How to Buy Overseas Property Safely - Turkish Connextions

HOW DO YOU FIND
A GOOD AGENT?
state agents may be regarded by
some as a necessary evil but the
fact is if you’re buying or selling a
E house it usually helps to have one.
In the UK they may perform a
relatively straightforward hand-holding role, but
when you’re buying abroad they need to play a
far more signifi cant role that encompasses tour
guide, chauffeur, translator and general advisor.
You may spend hours driving across the
countryside with them, share meals, in fact even
become life-long friends with them – if things work
out especially well. In other cases, of course,
relations might not end quite so cordially.
So how do you fi nd someone
knowledgeable and trustworthy?
Word of mouth always counts for a lot, as do
genuine testimonials from previous clients,
or advice from online forums.
Bear in mind that agents are not always
regulated or accredited in any way – this differs
hugely from country to country. Thus membership
of the AIPP is one benchmark and means they
are bound by a professional code of conduct and
disciplinary process (see pages 47-49).
In some countries, anyone with a phone and
internet access can promote themselves as an
agent. But in the States agents have indemnity
insurance, and undergo relatively rigorous training.
And in France an agent immobilier must have
a carte professionelle, which means they are
registered and have relevant experience.
Meanwhile in Andalucia, in 2006 codes of
conduct were introduced for estate agents which
mean they have to provide a dossier of offi cial
documentation with any property offered for sale
or long-term rental – or they risk fi nes.
But accountability aside, consider the language
barrier and also whether an agent has the
capabilities to deal with an overseas buyer who
has different expectations and involves extra work,
needing all sorts of information about transport,
schools, beaches etc, as well as being unfamiliar
with the buying process.
Test their knowledge by asking them about all
16 AIPP CONSUMER GUIDE
these things – they should be happy to spend time
helping you and meeting face to face will help you
make a judgement on their suitability. Do you feel
comfortable with them?
You will also often have the choice of working
with a UK-based company selling abroad, or one
locally based. There are advantages of each, but
make sure that you are going to end up dealing
with someone with great local knowledge, whether
it is through a UK associate, or not.
So be clear who they are, who they work for,
how they work, what you expect from them, and
how much they are going to cost.
Agent fees differ hugely between countries – and
also in different cantons or regions within countries
– and are sometimes paid for by the vendor, or
shared between vendor and purchaser. They can
vary from one to ten per cent, so check this out
from the word go.
Another option is using an independent property
fi nder or agent who will be acting purely on your
interests, but you may think the outlay is worth it
– it is typically three per cent of the fi nal purchase
price, plus possibly an initial search fee.
Finally, as knowledgeable and helpful as your
agent proves to be, they will never replace the
need for independent legal advice. Always use
a qualifi ed, English-speaking lawyer not supplied by
the agent or developer. He or she may cost a little
extra, but this is an essential cost that could save
you thousands further along the line, if there is
some oversight that comes to light due to
the language barrier.
2 BUYING YOUR PROPERTY
TOP TIPS TO..
FIND A .
TOP AGENT..
Choose an agent who
comes recommended.
Ideally meet them
face to face.
Be clear about their
role – and their costs
– from the word go.
Do they know their
stuff? Make the most of
their local knowledge.
Are they licenced,
or member of any
regulatory body such
as the AIPP?
What help can
you expect during
the buying process?
Will there be any
after-sale care?
Never view an agent
as a substitute for
independent legal and
fi nancial advice.