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 estate agencies to adopt International Developers Information Packs or IDIP. Hunters Property Group will now have all off plan overseas developments that they promote undergo the legal health checks before they reach their clients.
IDIP can be instructed 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 aim to 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 buy.
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 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.
At Hunters our primary concern is to the client, which is why it is company policy to insist that all our developers have IDIP’s on their forthcoming projects. 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; this product has without doubt been a welcome addition to the overseas property market. 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 properties 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
Not only are agents and consumers keen to own an IDIP, developers are now getting on board. In such a competitive market, developers see the benefit of standing out from the crowd. Financial institutions are now looking at how to integrate the IDIP into their organisations for the future.
The move by Hunters Group to include IDIPs in their strategy is another first for the company they are also the only estate agency to date who have their training courses approved by the institute of leadership & management and City Guilds.
