International real estate investors often take a chance when they purchase off plan property. Unscrupulous developers can use language differences and local laws to take advantage of foreign buyers . Some real estate agent have been guilty of making false promises on behalf of developers to clinch a sale. Other agents may be acting in good faith and may not know they represent a bad developer. Now, any one who works with or is interested in overseas off plan or pre construction developments has a new resource to help them. The International Developer Information Pack, or IDIP, will provide the purchaser with a range of background intelligence to make the most informed decision possible.
This new service, is designed to protect the investor against false information being provided by a developer or about a development. A network of lawyers around the globe will perform due diligence on developers and their properties and provide the purchaser with reports so that they can make informed decisions. These lawyers are based in the foreign countries, know the laws and languages and are independent of the companies they are investigating. All members are carefully vetted before being employed to insure quality and professionalism.
These lawyers will undertake due diligence so that all relevant information is available to the buyer and even for agents working with unknown developers. Prior to investing your money in an overseas investment, where you might not know all there is to know, it is a good idea to find out as much information beforehand. Knowing the answer to basic questions, such as who the developer is and what is their track record, details about the development, have all the necessary permits and plans been obtained, are there any title issues and more, can help you make the best decision about where and what to buy.
While all of this is standard when buying existing housing, with the vagaries of international laws and languages it is a good idea to do it for off plan developments as well. Agents may not always be the best people to rely upon for this information. In many cases they have a vested interest in the developer and property. Occasionally, they don’t know anything more than you about the property – they are just a middle man making money off of you. Being informed is always the best option.
CEO Nicholas Marr of overseas property portal Homesgofast.com is very excited about this new program and believes it will help investors make better decisions. “For the first time buyers can conduct with confidence checks on developers before they part with their hard earned money. The relatively small cost for the packs is money well spent – after all what cost is peace of mind?”
“We have many investors who will not invest abroad owing to the uncertainty about the developer. This now gives investors the confidence to invest in off plan property knowing that the developers’ credentials have been fully checked out by an independent lawyer.”
The IDIP program offers three levels of service for individual investors: Bronze, Silver and Gold, with corresponding prices of £600, £750 and £1100 plus VAT. Each level offers more detailed reports and information, beginning with a basic company report. For more information on the specifics of each package, visit www.homesgofast.com/International_Developer_Information_Pack.php.
