CAN IDR HELP RESTORE CONFIDENCE IN CYPRUS TITLE DEEDS PROCEDURE?
International Property Lawyers in Paralimni Cyprus – Review IDR and benefits to Cyprus property market completed on 1st February 2010.
CAN IDR HELP RESTORE CONFIDENCE IN CYPRUS TITLE DEEDS PROCEDURE?
The International Development Registry (IDR) has been specifically created to protect buyers against the increasing issues surrounding buying overseas property. IDR wanted to give extra protection to clients as they felt standard legal advice is not enough.
IDR in theory offers a health check service on overseas developments. They undertake research and vetting procedures giving clients peace of mind that a development is a wise and safe investment.
The IDR is an optional register for developers, if they feel confident with their development and want clients to feel the same about buying from them.
This service offers a worldwide register that collects information on the current status of individual properties. Information searched comprises financial searches on developments and relevant permits and licences relating to Title Deed Issues.
These reports are now being incorporated in ‘protected property purchase’ products for pre approval of Title Insurance.
The reports also benefit the developer as this can be used for financial funding from banks and private investors for example. A client is likely to feel more confident in buying from a developer who is IDR registered than not, because this proves all is above board and the developer has nothing to hide.
Registering developments with IDR could help improve property markets as this service helps restore buyers’ confidence in overseas developments.
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PUBLISHED BY A&G KOUZALI LAW OFFICE ON 1st FEBRUARY 2010