Steps to Buy Property in Pakistan and How to avoid property scams

If you’re new to the real estate market, here are some key steps to follow when purchasing property:

1. Do Your Market Research

Begin by researching the type of property you’re interested in, whether it’s residential or commercial. Look for properties that are near essential facilities like schools, hospitals, and supermarkets, and check if the area aligns with your investment goals.

2. Be Sharp in Negotiations

Get the help of an experienced real estate agent or property advisor when negotiating property deals. This ensures you don’t overpay for a property. Try to negotiate directly with the property owner when possible.

3. Pay in Installments

Once you finalize a property, pay an initial token amount (between 1 to 2 lacs). Ensure you get a receipt and copies of the seller’s identification.

4. Transfer the Property

After the payment, get the property transferred into your name. This process usually costs around five to six thousand rupees and ensures legal ownership.

Beware of Property Scams in Pakistan

Unfortunately, the real estate market in Pakistan is not immune to fraud and scams. Knowing the common tricks that scammers use can help you avoid falling victim. Here are some of the most common property scams to watch out for:

1. Fake Real Estate Agents

One of the most prevalent scams involves fake or unverified real estate agents. Always ensure that the agent you’re dealing with belongs to a registered and reputable agency. Visit their office and verify their credentials before making any commitments.

2. Fraudulent Buyers

If you’re selling a property, be cautious of fraudulent buyers. Always meet potential buyers in person and verify their identity before entering into any agreements.

3. Fake Paperwork

Fake property documents are another common scam. Always verify the authenticity of property documents through proper legal channels, and consult an experienced lawyer if necessary. Never sign any document that seems suspicious.

4. Unseen Properties

Never agree to purchase or rent a property without physically inspecting it. Digital maps, photos, and GPS may provide some initial information, but nothing replaces seeing the property in person.

5. Misrepresented Market Values

Be wary of inflated property values presented by dishonest agents. Research the market value of similar properties through legitimate sources to avoid overpaying.

6. Research Properly

Never make investment decisions based on unsolicited offers or mail. Always verify the company or property in question and thoroughly research its background before investing any money.