CREST GROUP Due Diligence Policy
Due Diligence process over at CREST is possibly even more extensive than that carried out by many other property companies today. We will only work with the most reputable developers who are prepared to provide us with all the necessary documentation. The security of our client’s funds is of the highest importance to us. We always work hard to maintain our proven record of hassle free delivery.
Before properties go up on our website/s CREST SELECT PARTNERS get our independent lawyer to carry out stringent checks on the project. This makes sure that all the necessary titles of ownership, planning permits and building licences are all correctly in place. This process is called ‘Due Diligence‘ and is absolutely essential in order to even feature that relevant property on any of our website/s.
CREST Due Diligence means our buyer’s trust is important to us. With all this in mind here are some of the tasks we will have to complete in this vital process..
Certificate of Land Ownership Proof that the developer actually owns and has a full and clear title to the proposed development land as per the contract of sale.
Planning Approvals Checks with the local planning departments to verify what planning applications have been either lodged, approved or may be still pending approval. Helping both ourselves and our clients to better predict how a specific location may become greater (or) overdeveloped in the not too distant future.
Building Licences Documents to prove that the developer has obtained all the correct building licence/s which will legally allow the actual project construction to commence, thus avoiding unnecessary and costly delays to our client and buyer.
Non-Encumbrance Check A search to discover if there are debts, liens or other attachment orders of any kind secured against the proposed construction land.
Build Guarantee A guarantee relating to the quality of the building construction according to (1) the local legal building requirements and (2) to the developers own promised specifications as stipulated under the terms of the contract of sale.
Background Checks / References A thorough check of the developers own business background and building experience to date. Onsite inspection of their other completed projects with some verbal verification from any previous clients.
Preliminary Contract Purchasing an off-plan property usually involves signing a ‘Preliminary Contract’. We will always review this contract to ensure that all it’s terms, conditions and clauses are both fair, ethical, and of course properly legal.
Bank Guarantee A Bank guarantee stating that should the developer encounter financial difficulty prior to the completion of any development project, that then the bank involved (or) insuring party will return all funds back to the investor. Our legal team will review these important documents to verify that the terms of such guarantee/s are both legal and ultimately fully enforceable within the law.
Developer Stage Payments Full review of any stage payments required and to establish to whom these payments are made. Whenever possible we will seek to have all clients funds deposited into a separate client’s account (escrow account) which for extra security can then be administrated by an independent lawyer.
Incentive Package We are able to negotiate some very interesting incentives for our investors, such as rental guarantees. Thus we review any incentive packages offered by a developer to ensure that we fully understand exactly how they will be initially implemented and later administered to the full benefit of our purchaser.
Buy with confidence + invest securely with CREST GROUP. Be assured too that when you purchase any property from us we will carefully guide you through the complete process, from your initial reservation, placement of your deposit and all right through the purchasing process, to handover of the keys at final completion.