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Why use this guide?

This guide is intended to help you sift through the thousands of overseas property developments on offer around the world.  Especially in the emerging market countries, many overseas developers start to sell property developments when: 

• they do not own the land upon which the property development is due to be built
• the land is zoned for some purpose other than residential use (we have seen overseas developments on land zoned as a roundabout and as a hospital!)
• there is no building licence for the properties
• there are no bank or other guarantees that the property development will ever be completed

Buying an overseas property  in such developments is risky.  It can also be expensive.  At worst you could lose all the money that you have paid to the developer.

By using this guide you will be able to see, at a glance, the status of many developments in which you are thinking of buying a property.

How do we choose the developments to put in this guide?

Any developer can ask IsMyHouseLegal to list their overseas development.  We then arrange for the International Law Partnership LLP to check the development.  We then put the development in the guide.  Obviously, a developer is not likely to ask us to list the development if the project is totally illegal!

We charge the developers a fee for the work the International Law Partnership LLP does checking out the developments and the work we do producing the guide.  So this is advertising.  But it is advertising where the advertiser is inviting us to criticise their product!

What checks do we carry out?

This varies a little from country to country but, in general, the International Law Partnership LLP will:

1. Check the Land Registry to see whether the plot of land upon which the development is to be built belongs to the seller. They ONLY check the master plot of the development, not each individual sub plot - i.e. in a development of 200 houses they only check the main title, not the 200 individual titles that will ultimately be transferred to the buyers. That is something for your lawyer to do.
2. If the seller does NOT own the land, the International Law Partnership will seek an explanation as to why not. There are sometimes perfectly legitimate reasons for this - e.g. the land belongs to a sister company in a group and the seller has that company's permission to sell.
3. Check that there is a construction licence for the development. Many developments are offered for sale before a construction licence is issued. There is always an element of risk associated with buying into such a development, but many buyers are prepared to take that risk in return for the possibilty of making extra profit by 'getting in early'.
4. If there is no construction licence, the International Law Partnership will check whether the land is zoned for the construction of residential property.
5. Ask what guarantees (if any) will be offerd to the buyer to guard against the risk of the developer not finishing the development. These can come in many forms. In many countries there is no legal requirement for such a guarantee, but it is always comforting to have one. The International Law Partnership do NOT check the validity of the guarantees. That is something for your lawyer to do.
6. Check whether the developer is a member of any of the recognised trade bodies (for example, the AIPP - The Association of International Property Professionals) that impose standards upon their members.

How often do we check the development?

IsMyHouseLegal instructs The International Law Partnership LLP to check each development about once every 6 months. The date of the last check is shown in the guide.

How do we check these things?

Generally members of the International Law Partnership's own staff visit the land registeries and planning offices concerned to verify the information given to us by the developer.

What does it mean if the development where I want to buy is not listed in the IsMyHouseLegal guide?

Maybe nothing. Maybe a lot. There are lots of good developments that are not (yet!) listed in the guide but there are also lots of 'duds' waiting for the unsuspecting buyer ready to part with this or her cash.

Do I still need to use a lawyer?

Yes, Yes, Yes!

This guide does NOT mean that is is safe to buy any particular property. The information in it may not be up to date and there are, in any case, many more things that your lawyer will have to check. These include, whether your particular plot of land or apartment is 'clean', the building specification and whether the statements made by the developer as to any guarantees offered are true.

NEVER BUY A PROPERTY WITHOUT TAKING INDEPENDENT LEGAL ADVICE.

The International Law Partnership LLP will be happy to give you that advice.

Contact The International Law Partnership by telephone on +44 (0)20 7061 6700 or by email info@lawoverseas.com for further information or download The International Law Partnership's enquiry pack from their website - Click for Enquiry Pack