Estate agents

[homelooker]

Hi I am looking to buy property in Cyprus can you advise me of reputable agents and the best way to go about buying abroad . This is all new so any help would be welcome thanks

[jojo]

The moderator for Cyprus is an agent I believe "Veronica"


http://www.expatforum.com/expats/members/veronica.html


Jo xxx

[Thinlizzy]

Originally Posted by homelooker

Hi I am looking to buy property in Cyprus can you advise me of reputable agents and the best way to go about buying abroad . This is all new so any help would be welcome thanks

We were in Cyprus in May this year looking at properties. I am not sure if it is ethical on this site to recommend estate agents. We found all we went out with very accommodating and helpful. HOWEVER they do not explain exactly the problems and pitfalls of buying a house that does not yet have Title Deeds - and there are many of those around. If you browse this site you will find very helpful information about the problems caused in this respect. We have just had to withdraw a verbal offer on an amazing villa as it did not have Title Deeds or an AX number. We are returning to Cyprus shortly but have stressed to Estate Agents that we will only view properties that have either Title Deeds or AX number. Ax number means the process of obtaining Title Deeds has at least begun. If you are emigrating and making Cyprus your permanent home, as we are, then I think it wise to look into the Title Deed situation. Hope this helps a little and good luck.

[Veronica]

Originally Posted by Thinlizzy

We were in Cyprus in May this year looking at properties. I am not sure if it is ethical on this site to recommend estate agents. We found all we went out with very accommodating and helpful. HOWEVER they do not explain exactly the problems and pitfalls of buying a house that does not yet have Title Deeds - and there are many of those around. If you browse this site you will find very helpful information about the problems caused in this respect. We have just had to withdraw a verbal offer on an amazing villa as it did not have Title Deeds or an AX number. We are returning to Cyprus shortly but have stressed to Estate Agents that we will only view properties that have either Title Deeds or AX number. Ax number means the process of obtaining Title Deeds has at least begun. If you are emigrating and making Cyprus your permanent home, as we are, then I think it wise to look into the Title Deed situation. Hope this helps a little and good luck.

I don't know whether you have been told that even if if titles deeds have been bought by the vendor, you as a purchaser will also have to purchase the deeds.
You need to factor this in when considering your budget.
Many agents do not bother to tell people this and then when they get to the lawyers to do the paper work for a purchase and they are told about the cost of the title deeds suddenly a property they are in love with is out of their reach.

Transfer Fees

On transfer of the title deed into the name of the Purchaser, the Purchaser must pay transfer fees to the Land Registry Office.

Transfer fee rates are as follows:

VALUE OF PROPERTY (EURO)
up to 85,430.07 = 3%

between 85,430.08 - 170,860.14 = 5%

over 170,860.15 = 8%

[Geraldine]

Originally Posted by Veronica

I don't know whether you have been told that even if if titles deeds have been bought by the vendor, you as a purchaser will also have to purchase the deeds.
You need to factor this in when considering your budget.
Many agents do not bother to tell people this and then when they get to the lawyers to do the paper work for a purchase and they are told about the cost of the title deeds suddenly a property they are in love with is out of their reach.

Transfer Fees

On transfer of the title deed into the name of the Purchaser, the Purchaser must pay transfer fees to the Land Registry Office.

Transfer fee rates are as follows:

VALUE OF PROPERTY (EURO)
up to 85,430.07 = 3%

between 85,430.08 - 170,860.14 = 5%

over 170,860.15 = 8%

Yes, this was one area I was totally negligent in when doing my research, it came as a nasty shock as it took a huge chunk of my 'rainy day' money, now I am having to be very stringent with money.

[zin]

Veronica, do the title deeds include the land a house is on and how does it work with apartments?

Also what's the deal with VAT?

[Veronica]

Originally Posted by zin

Veronica, do the title deeds include the land a house is on and how does it work with apartments?

Also what's the deal with VAT?

If you buy a resale the title deeds includes the land and the property on it.
If you buy land you can get title deeds on the land immediately and then once completed you can apply for deeds on the house.
With apartments once the complex is built the separation is made so that a percentage of the land is allocated to each apartment and title deeds include that.
VAT is not payable on resales or on new properties whose planning permission was granted before a certain date(I am not sure offhandwhen that was)
At present there is no VAT on land.

[tackle]

this is why i love this site, i wasn't aware of the cost of obtaining deeds nor have i seen mention of this elsewhere.
thanks veronica, once again you've enlightened the masses.

[Veronica]

Originally Posted by tackle

this is why i love this site, i wasn't aware of the cost of obtaining deeds nor have i seen mention of this elsewhere.
thanks veronica, once again you've enlightened the masses.

We always make sure we tell our clients everything so that they are fully aware of the ins and outs.
Unfortunately too many agents do not think it is necessary for clients to know the facts. All they care about is making a sale no matter how they do it.

[Geraldine]

Originally Posted by Veronica

We always make sure we tell our clients everything so that they are fully aware of the ins and outs.
Unfortunately too many agents do not think it is necessary for clients to know the facts. All they care about is making a sale no matter how they do it.

Responding to Thinlizzys quote about 'not ethical to mention estate agents on the site', I think it is, especially if you get someone like Veronica who can highlight the pitfalls as opposed to those who don't and are 'economical with the truth ' causing you hardship for what should have been your dream.