How to Buy Overseas Property Safely - Turkish Connextions

I
n 2011 AIPP announced a new
service for AIPP members and
their clients providing access to
a range of insurance services
that can help eradicate common
concerns when buying a property abroad and
make the process safer for the consumer.
Since its inception six years ago, the AIPP
has dealt with a number of consumer complaints
involving issues surrounding title deeds and building
defects. Many of the concerns when buying abroad
centre around quality of build and the certainty
of obtaining full rights to the land and property.
To make this easier and safer for consumers, AIPP
launched an innovative range of insurance services
to tackle these worries enabling consumers to feel
more confi dent about buying a property abroad.
The range of insurances available to the
consumer through ‘AIPP Insurance Services’
includes latent defects, title insurance, and
travel insurance.
Latent Defects Insurance
When purchasing a property, one of the common
concerns is the quality of the build as construction
methods are not the same worldwide. Latent
Defects Insurance helps minimise risk exposure
from inadequately constructed buildings, and
provides cover comparable to the NHBC (National
House Building Council) guarantee on UK new build
property. When buying off-plan or new build, if
insurance against defects is not already provided
for you by the developer, you could take this out
directly insuring your property against problems
that might arise as a result of the standard of build.
This could include damage to your property caused
by defective design, workmanship or materials
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becoming apparent for up to 10 years after
the practical completion of building work.
HOW DO I FIND OUT MORE?
3 ESSENTIAL SERVICES
AIPP INSURANCE SERVICES
Title Insurance
Buying a property overseas isn’t the same as
buying one at home, and Title Insurance is common
in most parts of the world where land registration
is not as complete or accurate as it is in the UK.
Title Insurance covers property buyers against
disputes over ownership, access rights and
other common issues such as boundaries.
Available on both new build and existing
properties there are even bespoke policies for
properties with known exposures. This insurance
is not restricted to European countries and can
also be purchased after completion.
Travel Insurance
If you’re buying a holiday home overseas, you
and your family will no doubt be taking regular
and perhaps extended trips to stay in the property.
It is imperative to have a suitable travel insurance
in place when buying an overseas home, as it
takes the burden off the traveller should something
go wrong while they are abroad. AIPP Insurance
Services can help source the right policy to best
suit your needs, even if you have problems with
travel insurance due to age or illness.
Enquiries about AIPP Insurance Services can be made via the AIPP
website www.aipp.org.uk under the ‘Services’ tab.
For added peace of mind when buying property overseas, ask your agent
or developer about what insurances they have in place and contact AIPP
Insurance Services to fi nd out what additional cover could be available to you.
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