“The best investment on earth is earth,” says Louis Glickman, an American real estate investor, and philanthropist. The quote boldly points out the significance of investment in real estate. The favorable local government policies in recent years have given the boast to the real estate industry. The type of investment that gives you price appreciation over time, is something no one would ever mind or reject.
Keeping in mind the benefits of the investment there are some precautions and risks as well. Investing or buying real estate is a detailed research process, its time taking and demands full attention to avoid frauds and scams.
Here is a step-by-step guide to buying a plot in Pakistan.
Explore the Options
Having some good options in your mind is always a better way to go with. Identify the location of your interest to get an idea about the available plots in its vicinity. There are some new real estate projects in the market you can check out. Or go with the projects of some trusted builders and developers to decrease the hassle.
Complete Background Research
Detailed background research about the plot you are going to buy or invest in is of foremost importance. You should know the pros and cons of the project or the area. Do study the latest real estate news to get to know how about the trends and price values of the projects. Opting the trusted builders is always a good idea to go with. It is also important to check if the relevant project has the approvals of gas, water, electricity, and sewerage connections.
Finding the Right Agent
It’s no less than a blessing if one finds the right agent. Finding the right agent who helps you to get a good deal and a fine plot is something that decreases all your tensions. It is a kind of satisfaction that every individual wishes for before buying a plot. The right agent helps you to get to know about the potential projects.
Token Money & Documentation
Paying the token money and getting all the documentation done is a kind of a satisfaction. The feeling that you are about to own a plot is a sense of happiness, especially for the new buyers. Token money shows the intent that the person is a serious buyer. Just make sure all the legal paperwork is done just before giving the token money to the seller.
Full Payments & Transfer Letter
The next step is to get a transfer letter of the plot from the buyer of your name before making the complete payment. The process may vary from project to project but the main required documents for the transfer letter are the same for all. The documents include:
Transfer application form
Original allotment letter
No demand certificate
Transfer affidavit and two attested photocopies
Affidavit by the buyer
The agreement to sell a plot
Membership application form along with two passport-sized photographs of the buyer
Attested photocopies of buyer’s and seller’s CNIC
Attested photocopies of two witnesses
The original document of the statement issued by the accounting office on payment of dues
Get the sales agreement done. Which is proof of all the legalities of the process and that either party can’t turn their back on the other. It includes a copy of the payment order through which the payment is being made.
The process is time taking and sometimes hectic, but it is worth it. Try to take the decisions wisely, not in the hustle. All these steps will help you mitigate the stress of buying a plot in Pakistan.