Overseas Pakistani pondering thoughts on investment in Pakistan is one of the most trendy topics nowadays. The majority of overseas Pakistani are willing to buy property in Pakistan or scout some projects to invest in Pakistan. The question is this possible to invest from miles away? Yes, digital world transformation deserves all the credit. Through technological advancement, a person can check out all the necessary details and information required while investing in Pakistan. The real estate portals provide overseas Pakistanis the coverage of every bit and piece of investment matters. But, after all these easy approaches, an investor should keep the fact highlighted that there are always some scams and illegal activities in multiple projects. The task is to refrain from such scams and make a wise and profitable investment because getting into real estate affairs is no longer a piece of cake!
DOMAINS TO CONSIDER BEFORE INVESTING OR BUYING A PROPERTY IN PAKISTAN:
People who invest in real estate or buy a certain property should consider these key points before any real estate transactions. Everybody considers a foreign or overseas Pakistani as a golden spoon which they make sure to grab on their plate by maximizing their profits. So, if you are a foreigner or an overseas Pakistani, these are the tips you should look for before buying a property or making an investment in Pakistan.
LOOK FOR PROJECTS APPROVAL BEFORE INVESTING IN PAKISTAN:
There are multiple projects on record which are in the under-construction with utmost effort. People started getting attracted to the fast-paced architectural and construction work but when they dig into the project details, most of them are not approved by legal authorities or in hold for approval. Such projects are a complete red flag for buying or investment proposes because they can either be illegal or owned by the land mafia which can cause you serious financial harm. Whenever you hunt for a property to buy or invest in Pakistan, the most essential domain to look for is the approval of the project. If the project is approved by the government or some authentic legal authorities, then you can safely dig into more buying or investing processes.
CHECK BUILDER’S PORTFOLIO BEFORE INVESTMENT IN PAKISTAN:
After checking out the approval of the project, an individual should also investigate the background or record of the builder. If the builder is new in the real estate market or owns some shady projects only, then getting into such a situation is like burning your fingers intentionally. These builders are experts in gaining the attention of potential buyers by offering flexible and cheap projects with unlimited top-notch services promises. Remember, real estate investment isn’t about showing dreamy gardens, you should consider the one who has the potential to deliver a legalized and authentic project .
There are also well-known real estate constructors or builders with a successful and clean track record of project development. They provide complete transparency to their prospective buyers. Their successful projects in the living also refer to them as a trustworthy builders with whom you can invest safely.
CHECK FOR COMPLETE LEGALISED AND APPROVED DOCUMENTS:
Always approach for transparent and legal process because any shortcut or urgent process transaction can cost you heavily. Always demand original, legal, and approved documentation to avoid getting stuck in any paper manipulation. Also, make sure that all the dues, utility bills, and maintenance are cleared whenever you buy a property. Sometimes sellers try to burden you with their non-payed bills.
DOCUMENTS REQUIRED TO BUY A PROPERTY IN PAKISTAN:
When it comes to the documentation, there are multiple sets of papers that you need to get registered, submitted, or signed during buying or investing in a property such as;
• Sale deed
• Approved plan of the property
• Band approval certificate
• Encumbrance certificate
• Power of attorney
• Property tax receipt
• Completion certificate
SALE DEED:
A sale deed is a legally binding written document that transfers ownership of property in exchange for payment. This document must be registered with the appropriate registration authorities. When you enter into a property sale, the sales deed must be signed by both parties.
A Sale Deed is the transfer of property rights, title, and ownership from a Seller to a Purchaser at a price that is either completely paid or is paid in installments later. A Sale Deed is also regarded as evidence that a Seller has sold his or her property to the buyer.
APPROVED PROPERTY PLAN:
A project with an approved property plan ensures that this particular property doesn’t cater to any illegal activities. Also, the project is constructed according to the master plan keeping all the restrictions and regulations. Never put your hands in such an investment that doesn’t provide any approved property plan.
ENCUMBRANCE CERTIFICATE:
An encumbrance certificate indicates a property is free of any legal or financial debts or not. A property on which the owner is currently making payments on a home loan, for example, has a financial encumbrance, and obtaining a nil-encumbrance certificate for such a property would be impossible until the loan is fully repaid. Similarly, if a property is the subject of a court case, the municipal body will issue an encumbrance certificate outlining the liabilities. The encumbrance certificate will also show who the current owner is and how many times the property has changed hands since it was first created. When you receive this encumbrance certificate, you will know that you are attempting to deal with an authentic seller and that the asset is not in any legal or financial bind.
POWER OF ATTORNEY:
A legal document that allows people to delegate authority to another person to legally act on their behalf. Power of Attorney (PoA) is a formal document that grants one person, known as the Principal, authority to another person, known as the Attorney, to act on his behalf. The Power of Attorney empowers the attorney to operate as the principal’s legal agent and perform actions on his or her behalf. The attorney gains full or limited legal authority over the person’s property, finances, or medical care. In most cases, a family member, spouse, or companion is appointed as an Attorney via a Power of Attorney (POA) to decide things in incapacity, disability, or illness circumstances.
PROPERTY TAX RECEIPT:
The property tax receipt is the record of all the taxes paid in the past against a property. This document makes sure that the property you are about to invest in Pakistan has completed all its taxes and there will be no future payments you have to cater once you buy a property. If the seller is hesitant to show a property tax receipt, then it’s a sign that you backed a bad horse.
COMPLETION CERTIFICATE:
The completion certificate is proof, that the specific project is constructed on the legal standards. This certificate provides authenticity to any property which is built on proper legal standards without any loopholes left. This certificate is the most important document when it comes to buying or investing in Pakistan’s property, so make sure you have one if you are involving your finances in Pakistan’s real estate.
THE BOTTOM LINE:
As an overseas Pakistani, you are now buckled up with the information required during buying or investing in Pakistan’s property. Make sure to be fully aware while investing in real estate as this industry requires multiple investigations and research so that any tiny or single details don’t remain unnoticed.
Don’t get too swamped in investing or buying a property, simply hire a real estate agency that will take care of all the real estate activities with their expertise.
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