Your Home in the Sun
A Dream or a Nightmare?
Buying that holiday or retirement home is full of excitement and the promise of a new found freedom. Most of all it is the fulfilment of a dream, which might turn into a nightmare.
Buying a property in a foreign country can have its pitfalls, with Cyprus being no exception. Having once been a British Colony, and indeed still a member of the Commonwealth, the laws involving property ownership are based upon British Law.
As you know, the people of Cyprus are renowned the world over for their hospitality and friendliness.
But, when you are showing an interest in the purchase of property DO NOT be taken in by offers of help from non-qualified people, such as taxi drivers, hotel receptionists, waiters or that “nice” guy sitting at the bar. Their main interest is in earning a hefty commission, which will be added to the purchase price of your property.
To protect your interests, it is important to be professionally represented throughout all the stages of property purchase.
This can be achieved by engaging the services of an independent Real Estate Agent, who is qualified and has been Licensed to operate as an Estate Agent by the Government of Cyprus. It is against the law to conduct the selling or buying of property as an unofficial agent, and an offence, which is punishable by a fine and a prison term.
NOTICE : Cracking down on all Pirate Estate Agents who have
Not a valid Estate Agents License in Cyprus.
Any person who is practicing, either directly or indirectly, as an Εstate Αgent, without the Valid License, which is issued by the ‘Registration Council of Real Estate Agents’, (which is a semi – Governmental Legal Bodyof public authority ), is committing a criminal penal offense and in the event of his conviction by the Cyprus Law Courts, he is liable to be sentenced to go to PRISON up to 12 months, or to pay a fine not exceeding three thousand five hundred Euro or both such sentences.
The ‘ Registration Council of Real Estate Agents ’, is a semi – Governmental Legal Body, of public authority applying the relevant ‘ Estate Agents Law 71 (1) / 2010 ’, and it can sue in court anyone committing a criminal penal offense .
Clearly, the Cyprus Government have your interests at heart and, at the same time, protecting the fine reputation of the island from a few unscrupulous people.
So, buying an existing property or having one built to your specifications, seeking professional advice and from the right people.
Our own experience shows that there are a number of honest, reputable and reliable developers both large and small. Often the well-regarded smaller developers are a family business with fewer overheads than the major developers.
Our office will assist you to make the right choice!
Once you feel you have found the ideal property you should not sign any sales contract until you have engaged legal advice. DO NOT accept the so-called FREE legal service from any agent or developer. It is important that your lawyer conducts all the appropriate searches and advises you accordingly prior to signing and exchanging contracts.
We have compiled a list of questions that must be raised with the vendor through your lawyer. Another example of professionalism protecting your interests!
It is worth mentioning that as a Licensed Real Estate Agent we are obliged, by law, to carry indemnity insurance to protect our clients against false or misleading information or negligence on our part.
Our policy - Honesty is the BEST policy!!
Contact us to discuss how Aresti Estate Agents can help you find your home in the sun!
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