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A new service called the International Development Registry ( IDR ) has launched to capitalise on the lack of data and security in the international market place, by providing independent legal certification to create a global register of international property developments.

Formed as a joint venture partnership between consultancy First Phase Ventures and Richmond Green Marketing, IDR will collate title deed information, planning permission certificates, construction licences and partner contracts on new and existing developments, through its team of independent lawyers in over 50 countries and plans to be FSA regulated by 2009.

The company hopes that by answering some of the concerns that have surfaced over ownership rights in some of the key markets around the world, it will attract a variety of global developers to use its service and will be officially launching at OPPLive 08.

“This is a tool that will help developers attract the best agents to market their project as it will be clear to buyer and broker that a full check has been done on the project and the people behind it,” said Michael Masterson, managing director of IDR . “The international market place is unregulated and there has been no attempt before to provide a single standard on what is constituted as required information for best practice in the sector.”

IDR has a range of products and services from putting developers in touch with independent escrow agents and title insurance companies, through to full financial reports that can be tailored and used when submitting applications for finance globally.

The registry will also be conducting a trade and consumer marketing campaign in Q1 2009 to highlight its creation and is aiming to partner with “key portals and agents” from around the world in an effort to become the global standard for developer due diligence.

Masterson added: “You wouldn’t buy a car without checking to see if it had money owing on it, and buyers are becoming more savvy and taking the same approach to their overseas property purchases. After a media campaign, partner websites and their developments will carry an IDR logo for consumers to check if a project they are interested in is has had its checks done and we believe that this marketing aspect will drive developers to get on board with this service very quickly. It is a win-win for the industry and will be the worldwide industry standard for transparency and investor security.”

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