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A GUIDE TO BUYING PROPERTY IN CYPRUS

REAL ESTATE AGENTS LAW IN CYPRUS
Protectionof the Property Buyer.
Securityof the Property Buyer.
Imprisonment for cowboy illegal Agents.

207  ESTATE AGENTS MEMBERS of  

 BuyRentCyprus.com (MLS)

Why  use a LICENSED  ESTATE AGENT member of BuyRentCyprus.com?

REAL ESTATE AGENTS IN CYPRUS
Why Buyyour property through a good Real Estate Agent ?
Why Sellyour property through a good Real Estate Agent ?

PROCESS OF BUYING PROPERTY IN CYPRUS
Advice for prospective Property Buyers. 

Protection of the Property Buyer

The Real Estate Agents Law PROTECTS you…….
….so why not take advantage of it ?

Find the SAFE and SECURE way to buy your Property in Cyprus

Buying your dream Home in Cyprus need not turn into a nightmare provided you know the following Real Estate Agents Law CONCERNING Property Buying which SECURES YOUR INVESTMENT.

PROTECTION and SECURITYof the property BUYER by LAW.
The Government of Cyprus has passed the 66/87 Real Estate Agents Laws that give PROTECTION and SECURITY to the BUYER'S BEST INTEREST provided the Buyer works only with a qualified registered CERTIFIED Licensed Estate Agent.

The LEGAL SEARCHES of the Properties For Sale are carried out by the Real Estate Agents

The Licensed Estate Agent by law has the DUTY himself to carry out the LEGAL SEARCHES of the properties he is selling and to make sure that they have a CLEAN TITTLE with NO hidden LEGAL or PHYSICAL defects or faults.The Agent himself has to find out whether there are any encumbrances,memos or any other Legal Charges or obstacles of the selling property.

DISCLOSURE of CORRECT information to the BUYER by the Real Estate Agent.

It is also the Real Estate Agent’s legal duty to CORRECTLY inform and DISCLOSE to the BUYER all the LEGAL and all the PHYSICAL characteristics of the property he is buying.In this way the Buyer will KNOW IN ADVANCE if there are any HIDDEN LEGAL or PHYSICAL defects or faults of the property he is buying.

SECURITY to the BUYER up to U.S.A 100,000 by the Real Estate Agent !!

What happens in the REMOTE case whereby the buyer chose to work and to buy through a Real Estate Agent but still he had losses from the transaction due his NEGLIGENCE or MISTAKES,regarding his advice on LEGAL or PHYSICAL characteristics of the property he has bought ?.

Such unlikely losses are COMPENSATED by the insurance of the Agent.All the Real Estate Agents,by law MUST have a ProfessionalInsurance Indemnity cover of at least USA $ 100,000 to compensate suchREMOTELY losses for EVERY property buyer.Some Real EstateAgentshave increased voluntarily their INSURANCE COMPENSATION cover up to the amount of U.S.A $ 200,.000 for every buyer.Until now there was not even one claim against any associate Real Estate Agent of BUYRENTCYPRUS.COM from any of their buyers! With this cover the Real Estate Agents give the Buyer a guaranteed of SECURITY of his property investment.It is worth to note that the Real Estate Agents are the one and only profession in Cyprus that provides their clients with a Professional Insurance Indemnity compensation cover by Law.

Unqualified PIRATES who pretend to be Estate Agents are liable to GO TO PRISON !!!

According to Article 15(1)of theReal Estate Agents Law,it is a CRIMINAL OFFENCE punishable byIMPRISONMENTup to sixmonthsand/or a fine,for any person who practices or pretends,directly or indirectly,to be an Estate Agent without an OFFICIAL CYPRUS LICENCE.The Real Estate Agent must display his Professional License in his office so that it can beinspectedby all his clients.The Cyprus Government made this Lawto the benefit of theproperty buyers.

All real estate licensees are not the same.

Only real estate licensees who are members of the BUYRENTCYPRUS.COM  (MLS)  have Exceptional  Marketing Power to sell your property.

Throughout Cyprus there is only ONE OFFICIAL system  MLS ( Multiple Listing Service ) for professional and licensed REAL ESTATE AGENTS.

This is the WWW. BUYRENTCYPRUS.COM which has , until to-day, 207 Licensed Real Estate Agents, as Members, covering about 80% of the Cyprus Real Estate market.

Your agent acts as the marketing coordinator, disbursing information about your property to other real Estate Agents through the Multiple Listing Service (MLS) BUYRENTCYPRUS.COM ,a   CO-OPERATIVE MARKETING.

Marketing includes the exposure of your property to other real estate agents and the public. In many markets across Cyprus, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer.

The  ESTATE AGENT Code of Ethics requires  ESTATE AGENTS to utilize these cooperative relationships when they benefit their clients. 

Advertising is part of marketing. The choice of media and frequency of advertising depends a lot on the property and specific market. For example, in some areas, newspaper advertising generates phone calls to the real estate office but statistically has minimum effectiveness in selling a specific property. Overexposure of a property in any media may give a buyer the impression the property is distressed or the seller is desperate. Your real estate agent will know when, where and how to advertise your property.

There is a misconception that advertising sells real estate.

The   BUYRENTCYPRUS.COM  (.MLS) studies show that 82% of real estate sales are the result of Estate Agent contacts through previous clients, referrals, friends and family, and personal contacts.

The Members  proudly display the BUYRENTCYPRUS.COM  (MLS)   logo on the business card or other marketing and sales literature. Our Members are all professional and Licensed and  are committed to treat all parties to a transaction honestly. All Our Members   subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same ESTATE AGENT MEMBER of BUYRENTCYPRUS.COM  (MLS) , again.

Why Buy your Property through a good Real Estate Agent?

…because of the following 7 reasons:

1. You will have PROTECTION of your BEST INTEREST.
   
   The Licensed Estate Agent by law has the DUTY to carry out the LEGAL SEARCHES of the properties he is selling and to make sure that they have a CLEAN TITTLE with NO hidden LEGAL or PHYSICAL defects or faults.Buying through us you will KNOW IN ADVANCE that your buying property has NO HIDDEN defects/faults.

2. You will have SECURITY of your transaction up to US $ 100,000.
   
   What happens in the REMOTE case whereby the buyer chose to work with an Estate Agent but still the buyer had losses/problems due to either NEGLIGENCE or MISTAKES by that agent?
   
   Such remotely losses are COMPENSATED by the Professional Indemnity Insurance cover of the estate agent up to the amount of US $ 100.000 for EVERY property buyer.Some Real Estate Agents have increased their insurance COMPENSATION cover up to the amount of US $ 200.000 for every buyer.Remember that you do not have this guaranteed cover for your investment if you buy direct without a Real Estate Agent’s help.

3. You will have the WIDEST possible CHOICE.
   
   In our computer databank we have access to thousands of properties for sale throughout Cyprus that are not actively advertised !

4. You will have UNBIASED help and professional advice.
   
   Real Estate Agents are independent and they act for you.They do not work for a particular developer/builder or individual.They take you beyond the basics and guide you trough the COMPLEXITIES to your first big decision.There is no hidden problem that they can not uncover.They advise what is BEST for YOU.

5. You will have PEACE of MIND.
   
   You will have peace of mind because the Real Estate Agents are professional with many years’experience in handling all complexities in Real Estate transactions.

6. You will have COMPLETE support through ALL the STAGES.
   
   Using the services of Real Estate Agents you will have the most respected and successful property experts,who will effectively support you through ALL the stages of your property investment.They are specialists covering every aspect of property,combining qualifications,skills and a thorough knowledge of the hidden problems of real estate.They can prepare your Sale Contract and all other necessary property documents including the transfer/Conveyance of your property.

7. They will give you information AFTER the transaction.
   
   They will continue to give you information of value after the transaction …………for life!

"Your Transaction will be HANDLED SECURELY".
So …….why settle for less??

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1. Don't take "free advise"from that "nice guy "you met in Cyprus or even friends who,"think"they know everything !! They may mean well but in fact they know nothing about the COMLEXITIES of Real Estate.

2. Don't try to buy your property through unqualified ILLEGAL unlicensed PIRATES who pretend to be agents and dare to have adverts in the press or event in the INTERNET and ACCOUNT TO NOBODY for their "irresponsible advice".

3. Don't work with an Estate Agent unless you SEE his current professional LICENSE.

4. Don't GO direct and ON YOU OWN to view properties for sale without PROFESSIONAL representation from your Independent Licensed Estate Agent.

5. Don't even THINK to pay a deposit to buy your home in Cyprus without the EXPERT INDEPENDENT advice and SECURITY of your REPUTABLE and QUALIFIED licensed Real Estate Agent.

1. You will be TAKING CHANCES with your money and your investment

2. Usually you will end up paying for your property a HIGHER PRICE than the market value.

3. You will also run the RISK of buying a property with HIDDEN PROBLEMS because you have bought from non-reputable and non-reliable people who offer for sale not good quality homes.

4. You will have NO SECURRITY for your investment from the Real Estate Agent’s Insurance COMPENSATION cover up to the amount of US $ 100,000 for your property transaction.

5. You will have no responsible Real Estate Agent to advise you and to help you from the BEGINNING to the END of your property hunting so you can make not only the RIGHT CHOICE but also the SAFE CHOICE at the BEST possible PRICE...and if you wish even to prepare your Sale Contract and do the conveyan

 Can a Real Estate Agent MEMBER of BUYRENTCYPRUS.COM (.MLS) really help me in selling my property? The answer is YES!



Thinking of Selling your property?

When you're ready to think about selling your property, you need to ask yourself the following questions: Do you have the time, energy, sources of information, and contacts to do the job yourself? If you were one of the 'do-it-yourself' people, would the results be as good or better than they would be if you had professional assistance? Would it have gone smoother? Would it have given you more personal time? Would you have sold for more, if a real estate agent was involved? Read the following information and learn how a real estate agent can help you understand everything you need to know about a real estate transaction.

The Estate Agent will help you to find the BEST ASKING PRICE.
Valuing your property and finding the right ASKING PRICE is a very important part of selling your property. Your real estate agent can give you up-to-date information on what is happening in the marketplace and the price, financing, terms, and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle. 

The Estate Agent will offer professional and effective Marketing
The next step is a marketing plan. Often, your agent can recommend repairs or cosmetic work that will significantly enhance the saleability of the property.

It has been suggested that a person selling his or her own house is like a fisherman with one line, while the real estate agent —with all the contacts available—is like a fisherman with a net. Your agent task is to sort out prospects and direct only the appropriate ones to your property.

Marketing includes the exposure of your property to other real estate agents and the public. In many markets across Cyprus, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your agent acts as the marketing coordinator, disbursing information about your property to other real Estate Agents through a Multiple Listing Service (MLS) BUYRENT CYPRUS,a cooperative marketing network.. The ESTATE AGENT Code of Ethics requires ESTATE AGENTS to utilize these cooperative relationships when they benefit their clients.

Advertising is part of marketing. The choice of media and frequency of advertising depends a lot on the property and specific market. For example, in some areas, newspaper advertising generates phone calls to the real estate office but statistically has minimum effectiveness in selling a specific property. Overexposure of a property in any media may give a buyer the impression the property is distressed or the seller is desperate. Your real estate agent will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The BUYRENTCYPRUS.COM (.MLS) studies show that 82% of real estate sales are the result of Estate Agent contacts through previous clients, referrals, friends and family, and personal contacts. 

The Estate Agent will offer to you Security and Save you Time
When the property is marketed with the agent help, you do not have to allow strangers into your home. Agents will pre-screen and accompany qualified prospects through your property.Every prospective buyer that the Agent will bring to your house will be looking for property like yours and will be capable of buying it. This type of screening saves time for everyone. 

The Estate Agent will save you Time
The real estate agent is available more than just eight hours a day during the week. I am available evenings and weekends, with a backup service that covers a wide range of space and time. This means you get extensive coverage while freeing your time for other matters. Every prospective buyer that the Agent will bring to your house will be looking for property like yours and will be capable of buying it. This type of screening saves time for everyone



The Estate Agent will help you to Negotiating a Final Selling Price.
The negotiation process deals with much the same issues for both buyers and sellers. Your agent can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections, and financing -- a lot of possible pitfalls. Your agent can help you write a legally binding, win-win agreement that will be more likely to make it through the process. 

The Estate Agent will help you to Monitor, Renegotiate and Close the Deal.
The real estate agent periodically calls the sellers. Your Agent will update you on what progress has been made. 

Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your agent is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement). The real estate agent periodically calls the sellers and does all the follow-up until the END. 

You Be the Judge!
Real Estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. 

· If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CERTIFIED ACCOUNTANT? 

· If you had a $100,000 legal question, would you deal with it without the help of an ATTORNEY?

Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of an ESTATE AGENT! 

How Do Real Estate Agents Get Paid?
Real estate agents are generally paid through the sales commission paid by the seller when a transaction closes. Agents have expenses and financial obligations just like you, so it will be to your mutual benefit if you choose a real estate agent and stick with that person. The agent will respect your loyalty and respond with a sincere commitment to you. 

TAXES

WWW.BUYRENTCYPRUS.COM  offers to you the following  information on Capital Gains Tax. 

CAPITAL GAINS TAX

Capital Gains Tax is imposed at the rate of 20 per cent on gains from the disposal of immovable property including gains from the disposal of shares in companies which own immovable property excluding shares traded on the Cyprus Stock Exchange.

Residents of Cyprus are liable to Capital Gains Tax on all disposals irrespective of where the property is situated. However, disposal of property held abroad by a Cypriot who acquired the property whilst residing abroad and an expatriate residing in Cyprus who has property abroad, is exempt from Capital Gains Tax.

Non-residents are liable to Capital Gains Tax only on disposals of property situated in Cyprus. However, there is an exemption from Capital Gains Tax for Property which was acquired between 1 August 1980 and 13 July 1990 with foreign exchange imported in Cyprus.

Exemptions

The following disposals of immovable property are not subject to Capital Gains Tax:

¨     Transfer arising on death

¨     Gift made from parent to child or between husband and wife or between up to third degree relatives

¨     Gift to a company where the company’s shareholders are members of the donor’s family and the shareholders continue to be members of that family for five years after the day of the transfer.

¨     Gift by a family company to its shareholders.  The property must be kept by the donee for at least three years.

¨     Gift to charities and the Government.

¨     Exchange or disposal of immovable property under the Agricultural Land (Consolidation) Laws.

¨     Expropriations.

¨     Exchange of properties, provided that the whole of the gain made on the exchange has been used to acquire the other property (rollover relief).  The gain that is not taxable is deducted from the cost of the new property.

 Determination of capital gain

In determining the capital gain, the cost of acquisition or the market value as at 1 January 1980, whichever is the highest, plus an indexation allowance (which is based on the official Retail Price Index) is deducted from the sale proceeds.

Exemptions

Individuals can deduct from the capital gain the following:

                                                                                      CYP

¨     Disposal of private residence

(subject to certain condition)                                    50.000

¨     Disposal of agricultural land by a farmer                   15.000

¨     Any other disposal                                                   10.000   

The above exemptions are given once and not for every disposal.  An individual claiming a combination of the above is only allowed a maximum exemption of C50.000.

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