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How to Avoid Frauds When Buying a Property?

07/09/2018

FRAUD-ALERT

It is not wrong if I say that your home is likely the biggest investment you may ever have. And it is not every day that you decide to buy property, right? But now when you have decided to invest, it is definitely worth-celebrating as millions of people are out there who will never be able to achieve the dream that you have seen and made it come true.

Pakistan real estate has shown tremendous growth over the past decade, which thrilled every pro-investor to buy a piece of land or invest in property. If you have also decided to jump on the real estate bandwagon – you must understand the process to make smart financial choices and help you avoid falling prey of fraudulent agents and activities.

Choose your Agent Wisely

Most of you may not agree to this point but it is true that you should not completely trust an agent. You can conduct an online research on HomesPakistan to find your desired property. Also remember that you can go into negotiation about the price with the property sellers listed in the portal.

On the other hand, if you do not buy or sell properties on a regular basis, you need to work with the professionals. Pick different real estate agents, check references and commit to one to proceed on the lead.

Find the Property Value Yourself

Have you found a property that caught your eye? If yes, you need to find its market value. You can check the property price online and can also contact different agents to find the market value of a particular property. I hope after contacting different agents and conducting online research, you will be able to find the true market value of your desired property.

Negotiate with the Property Owner

Ask your property agent to set up a meeting with the property owner directly. Never make a deal with agent alone. Meet the real owner, verify the property ownership and check the original transfer letter of the property. If agent seems to be reluctant for fixing the meeting – simply walk away from the deal.

Don’t Give Cash

Once the price is finalized and property ownership is confirmed, seal the deal with the token money, which should not be more than Rs100,000.

When it comes to paying the price of property, avoid giving cash. It is always better to prepare pay order. It is better to involve bank to keep a transaction record, instead of repenting on your decision later.