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12 Safety Precautions before buying a Property in Pakistan


Safety precautions before buying a property or real estate in Pakistan

Followings are some of the most important safety precautions before buying a property in Pakistan:

Documents to be Checked and Verified

Before buying a property in Pakistan, complete verification of the title of the seller and any previous owners to the property must be carried out.
Original title document in favor of the vendor must be obtained along with other relevant documents including registry, a mutation in favor of the vendor, a fresh copy of fard, aks shajra and no-objection certificate or non-encumbrance certificate as the case may be.
If the vendor is selling the property in the capacity of an attorney of the owner then it must be ensured that the power of attorney is duly registered with the relevant sub-registrar.
Any forged or fabricated document is not acceptable in the transfer of a valid title in an immovable property to a third party.
Don't rely on the estate agent or property dealer. Try to personally verify all such documents. If possible for you, visit the registrar office or local Patwari for verification purpose.


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Never buy Disputed Property

If there is any defect in the ownership of the property or something suspicious in the documents or the seller is not the only owner of the property (i.e. the seller may have partial possession of the property and there are more than one shareholders), then step back or at least don't make a deal until the seller resolves all such deficiencies.
Before buying the property, you should also consider consulting a legal expert.

Stay away from Mortgaged Property

There are some cases where buyers have bought mortgaged property from the sellers. You can save yourself from it by demanding the original registry, title document or allotment letter as if the property is mortgaged, the seller will not have this document. Also, get a written declaration from the seller stating that the property is not mortgaged in any way.

Find the Market Value of the Property, House or Plot

Sellers and property dealers demand up to 30 percent higher rates so you should yourself do some research by visiting the area and asking different property dealers about the rates in that specific area. Never make a deal with the agent directly, preferably ask your agent to arrange a meeting with the owner of the property.

Don't Pay Big Amounts before Transfer of Property takes place

Once you both finalize the deal, pay him token money which should not be more than 1 lakh normally. Then start the procedure for transfer of the property and pay the remaining amount when they transfer the property title on your name.


Pay via Bank

Pay using a bank draft or pay order instead of paying in cash. Or you can use online banking to transfer money directly to the owner of the property. Bank record will also be another proof or receipt of the payment. But don't forget to obtain a written receipt of payment from the seller or the agent.

Tips for Buying Plots/ House in Private Housing Schemes

The following are some property buying tips that are tailored specifically keeping in mind the private housing schemes.

Check Approval and NOC from the concerned Authorities

Don't be impressed by the colorful advertisement, luxurious booking office and well-educated representatives. Instead, check approvals and NOC from the concerned authorities. Housing scheme must have formal approvals from development authorities (e.g. CDA, LDA etc), cantonment board or district government etc. 

Understand the Payment Plan, Development Charges and Hidden Charges

Make sure that you have clearly understood the payment plan and other terms and conditions. Whether the development charges are included in the payment plan or will be charged separately. You should also ask if there are any hidden charges. 
Sometimes housing schemes advertise their payment plans with very affordable monthly installments but actually, there are also some quarterly or biannually huge installments. So you should understand the whole payment plan. You may ask to have written detail about development charges etc on a stamp paper or at least on the company letterhead with sign and stamp.
Also ask, if there are any fines for late submission of installments or any other penalty.

Visit Location of Housing Scheme

Before booking of a plot, personally visit the location of the housing scheme and verify that they have ownership of the particular land.

Utilities

Check approval and provision of electricity, sui gas, telephone and sewerage.

Provision of Land for School, Masjid and Park

Check map and the site that whether the land for school, masjid, park and hospital etc. has been provided and is not used for any other commercial or residential purpose.

Verify Legal Status

Also verify that there is no case against the housing scheme in any court, NAB or any other government department.

Following is an advertisement by LDA for the awareness of public.
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