Pakistan’s real estate industry has experienced growth trends in recent years, and it is expected to continue. Careers in real estate prove to be a highly profitable and reliable source of income. Therefore, property in Pakistan is a viable investment opportunity for people. Considering the fruitful outcomes, like many others, the thought of purchasing or investing in property may have also crossed your mind. However, achieving anything in such a competitive market brings along hurdles and challenges. Fraudsters and scammers are always on the hunt to deceive people through illegal means for the sake of personal gains. Regardless of whether you are looking to buy or invest in property, we at Premier Choice International can help you act smartly in order to avoid scams and save yourself from the nuisance of property fraud.
First, let’s get to know the common types of property fraud in Pakistan.
Forged Documents
This is the most common type of fraudulent activity that you might come across while dealing with property documentation. Bill copies, registration papers, etc. are commonly forged for unethical purposes. It is important to double-check all original documents and copies to confirm that they are stamped and verified. As an additional measure of assurance, legal services should be utilized to determine the authenticity and integrity of all property documents that are handed over to you or which require your signatures. Such documents should further not be shared with any third parties or on any digital/online platforms. A renowned real estate agent or experienced lawyer may be of help to you in this case.
Purchasing/Investing in Unseen Property
We all know that seeing is believing. When considering buying property, it is crucial for you to actually visit the location and see for yourself what you are buying. Online pictures, videos, posts, or similar claims should never be fully trusted. It is also important not to practice finalizing property deals on online web forums or social media platforms. Furthermore, closing the deal on phone calls or the internet, and making transactions is just the equivalent of shooting yourself in the foot. If you are browsing for property online, avoid clicking on suspicious links and ads which may redirect you to a malicious webpage. Online scams aimed to steal confidential data, like phishing, are also extremely common nowadays. Online Buy & Sell platforms are often used by sellers to post ads for different properties for sale or rent. Unverified listings are usually labeled with too good to be true prices and fake or edited images to attract potential buyers. Even if some ads are legitimate, these images used can be rendered with extra effects whereas the reality could differ. Similar indicators can be used to identify fake property listings. Thus, before making your final decision, always visit the property yourself and consider following any other proceedings in person.
Selling to More than One Client
Some scammers have now found a way to fill their pockets by selling the same piece of property to two or more clients at once. These individuals usually insist on having advance payments made in their favor by their potential clients. Once they receive a hefty sum of payments, all they do is simply run away. To avoid falling victim to such hoaxes, always deal with well-known real estate developers who have a strong work portfolio, such as Premier Choice International.
Untrusted Real Estate Agents and Sellers
This is yet another unfortunate scam that is getting increasingly common in Pakistan. Third parties or unverified companies pretend to be real estate agents, whereas they are just fraudsters with malicious intent. These so-called property sellers often make false price claims and list distorted details about what they are selling. In reality, they have no knowledge of the real estate market, and their sole aim would be to get advance payments from you. It is thus always a good idea to run a background check on the property agent you are working with. If their agency has an online website, you should have a look at their projects and online portfolio. You may also come across client reviews and testimonials on their website or social media channels to determine whether they can be trusted or not. As discussed above, you should keep an eye out for any suspicious details about property dealers and sellers who approach you. Before sharing any personal details or confidential data with these sellers, make sure you have met them in person. It is also a good idea to keep a copy of their CNIC and contact information before you finalize any deal.
Now that you are aware of fraudulent practices in Pakistan’s real estate market, make sure you visit an experienced, licensed, and renowned real estate agency when you are looking to buy, sell or rent a property.
These tips are guaranteed to significantly reduce the probability of you getting scammed. In case an offer attracts you, and you are looking forward to sealing the deal, make sure to keep the aforementioned points in mind. Else, you will simply be subjecting your hard-earned money to risk!