As the real estate market in Pakistan continues to attract overseas Pakistanis, it is crucial to address the concerns and challenges they face when buying or selling property. At our esteemed law firm, Josh and Mak International, we have received numerous complaints from overseas Pakistanis who have fallen victim to unscrupulous property agents. In this article, we shed light on the manipulative practices employed by such agents and provide guidance on safeguarding your real estate transactions.
Manipulative Practices and their Consequences:
(a) Manipulation through Token Money: One common tactic used by unethical property agents is to place token money on a property, binding it for their sale only. By pretending to buy the property for themselves, they control the transaction, manipulate the sale price, and earn hefty commissions. This practice also involves collecting cash for the token money from the actual purchaser, leading to substantial undeclared profits. Such actions not only sabotage the property owner’s interests but also expose them to financial risks.
(b) Deception through Stolen Property Pictures: Unscrupulous property agents often steal pictures of listed properties and create similar listings with lower prices on popular property portals like Zameen.com. This tactic aims to confuse potential buyers and lure them with seemingly attractive offers. When contacted, the property agent claims to have received an offer through the use of the property owner’s pictures. This deceptive practice benefits the agent while causing financial and reputational harm to the property owner.
(c) Tax Excuse and Double Agreements: In some cases, property agents may propose making double agreements to understate the actual sale price for tax purposes. This unethical practice involves creating a separate agreement with a lower price to deceive tax authorities. Engaging in such practices not only raises ethical concerns but also exposes the property owner to potential legal consequences and financial losses.
Protecting Your Interests: Best Practices:
- Establish an Exclusive Relationship: To safeguard your interests, it is essential to establish an exclusive relationship with a trusted property dealer or real estate firm. Avoid creating multiple listings or engaging multiple sales agents, as this increases the risk of sabotage and confusion. Sign a formal legal agreement with a single property dealer, clearly outlining their responsibilities and limitations concerning your property.
- Conduct Due Diligence: Thoroughly research and vet the property agent or real estate firm before entering into an agreement. Verify their credentials, track record, and reputation in the market. Seek recommendations from trusted sources or engage the services of a reputable law firm specializing in real estate transactions to guide you through the process.
- Maintain Transparency: Ensure that all transactions are conducted transparently and in compliance with legal and ethical standards. Avoid participating in any form of tax evasion or fraudulent practices, as they can have severe consequences. Consult with legal professionals to understand the legal and financial implications of your real estate transactions.
- Regular Communication: Maintain open and regular communication with your chosen property dealer or real estate firm. Stay updated on the progress of your property sale or purchase and address any concerns promptly. By fostering a transparent and collaborative relationship, you can ensure that your interests are protected throughout the transaction process.
As overseas Pakistanis engage in property transactions in Pakistan, it is vital to be aware of the manipulative practices employed by unscrupulous property agents. By partnering with a trusted law firm like Josh and Mak International, you can navigate the complexities of real estate transactions with confidence. Our legal experts provide comprehensive guidance, protect your interests, and ensure that your transactions are conducted transparently and ethically. Safeguard your investments and avoid falling victim to fraudulent practices by relying on our expertise and commitment to excellence.
For personalized legal advice and assistance, contact our experienced team at [email protected] Together, let’s secure your real estate transactions and protect your financial interests.
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