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Title Cover Cuts Risk Of Property Disputes
June 22, 2009Article by Ray Withers
Buying a property in Slovakia has become easier and less of a risk for English-speaking purchasers as UK-style title insurance has been introduced.British company First Title Insurance, the largest provider of title insurance in the Europe has extended operations to Slovakia.The company will offer title insurance to UK and Irish second homeowners and other English-speaking expatriate homeowners.
The policy is designed to provide overseas property owners peace of mind by covering some property ownership risks, like ownership disputes, boundary disputes, fraud, forgery, limitations on the use of a property and lack of a legal right of access to a home.For these risks or claims, First Title would defend the homeowners’ rights through negotiation, legal proceedings or, if necessary, compensation Andrew Jackson, of First Title said, “This is an excellent introduction of First Title’s retail products in to the market. The product provides security for property owners in countries where they may not be familiar with local laws and customs.”
This insurance now gives peace of mind to many would-be overseas property buyers previously put off by scares of land disputes.In Slovakia, a typical upmarket development offering an anticipated 15% annual growth and 5-6% yields is Silver Resort, High Tatras, Set high on a hill, the resorts gives wonderful views of the surrounding mountains that make up this world heritage site and national park.
Offering studio to three bed roomed apartments and villas, investors can buy in to this Slovakia property from £12,699 plus purchase costs with an 80% loan-to-value mortgage.This resort has something for everyone. It’s 15 minutes drive from Poprad Airport, five minutes drive from ski lifts and only a few miles from an 18-hole golf course.