One of the most common pieces of advice offered by overseas property experts and professional associations is for overseas buyers to seek independent advice. This piece of advice has been the catalyst for overseas property portal Homesgofast.com to launch conveyancing and legal advice services in over 40 countries.
Overseas buyers who buy property abroad from members of overseas property associations such as Association of International Property Professionals- AIPP, The Federation of Overseas Property Developers, Agents and Consultants- FOPDAC and International Property Agents and Dealers Association – Ipada will receive the independent legal advice message from its agents loud and clear.
AIPP insists that its members advise that buyers should always recommend the use of an independent lawyer for international property transactions. It also states that Members shall not require potential buyers to sign binding preliminary purchase contracts without giving them reasonable opportunity to reflect on the contract and to obtain legal advice.
The Federation of Overseas Property Developers, Agents and Consultants FOPDAC state that all agents must recommend to a prospective purchaser that they seek independent legal advice in order to affect their purchase. Such recommendation will be given before any legally binding contract is entered into. If the prospective purchaser asks the agent for the name of a person to provide independent legal advice the agent should provide a choice of names
International Property Agents and Dealers Association – Ipada state that
Members will encourage purchasers to take advice from a qualified solicitor, abogado or other professional to ensure that sales documents, title of property, building permits and registrations are correct and translated into the language of the purchaser.
Homegofast.com is working with an independent panel of specialist lawyers who can provide unbiased legal advice for the buyer. Sourced locally, these lawyers understand the local culture, local law and obviously local language.
Nicholas Marr CEO ‘When buying any property it is important that the purchaser can fully understand the process, the price and any procedures. By using independent legal services they can be assured that you will be represented fairly in the transaction’
The new service extends to providing Title Insurance that serves to protect buyers when buying overseas property. Title insurance is protection against loss arising from problems connected to the title to your property. Properties typically go through several ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.
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