In Pakistan, people are actively investing in real estate. Be it land or property, big sums of money are being spent on the buying and selling of real estate. Among the people investing in property, a lot of them invest their lifetime savings to own real estate.
In this scenario, it is essential to verify properties for their legality. No one would want to risk their investment in land or property that’s part of fraud or forgery. For this reason, people can hire legal property verification services. In this blog post, we will discuss what is property verification, its process, and the benefits of verifying the legal status of a property.
What is Property Verification?
Before a property is sold or bought, the buyer should have a legal professional (a lawyer) conduct a review of the property. The lawyer has to make sure that the owner of the property is not a fraud. Also, there should not be legal trouble when the documents of the property have been transferred.
What is the Property Verification Process?
Any person looking to check the legal status of a property will get into contact with a real estate lawyer, or an online lawyer who is a property expert. They will share the matter with their lawyer, and then the lawyer will make a report with the registrar’s office for a number of years.
Once the report has been withdrawn, the lawyer can then check each and every document to make sure the title deed of the land. The legal rights of the property’s seller are thoroughly reviewed to see if it is legit.
Benefits of Verifying the Legal Status of a Property
Verifying a property is important, and there are certain benefits of having a property verified.
Evidence of Being Genuine
While on the one hand, a property is verified to check its status. On the other hand, once the property has been verified, and it is ascertained that it is free from any legal charges.
It is basically evidence that the land or property is legit and clean. Both the buyer and the seller feel a sense of satisfaction, and the same evidence can also be used in future.
Ability to Get a Loan
Another big advantage of property verification services is the evidence of being clear of any lawsuits. This evidence serves as proof, and on this basis, an individual can efficiently get a loan.
Peace of Mind
When the seller has clean proof to show the legality of a property. Then, there is no room for any forced activities or the making of false documents. The buyer can rest assured and the transaction can smoothly take place with a sense of security.
Security from Fraud
There’s a growing trend in the buying and selling of property in Pakistan. And in this situation, it is seen that there have been cases of fraud in which the seller of a property circulated the same property in more than one transaction.
This fraudulent activity is done by creating forged documents – so that more and more people can be cheated. Now, with the help of property verification services, such acts of fraud can be captured. Also, the legal status of a property becomes known.
Loan Seeking is Safe
When a property has false documents against it, acquiring a loan can turn into a problem. However, when land or property is legally verified, then a loan can easily be acquired without objection.
When is it Essential to Conduct a Legal Verification
Buying a Property
Whenever an individual is looking to purchase a property for personal or business purposes – the legal status of the property should be known. The buyer should have complete peace of mind.
Renting Out a Property
In case a property is being given away on a rental or lease basis, then legal verification is mandatory. The goal is to ensure that the decision to use a land or property is risk-free.
