The real estate industry almost never faces any loss. Even during the times of pandemic, its market might have slowed down as people stopped buying and purchasing but the price of land has hardly faced any real devaluation. Unless a fraud takes place, investment in real estate always pays off. Pakistani real estate has grown tremendously in the past decade and with growth has come a great need to understand how to avoid fraud. We’ve compiled a few ways you can buy a plot safely:
1) Never Rely on Agents
Choosing the right agent is the most essential part of the process. You’ll need someone who is honest, transparent, and trustworthy to help you get the property you want. Sometimes agents can share information that might be misleading or might affect your decision. At all times you need to remember to never trust your agent completely. Even if it is the right one, make sure you have the complete information before making any decision.
2) Find the Market Value of the Property
Do your research before finalizing any property because often, the amount the owner, or even your own agent, will tell you is higher than its true market value. Most times, the prices (demands) listed on various real estate portals are 20–30% greater than the actual market price. The right way to go about is to check the price from several agents and then calculate the average of the two values you receive. Get to know about CDA approves land for polyclinic extension.
3) Meet and Negotiate with the Owner
To make sure your agent is honest with you and that you are familiar with the actual terms of the agreements, negotiate directly with the owner. This cuts down the room for any miscommunication and doubts about the owner and vice versa. You can never be too safe and any precaution that is taken to keep you and your loved ones safe is a justified precaution. Get to know about Islamabad’s real estate problems.
Upon meeting, verify the property’s ownership by cross-checking the transfer letter with the NIC of the person you’re meeting. Many agents will interfere in this part and make excuses to keep you from meeting the owner but you need to outsmart them.
4) Token Money Seals The Deal
Learn to not make the complete payment in one go. To finalize your deal, a little amount of the total should be paid as the token money and the rest should be paid after all documentation has been handed over to you. Do ask for a receipt that marks the money transfer made between the two parties. Get to know about understanding smart cities.
There are a few rules here to follow:
- It should be between Rs. 50,000 to 1 Lac.
- The receipt must have a complete address or file number of the property.
- It should also mention that the property doesn’t have any litigation or due payments.
- It is a part of the total price of the property.
5) Have Your Agent Verify Allotment
Your agent has an important task of verifying the documents received so be sure to get it done by him. First-time buyers are advised to accompany him to the real estate office to cross-check the status of the property. Get to know about how to increase property value.
With these tips arming you, you will never have to fall for fraud in real estate ever in your life. Get to know about RCB issues 35 notices on illegal construction
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