The Rise Of Fraudulent Estate Dealers In Lahore

The Rise Of Fraudulent Estate Dealers In Lahore

Lahore is a vibrant city which offers the best when it comes to food and other amenities but, unfortunately, there is a dark side to it which can affect most people trying to make real estate transactions. That is the menace of fraudulent estate dealers, fast engulfing the real estate sector in the city.

Such fraudulent estate dealers operate with fraudulent intentions to deceive their clients. They make the seller sign an agreement and when the agreement signed between the seller and the other party expires or is about to expire, they start making continuous pestering phone-calls to the seller asking for more time – not taking care of the specific performance of the contract – and if the seller does not abide by his or her desire to give them more time to make the payment, they will regardless take the matter to court with their falsely made-up case.

Once these fraudulent estate dealers take the matter to court, they start asking for huge amounts of money to ‘settle’, and if the aggrieved parties happen to be law abiding citizens with everything going against them, they either ask for the ‘wrath of the God’ to befall on them and wait till the matter is resolved in the courts, or avoid lengthy litigation by accepting an unfair out-of-court settlement.

Unfortunately, there are no meaningful regulatory bodies which can regulate and issue estate licences through a process of tough scrutiny. The norm in all civilised countries is that an estate dealer thinks twice before intending fraud. He or she knows that there is a rule of law and the law will take its own course if anyone tries to commit such an atrocity.

Legal notices served to the aforementioned estate dealers cannot have their desired legal ramifications since regulatory bodies are non-existent in our part of the world and even if they are present, they are clearly not giving due diligence to the problems faced by a majority of aggrieved persons.

I urge the government to take necessary steps to regulate this industry and take strict legal action against such fraudulent estate dealers and suspend the licences/businesses of all those involved in fraudulent activities. In future, only those should be allowed to act as agents who hold licences to act as such, and these licences should be issued to estate dealers only after thorough scrutiny.

 

The views expressed in this article are those of the author and do not necessarily represent the views of CourtingTheLaw.com or any organization with which he might be associated.

Sami Shah

The writer is a corporate lawyer and has studied at SOAS University of London. He specializes in corporate governance issues and operates a law practice in Lahore (Sami Shah & Partners) and offices in Toronto and Palos Verdes California.



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