Pakistan real estate is recovering from the state of gloominess that has stopped this wheel of Pakistan’s development over the past few decades. Today, the real estate investors are returning to their sale/purchase cycle given the gradual progress that the current government is ensuring with new property laws. We aim to empower those buyers that are in process of purchasing a Property For Sale in Pakistan with few essential steps that can reduce the risk of fraud. Let’s get straight to the topic and see what essential steps every buyer has to follow to ensure the safety of his purchasing activity.
SHORTLIST MULTIPLE PROPERTIES
The process of acquiring a property for sale requires passions, attention and ability to evaluate the worth of the land. It is essential that you visit different properties to examine everything yourself before making your final decision. As a rule of thumb, never rely on single property for sale and have 2-3 options in hand. This way you can compare the plots/premises with each other and see which one offers the best facilities according to your budget and needs. Ask your property agent to show you 3-4 different properties that meet your buying description and make the right step according to your purchasing plans.
The fraudulent cases are not new to those real estate investors that have been selling/purchasing the properties for years in Pakistan. But such instances do shake the confidence of new buyers that know little about purchasing a new property for sale. Once you select a property meeting the description, the next step is to ask the agent to collect essential documents for verificiation purposes. Ideally, you’d require a paper called “fard” that contains the details of ownership. You can take to the nearest land verification office – called Patwarkhana in local language. Here you can verify if the presented contents are true according to that paper or the party (in talks) has misguided you about the property.
PAY TOKEN MONEY
Once you’ve completed the verification process and know that you’re dealing with the actual owners of the property for sale, the next step involves initiating the deal. In Pakistan, we usually pay a token money to take the seller in our confidence and show our intentions to purchase the property. This amount is refundable if anything goes wrong during the process but you should clear this before signing the deal. Once you pay the token money for the prospective property for sale, the agent would arrange for transfer papers of the property to get you the ownership of the land.
PREFER BANK PAYMENTS
Once the transfer papers are ready and signed by both the parties, it is time for you to clear the remaining dues as per the agreement. A common practice is to pay via cash to settle the accounts but we recommend you to opt for bank pay order in the name of the seller. This is a secure way to pay for the property for sale and keep the proper records of your transactions to avoid any misunderstandings later when you’ve acquired the property.
We hope that these points would help you in making your purchasing cycle safe and swift whenever you opt for a property for sale. You may contact us at +92 42 37188542-3 +92305-62222-81-4 to get more information about selling and purchasing a property in Pakistan.