consumer is ultimately good for the industry.
So what is the AIPP? The AIPP is a non-profi t
trade association, providing self-regulation for
overseas property companies. These are mainly
property agents and developers, but the
Association also includes lawyers, currency
brokers, media companies, and a range of other
service providers.
To become a Member, you must fi rst show
a minimum level of relevant professional
experience. Once membership is granted,
the company and all its staff must abide by a
professional Code of Conduct and the rules of
the AIPP. Membership is not open to all; indeed,
around 20 per cent of applicants to date have
not achieved Member status.
To adhere to our Code AIPP Members must
not mislead buyers, must not make exaggerated
claims, and must not engage in transactions where
confl icts of interest arise. They should not require
you to sign a binding purchase contract without
fi rst giving you time to refl ect and seek legal
advice. And, importantly, they must recommend
that you seek independent legal advice. If we could
offer just one piece of advice (and throughout this
guide we will offer much more!), it would be to
ensure that you appoint a qualifi ed, independent
lawyer to advise you on your purchase. It is their
role to protect your interests throughout.
Now into our fourth year, we have covered
quite some ground in raising the bar of
professionalism within the industry we represent.
We have developed best practice guidelines
for our Members, delivered industry standard
training, and taken signifi cant disciplinary actions
against companies found wanting in their ability
to adhere to our rules.
Our work has served both Members and the
public alike in creating a safer environment to
work and to buy property. Of course there is much
to do; our goals are long term. We have a vision
to create an industry where all companies are
working under a regulatory framework, have
appropriate experience and training, and are
insured to carry out the work they do.
There are few guarantees when buying a
property or, indeed, making an investment of any
kind. Markets will fl uctuate, and things might not
always turn out as expected – these are facts of
life which can never be eliminated. But with the
badge of AIPP membership, you can be assured
that a company has relevant experience for their
fi eld, is committed to training and best practice,
and has voluntarily agreed to act with honesty
and integrity.
Over the coming pages we offer you advice on
who you need to help you in your purchase, what
questions you should be asking, and how to
break through the jargon of the buying process.
As the buyer of property overseas, you have
a responsibility to inform and protect yourself.
The AIPP aims to provide consumers with
sensible guidance on how to approach the
purchase safely, look out for the pitfalls, and
navigate your way safely through the buying
process. With this guide, we hope to achieve that.
AIPP CONSUMER GUIDE 5
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