The definitive buyers guide to safely purchasing a property in Cyprus
Unlicensed Estate agents:
As Cyprus real estate market continues to boom (Hundreds of agencies have opened up in the whole of Cyprus . ONLY fewer than 15% are licensed or have any qualifications what so ever) the need for high levels of consumer awareness and protection becomes even more important.
It is required that a Real Estate agent in Cyprus should be qualified, licensed, registered and bound by the strict codes of practice as laid down by the Cyprus professional association of Real Estate agents.
Licensed agents like lawyers and other professionals are regulated and you can claim against the governing body if you are dissatisfied in any way. If you choose to work with an unlicensed agent, then you will be on your own.
Deal with the right People. Deal with Melina Panayiotou Real Estate.
Melina Panayiotou Agency network is a qualified, licensed and registered agency, membership Number 389.
If you choose to work with an unqualified person or company you will have no help or legal protection should anything go wrong, as always Buyer beware.
When ready to buy you should consider the following:
Make an appointment in advance: The more information you give us of the type or the specific properties featured on our web site prior your visit in Cyprus you will be much better served.
Give us time to research all the properties matching your requirements, rather than just turning up on the doorstep of our office.
It is for your best to avoid agencies that are not Cyprus companies, and not based in Cyprus , as they will not be licensed to sell property in Cyprus or even sell at higher prices. Would you go to an agent in another country to look for a property in your hometown? All good Cypriot agencies speak English.
It is particularly important to use a good agent when looking at new developments. Melina Panayiotou Real Estate Agency deals only with reputable developers with an unblemished record.
We here at Melina Panayiotou Real Estate Agency with a wider experience, will help you to find the best developments and help you negotiate advantageous payment terms and conditions, this is especially important if you might want to be allowed to re sell your property before completion.
NOTE: Some of the best developments pay low or no commissions to general agencies therefore some agencies cannot afford to show you these developments, we will.
Once you have made up mind up on the right property!
When you do find that property, ask the agent if the vendor is likely to accept an offer, some vendor's price to sell, others price a little high and expect to be knocked down, others will wait until the market reaches the value they have set. It is impossible to generalize as we have so many different nationalities living here all with their own sales - purchase cultures, let Melina Panayiotou Real Estate Agency be your guide.
The next thing you should do is find a Cypriot Lawyer before you sign anything or pay any deposits to anybody. A Lawyer will charge around € 1000 - € 2000 this is great value, your Lawyer will look after your financial interests, and give you peace of mind, a very valuable commodity when buying a house!
Do not use a lawyer who is also acting for the Vendor and be very wary of using a lawyer recommended by the property developer you are buying from. Remember the developer and their sales staff are looking after the interests of the developer.
You are spending a large amount of money and you need good professional advice just as you would at home. Your lawyer is there to answer your questions, to listen, to help and generally to protect your interests. One of the key things your lawyer will check is that you will have good title to the property and the land it stands on.
The Cypriot legal System and land registration process is different to most other countries and is not to be tackled by the do it yourself type. I have heard of unfortunate people having problems buying property in Cyprus , all of them could have been avoided if the purchasers had used professionals and common sense, as always buyer beware.
Use a Lawyer from a well-known independent company of Lawyers, we can recommend well respected independent International speaking companies in all areas.