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Avoiding property scams

Avoiding property scams

Whenever you buy or rent a property, you have to consider the location, size and price. But another factor most people miss is the property frauds. Nowadays property scams are common due to advancement in technology. Sometimes sellers use different scams to trick you to send money. These scams can be avoided if you have basic knowledge. Here we will discuss about avoiding property scams.

Identity fraud

Identity or tile fraud is the most common scam in property sector. Sometimes you like a property and want to buy it, but at the end you find that either property is registered on many names or duplicate documents have been made to show the ownership. This fraud can be avoided by consulting the local authority. Your lawyer can help you in checking the property ownership.

Online rental or sale fraud

Online rental fraud is also widespread. Sometimes fake agent or owner just posts an original property with their contact details. These fake agents/ owners ask you to write down check or send money as advance payment. You can easily avoid this scam by walking away if owner or agent cannot meet you or they don’t show you the property documents.

Inflated price fraud

Sometimes property sellers try to trick you to sell property with hefty profits. They just inflate the property prices by putting the higher asking price than the real market value. This fraud can be avoided if you have information about the local property price trends. You can easily collect information about property price of a certain area by visiting the different estate agents.

Money fraud

Due to online payment system, money frauds are also common. Sometimes fake buyer or renter ask you about your bank account details to send you deposit or advance money. The real intention is to know your bank account details and steal money. Don’t give you bank details online or to the person you have never met.

Advertisement fraud

This is the age of electronic media, where new projects are advertised via TV Ads. Every developer is definitely not a fraud, but some developers are. They use expensive media complain to make an impression of great deal in the town, but in reality their projects have no NOC and even they have no land for the project. You can avoid it by asking about the NOC and also by visiting the project site.

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(15) Comments

  1. Imran Khursheed

    on   said 

    Dear brother need ur suggestion. I want to buy a commercial plot but confused in three socities. ICHS . Al Faisal enclave and Roshan Pakistan. My intention is not only investment but also to build after 2 to 3 years. Looking forward for ur reviews on these socities. Thanks

    Reply
    • Imran Khursheed
      ICHS town is better option at the moment. But I will suggest you to wait for few months are property prices have started falling. This will be the biggest price crash in the history of Pakistan where investors will loose the life savings unfortunately. But genuine buyers who will wait will buy the properties at low price.
      Last day a real estate agent of DHA LAHORE told me that 40-50% estate agents have sold out the jewelry of their wives. The volume of property transactions is record low. Market has just the sellers but its very hard to find the buyers. Just wait and see and you will get the clear picture soon.
      Its better to wait rather than losing your money.

      Reply
  2. Nusrat Jahan

    on   said 

    My husband bought a plot from a guy. The plot was situated at 3,Hassan Block, Ferozepur Road, Lahore. The plot was alotted under the name of that guy. My husband bought all the legal papers from him but didn’t transferred them to his own name. Now someone(we don’t know who) has made a house on it. My husband has passed away and i can’t afford any sort of legal help from a lawyer.
    I will be very grateful if you can help me in this situation.
    This is my son’s number if you have any advise regarding the issue.
    030114146609
    Syed Abbas Ali is his name.

    Reply
  3. Muhammad azeem uddin

    on   said 

    Sir

    what you suggest if some one is poor and can not afford lawer fees then he should go to WAFEQ E MUHTASIB ALA for their cases having land graveing ?

    is this get to resolve the matter.

    Kindly shaire if someone has experience on this issue. this will help many people of Pakistanis ,

    may Allah protect all of us having unfortunate. it is the loosing of whole life saving !!!

    This is very big issue at Karachi.

    Reply
    • Muhammad Azeem Uddin
      Unfortunately the only way is to hire a lawyer
      But try to find a lawyer who agree to put case and gets fee after case is settled in your favor
      Land mafia is very strong and even politicians are involved in it.
      So on larger scale only SC can fix this issue permanently

      Reply
  4. Nusrat jahan

    on   said 

    My husband bought a plot from a guy. The plot was alotted under the name of that guy. My husband bought all the legal papers from him but didn’t transferred them to his own name. Now someone(we don’t know who) has made a house on it. My husband has passed away and i can’t afford any sort of legal help from a lawyer.
    I will be very grateful if you can help me in this situation.
    This is my son’s number if you have any advise regarding the issue.
    030114146609
    Syed Abbas Ali is his name.

    Reply
  5. Muhammad azeem uddin

    on   said 

    sir
    what you advise the Pakistani people who are not having government employee specially forces and they don’t have any kind of relative and friend of higher authorise ..these people how HOLD their properties.

    in Karachi I have seen people can not hold their land and land gravers have sold out their land once they visit their plot having to see building home.

    they don’t have money to higher lawyer and going to fight case for a long time decesion because someone in then widow.or old retire person ???

    what you suggest like this type of Pakistanis.????

    Reply
    • Muhammad Azeem Uddin
      This is very bad situation and also hows how strong land mafia is in Pakistan.
      The best way is to hire lawyer, but if someone cannot afford lawyer
      They should at least support SC. SC is doing crack down on black money people and property mafia. This is the time to stand with the supremacy of law rather than political parties. We should stand united as Pakistanis.

      Reply
  6. As They Said: ‘Prevention is better than Cure’ A much better Resolve of this common problem is while thinking of investment engage yourself with some Reputed Real Estate Marketing Company Like Star Marketing Pvt Ltd as per my experience…!!

    Reply
    • Alisha Khan
      Pakistan market is falling apart. Its very stagnant. Volume of sale and purchase has dropped to historic low. Unfortunately Pakistan real estate market has never recovered after the taxes introduced in budget 2016-17. Now crack down on black money has totally ended the investment in property sector.
      PAKISTAN PROPERTY MARKET IS STAGNANT DUE TO;
      Political turmoil
      Mega corruption cases
      Panama Case decision
      Crack down on black money
      Pakistan economic decline
      Declining purchasing power of Rupee
      Decline in remittances from Middle Eastern Countries
      Rising debt of Pakistan

      Reply
    • Ali Hussain
      Yes, Pakistanis are afraid of property frauds & scams especially Pakistani expatriates. People have invested millions of rupees and lost money due to property scams. Hops this blog will help the buyers about different property scams.

      Reply

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