IDIP Provides Assurances for Investors and Agents in Many Countries

New legal product aimed at assisting international real estate investors appears to be the answer in giving consumers due diligence when buying property abroad.

London, United Kingdom, July 24, 2007 --( International investors who want to purchase property overseas, but don’t have a lot of local connections or even language skills, can often end up on the wrong end of new property. Suspect developers, shoddy construction techniques, quick fixes and legal irregularities are just some of the problems that are faced when dealing with a new development overseas.

Unfortunately, the agents who sell these properties aren’t often much help. Occasionally they are aligned with a developer, but more often the agents are just uniformed and trying to make some money. Recent buyers of off plan property in places such as Turkey, Bulgaria, Spain, Mexico and elsewhere have experienced problems that have caused both investors and agents to rethink the purchase process.

One tool that will help is the IDIP, or International Developer Information Pack. These information packs are available to both individual investors and agents alike for new developments and developers. An international team of lawyers gathers information on the property and developer and provides it to the investor or agent. They can then make an informed decision as to buy or represent the property. In an independent survey of over 2,500 potential overseas property buyers, 40% said they would be interested in such a resource., an international property portal, has responded to these concerns and now offers the IDIP to agents and individuals, notes CEO Nicholas Marr: "We have been approached by consumers and agents alike - one investor needed to feel more secure about buying property in Mexico, so they used an IDIP. We had another agent promoting off plan property in Brazil - he wanted to have the edge over his competitors and was to prepared to have all his portfolio subject to IDIP.”

In the survey, 77% of investors said they do not trust agents and 50% said they would prefer to buy from an agent or developer that had an IDIP in place on the development. These results indicate that not only is this tool a great resource for the individual investor who is unsure about parting with their money, it can also be a great tool for agents. Those who offer the information on new developments can, as the agent above, get the edge over their competitors and have a distinct advantage in the whole process.

Nicholas Marr
+44 (0) 207 099 3392 is part of Marr International Ltd a UK based property marketing company