Pakistan Real estate sector has seen incredible growth over the last few years.
From some years, the property price in Islamabad has become doubled. Keeping in view the ever-growing bloom of real estate sectors, many people are buying and selling plots in Islamabad.
However sometimes, one has to come across frauds and scams when it comes to selling or buying property. This can be avoided by keeping the proper check and balance. This blog is a guide for those who are thinking to buy plots in Islamabad however they want to avoid any fraudulent activity that can happen to them.
In order to get the best deal of plot for Sale in Islamabad and avoid deceptions, below are some steps that one should follow.
1. Never Rely on Agents:
It is good to find an agent that can show you the best plot in Islamabad but do not completely rely on the agent. Do your own research, side by side on portals like GreenEarth, Zameen.com, OLX.com.pk, and Lamudi.pk in order to know the market trends and get details of some cheap plots in Islamabad. Just keep in mind that the prices mentioned of social media portals are sometimes 20% greater than the actual market price.
2. Check the Market Value of Plot from two or three Agents:
3. In order to get the estimated market value, you need to follow these simple steps:
Call the First Agent and ask about the price of that particular Plot. For instance, he quotes you Amount A.
Now call the other agent and tell him that you want to sale that plot. Probably he will quote you different price i.e. B.
Now you need to do mathematics: Plot= (A+B)/2
The value you will get will be the estimated market value of Plot.
4. Never trust on one agent:
This a difficult but you should go to multiple agents. The one who quote you the nearest price to your estimated market value M, you should choose that deal.
5. Negotiate with the Owner of Plot, Face to Face:
Tell your agent that you want to meet the owner of the property
As it’s better to meet them which will lead to fewer chances of fraud. Now verify the allotment/transfer letter with NIC of the owner. Sometimes, agents make excuses that the owner is out of town, if it happens, it’s better to walk away from that deal.
6. Initially Give Token money of Finalization of Deal:
When you are done with the price finalization, and also have discussed payment terms with the owner of the property, pay some token money to the owner. This is a confirmation that both of you remain bound to the deal. Don’t forget to take the receipt of the token money from the agent or owner.
While giving the token money, don’t forget to take the copy of the transfer letter. A Token receipt should have the file number of the plot you have purchased. Any due payments of the plot should be mentioned in the token receipt.
7. Tell your agent to verify the Transfer Letter:
Ask your agent to verify the transfer letter after all you are paying them their commission. Till now don’t pay anything to your agent.
8. Pay through Bank Pay Order:
Try not to pay through cash, pay through bank order as it is a secure way to do so. Remember, each society has its own rules for taxation. The commission of the agent is 1% of the total price.
If you follow these steps, I am sure you can avoid getting scammed by many unscrupulous elements out there.
So the above steps will for sure save you from unscrupulous elements in the real estate industry. The industry is full of honest and dishonest people, however, you are the one who should follow steps carefully in order to avoid getting scammed.