Once you have decided that you are interested in investing in a property then the verification of the said property should be your first task. The reason is that it can make the whole experience of investment free from all sorts of setbacks and frauds. Also, this way a quick selling process is encouraged. Therefore your homework related to buying property is very important. Firstly the homework involves verification of the deal. For the reasons that it can portray you as a serious buyer in front of the investor. Secondly, it can save time and money. However, there are plenty of advisors that can help you advise you on this topic very efficiently. On the contrary, there are few factors that if you know you can be an expert on the topic yourself. Below are the four easy steps that can make your process error-free:
Initially, it is the first step that you must follow. Builder's history is the key element of your investment. You can check the history which includes his previous projects, analyze and look for their details, locations of previous projects. Check the work they have done in other cities. Further, you should look into his ongoing project and analyze if they are doing it well or not? If the history of any builder involves a setback, investigate it to see if the problem has risen from his end or not. The history of the builder gives you a signal of trust in the process. Verification beforehand is very important as it can get you rid of the frauds.
Secondly, you must ask questions related to the location of the property and clear your doubts about it. If the location interests you then you should ask for the type of land being sold to you, as in whether it is agricultural or commercial land. Ask who is the true owner of the land? Examine the advantages that the land is offering but most importantly, investigate if the land is facing any legal issue in the court of law.
Furthermore, real-document verification is needed. Legal documentation can save you from any sort of legal run-ins in the longer run. Before your investment, you must request a No Objection Certificate (NOC); it is an undeniably necessary part of your contract otherwise the construction may face numerous issues. Secondly, check to see if the agreement has been approved by the Environmental Act Sindh 2014 as it is one of the most important NOC. Verifications from all relevant authorities are also needed. The smooth running of the process would only be ensured by the verification of legal documents
Your analysis of the property is also very crucial to your investment success. Before finalising the contract you must do research and ask questions related to your deal. Inquire about your choices with the dealer, and see what kind of possession you are getting like sublease, transfer, or mutation. Check who is taking the responsibility, is it the builder or the local parties involved? In case if it is the builder and you are dealing with the realtor, take the builder on board too when finalizing the deal.
After following these steps you can save yourself from fraud in property and real estate investment in Pakistan