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Protect yourself against rouge developers

Discussion in 'Buying Overseas Property' started by David Thrift, Jul 2, 2007.

  1. David Thrift

    David Thrift New Member

    The Long awaited overseas property regulator
    Its new and taking the property industry by a storm
    It’s been one of the most talked about subjects in the overseas property world for many years. Many seminars and property shows around the country have talked about it. Magazine editors write about it, television programmes go on about it, but still the problem remains unsolved. How does a potential buyer find out all they can about the property being offered by the developer or the agent?

    Does the developer own the land, does he have planning permission the list goes on.
    Over 800,000 Brits have now bought property overseas and many of them have been very happy with the service and the development on offer, however the stories of the unsuccessful ones gets bigger and the list grows.

    You have been sold a dream, only to find the dream has cost you your life savings. You have bought a place to retire only to find that retirement has become a nightmare. You have been told that your property was fine only to find you are facing the bulldozers as the property was built illegally or on land that did not have planning permission. I am sure you have seen the programmes and read the stories. You could call them property nightmares.

    At last, all the nightmares can be eradicated with the introduction of the newly launched IDIP (International Developers Information Pack). You can now commission the experts to carry out your research with an IDIP, which delivers you a full independent due-diligence by lawyers on your chosen development, providing the comfort you are seeking. Covering any development in the world and on any developer you can relax with the knowledge that once you have earmarked your chosen project you can order an IDIP through idipreport.com IDIP INTERNATIONAL DEVELOPER INFORMATION PACK and wait for the full legal report to arrive.

    So what will it tell me?
    In the full gold package the report covers the legal side of the property development, checking planning permission, land tile ownership, building licenses, shareholders and directors, the management contract and everything you need to know about your proposed project.

    The service once purchased is conducted by an appointed International Firm who provide conveyancing services. The investigation is managed to completion by The Live Overseas Organisation, an appointed representative of First Title Insurance plc, which is authorised and regulated by the Financial Services Authority. First Title Group is a wholly owned subsidiary of The First American Corporation, they not only have the backing of the world's largest provider of business information, but over 115 years experience in property matters


    It will enable you, the purchaser, to have full control of your decision making rather than relying on an unknown source to provide you with information that may not be totally correct.
    You are now in the driving seat - so make sure your investment is sound for the future. Lets be honest no one wants to be another statistic with a property nightmare



    International Developer Information Packs start from £600 for a “Bronze Report” (excluding VAT and disbursements), including a basic company report via a company search.
    To view all the products and more information please visit idipreport.com IDIP INTERNATIONAL DEVELOPER INFORMATION PACK the contact e-mail is on the contact us page of the website

    David Thrift
    Director
    IDIP


    Before you think about a property purchase think IDIP
     
  2. The Soup Dragon

    The Soup Dragon Senior Member

    Hi David and welcome.

    Sounds like what you will be providing will give a lot of people that extra comfort they require before taking the plunge. While I wouldn’t have need for such a report at the moment I do have one question that I’d be very interested to hear your response to.

    It concerns the scenario where you (idip) provide the report and get some information wrong – or are perceived to have got it wrong. Your client has paid to have you provide information to help them make an informed decision and it turns out some of the information was incorrect (or is perceived to be incorrect.) What happens then? What comeback is there?

    I realise that extent of comeback may depend on the error. So lets take something clean cut. Lets say you had said planning permission has been granted and it hadn’t. If after receiving your report the buyer parts with £30k and the developers do a runner with their money. What would idip do? Would you be legally bound to fully re-imburse your client for all monies they paid the developers after receiving your report? If so, do you take insurance to cover these sums?

    I don’t want to sound overly negative, just looking at one of the risks involved with instructing a report. Others may also find it useful to know a little about the background and experience that some of the key players in your team bring to the table. (Couldn’t see anything like that on your internet site.)
     
  3. David Thrift

    David Thrift New Member

    Good evening
    Regarding your question
    The process is very simple
    All the documents are checked at source. So lawyers in the country go to the local planning offices and check the registrations etc. they also check that the planning etc is lodged. If the company have applied but not got permission this will be stated. All the digging is done at ground level and we have spent 2 years putting together and vetting many lawyers in all the countries, in some cases up to 14 lawyers are on the panel per country.
    First title are the largest organisation in the world and are a title insurance firm they via live overseas their UK company are backing the lawyers overseas so their is full comeback should something be wrong, however as explained this is very unlikely
    As I have said at the start the rouge developers who claim to have planning permission and have not, who claim to own the land and do not etc will be found out, however of course the buyer will have to commission and IDIP first. This is sent once completed direct to the purchaser and is totally confidential the process takes about 4 weeks from order
    I hope this answers your questions
    Many thanks
     
  4. The Soup Dragon

    The Soup Dragon Senior Member

  5. catalogguy

    catalogguy New Member

    I can't imagine how to justify this

    If the investor has insufficient contacts with attorneys and established professionals to do the evaluation and is not capable of doing it themselves, then likely they are getting in over hteir heads anyway.




     
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