Phoenix Magazine 10.07

Protect your investment
(October 2007)

SOLICITOR Tom McGrath has specialised in the overseas property market for a number of years. He and his partners can help protect your investment, especially if you see them before signing any contracts or paying any money. He also provides reputable and ethical legal advice when people are duped by unscrupulous vendors or developers.
McGrath says: "Unfortunately, despite the size of the market, it is completely unregulated. Literally anybody can set themselves up to sell property overseas. Buyers don't apply the same rules of common sense that they do when buying property at home."

McGrath feels that while most buyers will insist on all the paperwork being correct when purchasing property in Ireland, for some reason due care and attention goes out the window for people buying property overseas. He continues: "While most of the people selling property abroad are perfectly legitimate, there are a number of people who only care about getting their commission, which is often hidden in the costs. This figure can often be between 5%-15% and it's in their interests to sell as many as possible, without any thought for the client." Finally McGrath says: "Always, always, get professional advice before signing any documents or cheques. A genuine agent will be happy for the papers to be examined by a solicitor to ensure the client is satisfied with the investment."