Quote:
Originally Posted by David Thrift
It is the only service available and full investifgations are carried out. 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.
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Hi David,
i agree this is a great idea and worthwhile and needed. However I disagree that it is the only service available. In our company we also provide due diligence reports covering the same criteria as you mention. We get these reports via an independent third party organisation. We have copies of these reports for all the developments we currently carry, and should a customer chose a property we do not have a report for we get them one, and if they then complete the purchase we refund the cost of the report.
I am glad to see more companies realising that this is the way to go, as it is only through transparency and honesty that those of us who have nothing to hide, and who have no intention of ripping anyone off can maintain a good reputation. Unscrupulous developers use agents to flog their shoddy or non-existant properties. Thankfully none of our clients have ever been involved in any problems of this nature, but like buyers I am also nervous of selling properties from develpers I know nothing of. hence the reason we get an independent due diligence report on the builder prior to selling their property.
For anyone considering buying abroad, DD and thorough research s needed - and definitely don't buy off plan without visiting the area! Its better to spend a couple of hundred quid on a flight than potentially be out of pocket by thousands. If you are buying abroad you should be preapred to travel abroad, otherwise you are taking a big risk an laying far too much trust with the develper/agent whose main goal is to sell.