Tuesday 19 May 2009

Legal Eagles Protect Unethical Practices

There's an interesting piece on the relationship between the legal profession and 'big business' in relation to overseas property in our editorial section. It is written by Diarmaid Condon, who has seen and done pretty much what is to be seen and done in the Irish overseas property industry. It's well worth a read - very thought provoking - particularly if you've been on the wrong end of some less than ethical practices in the overseas property industry - and let's be honest, there's plenty of this in evidence these days. 

It certainly raises the question of whether the average property purchaser overseas should have better access to lower cost and more effecient legal services in the quest to bring to book developers and agents who have failed to deliver on the promises made during purchase negotiations.

You'll find the article in full here

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1 comment:

Mark FR Wilkins said...

Hi Diarmaid,

Great article. But don't beat the lawyers up.

Like you it concerns me that they may harrang but, you know what, they are just maiking a living. They need recalcitrant clients to keep them in fee income - it highly unlikely that they'll take a view at any stage as to whether they "believe" their client - its not usually within in their remit to do so.

I was a partner for many years in a law firm that specialsed in providing advice to players in the music business. We and others were instrumental in making sure that the business was brought kicking and screaming into the then 1990's, to the extent that now no one will make any move until all have received independent legal representation and the ink is dry on the contract.

I am now a "non-pratcising Solicitor" who has worked in Spanish property market for the last seven years.

It only a matter of time before the reality hits and regulatuion will probably follow.

We at Domus3Sixty provide a wholly transparent Buyer's Agency service on Spain's Costa del Sol to clients seeking to take advantge of the current distressed/discounted market. However, we seek to dissuade a client from even making an offer until they have conducted extensive due diligence using independent professional advisors. There's just no point in leading a client in any other direction.

We have learnt a thing or two from the Financial Services Act - and sucessors - that govern our UK IFA colleagues. The FSA has its critics but by adopting similar rigour in our dealings regulation when it arrives regulation will not be a shock. Why - because we are doing it already!

The overseas property market is sadly ripe for regulation but more responsible players will already be adopting buyer centric caution in their dealings. Please, guys no more Watchdog specials, Trevor MacDonald's Tonights or Sunday Times exposes. Leave that to the MPs!!!!


Mark FR Wilkins
Domus3Sixty - The Rights Group SL
0034 600 343 917
Skype: markandytrg