Land Department, Association Join Hands to Promote Overseas Real-estate Investment Safety Awareness
The Land Department, Taipei Association of Real-estate Brokers and Real-estate International Marketing Agency Association inked a memorandum on overseas real-estate property transaction safety on November 6.The event comes ahead of the Land Administration week activity starting November 7, which includes a fair promoting real-estate trading safety for both local and overseas property between November 7 and 9. A forum on overseas real-estate trading safety will be held in the morning on November 20, while a seminar on real-estate trading safety is scheduled for the afternoon on the same day. Finally, a conference on international real-estate investment risks, transitions, and property trade security is slated for December 21.According to the Land Department, local real-estate companies in Taipei offering trade and investment for overseas real-estates has seen significant growth. From statistics between 2011 and 2017, there are 247 real-estate businesses in Taipei which offer related services in this field – a rapid growth from 86 stores in 2011.Between 2015 and 2017, the Land Department reported that it has received a total of 7 cases related to overseas real-estate investment disputes, showing a potential for more cases in the future. In the interest of ensuring the rights of citizens purchasing overseas real-estates, the Ministry of the Interior promulgated the “Regulations on Brokerage or Sales of Overseas Properties by Real-estate Businesses” on December 5, 2016. How to guide real-estate brokerage businesses to conduct affairs in compliance with the act to avoid possible disputes has become an important issue for the agency in the future.