Summary
Selling a property in Cyprus may cause inconvenience, stress and anxiety. We suggest 5 steps to take when selling a Cyprus property to do it safely, quickly and safe free.
1. Get proper advice and learn the property sale process in Cyprus
People having a house for sale in Cyprus have, in most circumstances, been through the conveyancing process in Cyprus even if some time has passed since then. Selling a house in Cyprus however is in certain, material, respects different and it would be a good idea to take some advice on how it proceeds. As a law firm we can offer you a free consultation for your Cyprus property sale in order to answer any questions and explain the risks and process moving forward.
When selling your house or apartment in Cyprus it is advisable to get advice before appointing one or more estate agents to promote the sale of your Cyprus property. This will protect you against pressure from the estate agents as further described below and assist you in making a better choice as to the how you will move forward.
2. Use independent lawyers in Cyprus
Using a knowledgable and independent lawyer in Cyprus can protect you with the dealings with estate agents, the buyer’s lawyer and making the Cyprus conveyancing process faster.
As a general rule, estate agents in Cyprus will prefer to have exclusivity over the sale of a Cyprus house or other property. Accordingly, they may pressure the owner of such a property for sale to sign an exclusivity agreement with them for 9-12 months.
As a result, the owner of the property for sale in Cyprus will be ‘locked-in’ with a specific agent who may not in fact be able to sell the property fast or for a good price. On several occasions, prospective sellers of property in Cyprus, have found from another source or on their own sometimes, a buyer to whom they couldn’t sell without paying a fee to the estate agent because of signing an exclusivity agreement.
Using an independent lawyer in Cyprus can help you (1) review the estate agent appointment agreement (2) appoint the right estate agent and (3) fend-off the pressure of the estate agent in signing an exclusivity agreement or negotiate the terms of such an exclusivity agreement.
This will allow you to work with a proper estate agent in Cyprus and on the right terms in order to conclude the conveyancing of your property for sale in Cyprus safely, quickly and without stress.
3. Choose the right estate agent/s
Estate agents will typically try to sell a property for the highest price as their commission depends on it. However not all of the estate agents have the same type of clients or the same capability to sell the specific type of property you are selling. Additionally, the terms of co-operation with such estate agents may be different (as explained above).
Depending on your circumstances you may elect to work with 2-3 different estate agents on a non-exclusive basis or a particular one. Whatever you decide, you should keep in mind that estate agents have to have an estate agent’s license to be able to get paid their commission (which is in the range of 5%-8%) so that you can deduct their fees from any capital gains calculations.
4. Fees and step by step guide
You have found the right estate agent/s to work with, and you have also found the independent lawyer of your choice. The next step is to agree the amount of fees for your lawyer in Cyprus and request a guide of the process moving forward, setting milestones and having clarity on the next steps, what is required from you and timelines.
This will allow you to budget for all your expenses in the process and make you travel and other arrangements. For example, you may want to leave Cyprus during the process, plan ahead your schedule to prepare the documents required and make arrangements on the transfer and use of the sale proceeds.
5. Preparing the paperwork before finding a buyer
During the property sale process in Cyprus, the seller has to provide certain documents to the Buyer’s lawyer. These will actually include some basic information such as a recent utility bill and copy of passport and property related documents (title deed, land registry forms etc)
You can and should prepare these in advance to make the transaction faster, especially when the funds from the sale will be used for another investment (for example buying another property in Cyprus or abroad) so that there is no risk of being unable to complete or proceed with the next transaction in time..
It is imperative to work with knowledgable and independent lawyers in Cyprus during the sale of your property in Cyprus to avoid excessive costs, delays and risks in the sale and conveyancing process.
We give a free consultation on how to prepare for a safe, quick and smooth sale and should you decide to appoint us to represent you, you will receive from the outset clear information on the total cost, what is expected from you, the process and the timeline so that you know what to expect at all times.
Contact us for a free consultation
To learn more about our services regarding Cyprus property sales or other property related services click here
*this article is for information purposes only and doesn’t constitute legal advice. Legal advice should be sought in relation to the matters referred to.