Thursday, April 28, 2005

Code of practice for buying overseas

A common code of practice and charter for estate agents selling overseas property has been agreed upon by the National Association of Estate Agents and the Federation of Overseas Property Developers Agents and Consultants.
Setting out basic rules for member agents of both organisations, the new charter will allow the public to buy or sell overseas property with confidence, knowing that their affairs will be handled ethically and professionally, say the NAEA.
Ian Tonge, chairman of the NAEA International Division, said, "With overseas property an increasingly popular part of our members’ portfolios, this Common Code gives the public an easy way to find a high quality service that’s more than just fine words."
As a further boost, subject to ratification at forthcoming meetings, both FIABCI (the International Real Estate Federation) with members in 70 countries world-wide and the CEI (Confédération Européenne de l'Immobilier) with members across 13 European countries will also sign up to the Common Code. This will create a massive world-wide network of independent specialists who deal ethically and professionally with every aspect of clients’ needs related to residential and commercial property abroad.
Ian Tonge added, "This is a huge plus for those clients and investors seeking sound advice information and other services before buying property abroad. At the same time our aim is that those who give poor service, mislead clients, are negligent or reckless will either be forced to mend their ways or driven out of the industry."
Members of the public are advised to look for the NAEA and FOPDAC logos on adverts, websites or at exhibitions, and always ask for proof of membership.

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