Award Winning Estate Agents Adopt New Legal Standards For Overseas Property

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 17, 2007 -- One the UK’s most forward thinking estate agency Hunters Property Group whose credentials include winning the prestigious Sunday Times SME top 100 companies to work for awards is one of the first UK’s estate agencies to adopt International Developers Information Packs or IDIP. Hunters Group will now have all off plan overseas developments undergo legal health checks before they reach their clients.

IDIP are taken out by individual investors, real estate agents and increasingly by property developers. IDIP was set up as a safe guard for the overseas buyer investing in off plan property abroad. Networks of specialist lawyers around the world work take the worry out of buying a property overseas. It allows buyers to see what the state of the developer and development is before you make that decision to go ahead.

The IDIP has caused much debate within a largely unregulated industry. The Overseas property industry magazine Overseas Property Professional (OPP) reported a flurry of activity by various trade associations and legal firms after the successful launch of due diligence products .OPP started a debate within the industry concerning due diligence and whether it needs such a product.

Hunters Property Group is now one of the first agents in the UK to adopt IDIP for all their off plan overseas property Andrew Potter commented about the IDIP:

‘Having first hand knowledge of the problems faced by thousands of investors in Spain. Many of these problems could have been avoided. I witnessed in the last seven years, occasions where disputes over licences, delayed both construction and completion. The IDIP, I believe would have given the consumer and agent clear information as to the true nature of the project. This would allow the consumer to make an informed decision whether to purchase or not.

We are convinced that our potential clients and consumers alike will see the benefits of buying through an agent, who has taken the time and effort to offer full independent legal due diligence. Those developers and that do not, will, I predict see a fall in business.

If only this product had been available a few years ago many of the property nightmares that have been highlighted in the press and media could have been avoided.”

Nicholas Marr CEO Homesgofast.com whose company promote IDIP ‘All aspects of the market are now looking to adopt this product as standard procedure within the industry, from members of the general public through to developers ,Can you imagine before IDIP conducting due diligence on a developer in Mexico from the UK it would have been daunting to say the least”

IDIPs are conducted across the world making buying off plan property abroad much easier. Real estate agents are ordering reports on developers from a far and wide including countries such as Thailand, Morocco, Turkey, Bulgaria, Malaysia, Brazil, Cyprus, Italy and many more

homes overseas     international real estate     Off Plan     overseas property     property abroad