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Hi , we are new to the forum and have been very grateful of the sound advice given by you all.
We would like to ask if buying a property with an AX number is completely safe? We have been told the deeds will be available in 6 months, by the Estate Agent. We are nervous to look at the property as we had already decided only to view ones with full title deeds. Are we being to cautious?? Thanks
 

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Hi , we are new to the forum and have been very grateful of the sound advice given by you all.
We would like to ask if buying a property with an AX number is completely safe? We have been told the deeds will be available in 6 months, by the Estate Agent. We are nervous to look at the property as we had already decided only to view ones with full title deeds. Are we being to cautious?? Thanks
AX numbers are not issued until the final certificate has been granted which means that everything has been checked and is Ok. Once the Ax number is issued the process of issuing the title deeds begins. This can take up to a year though as the land registry is very slow and the files have to pass through several different departments during the process.
Just make sure that your lawyer checks everything out including making sure there is no mortgage on the property before you make your final decision.

Incidentally do you need a mortgage? If so you may find the banks won't give you one until full title deeds are available.
 

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Avoid cowboys!!

Cyprus real estate agents – how to avoid the cowboys

A law passed in 2004 and subsequently amended in 2007 was designed to rid Cyprus of the numerous cowboy real estate agents. But unfortunately, in all of the property hot-spots, you will still find many individuals and companies trading in property illegally.
By: Nigel Howarth
Published: Friday 9th October 2009 •

An estate agency office

AS MANY of those buying and selling property have discovered to their cost, there are many illegal estate agents operating in Cyprus. Some companies, who describe themselves as ‘real estate advertisers’, ‘property consultants’, etc., trade in real estate illegally.

Although laws have been passed to rid the marketplace of these cowboys, those charged with its enforcement appear reluctant to take action against the offenders. Visit any of the seaside towns and you’ll probably find three times as many illegal estate agency businesses as legal ones.

We have warned you previously about retired Britons living in Cyprus who prey on the fears and wallets of their fellow countrymen; people like Andrew Nolan former manager at estate agents Peter Stephenson Properties and Ian Beaumont, his “partner in crime”. And we have also looked at various aspects of the real estate agents law.

In this article we look at the roles of the statutory body that regulates estate agents in Cyprus, the associations to which they may belong, and links to relevant websites.
Estate agent mandatory registration

Estate agents in Cyprus are regulated by law and need to be professionally qualified and registered with the Estate Agents Registration Council; a semi-state organisation under the Interior Ministry.

The Council has six members: a President (nominated by the Minister of the Interior), the manager of the Town Planning Department, the Manager of the Lands & Surveys Department (or his representative), and three registered real estate agents who are elected during the registered estate agents convention.

The legal obligations of registered estate agents are defined by law Real Estate Agents Law N.273(1)/2004 including amendment N.118(1)/2007.
Finding registered estate agents

On its website, the Estate Agents Registration Council maintains lists of registered estate agents operating in Nicosia, Limassol, Larnaca, Famagusta and Paphos.
Cyprus Real Estate Agents’ Association (CREAA)

Once registered, estate agents may choose to join the CREAA – and anyone planning to use an estate agent to buy or sell property is strongly advised to use a CREAA member to protect their interests.

CREAA members are required to have a minimum of CYP 100,000 professional indemnity insurance cover, a detailed knowledge of Cyprus’ property laws, wide experience in selling property or hold a university degree in a relevant subject, possess an untarnished criminal and civic record and not be a bankrupt.

If you run into problems with a CREAA member, contact the CREAA and they will arbitrate on your behalf...
 

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You are very welcome - there have been a lot of Brits who have ignored this advice much to their later chagrin. The above was written by a well known man who has lived in Cyprus and seen much of what he now writes about he has a couple of idvisory websites where he isn't selling anything - might be worth your taking a look. It is like anywhere if you do it right yo will be fine.. His name is Nigel Howarth.
 
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