can view a number of properties yourself. It will help you make decisions independently.
Make an Offer
Once you have found your dream property, it's time to make an offer. Before reaching this stage, make sure you have consulted your lawyer and arranged your finances as per local currency.
Check and sign the relevant legal documents and move in to your dream property.