Can anyone recommend a good estate agent ?
 Posted: Mon Jan 16, 2006 10:32 am |
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| nhowarth |
| instructor |
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| Joined: 06 Jan 2006 |
| Posts: 395 |
| Location: Erimi, Limassol District, Cyprus |
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Hi Lana,
> Yes, you are as safe buying through BuySell as anyone else..
One thing people need to be aware of, if they're using BuySell to to (indirectly) sell their property is that their charges cannot be used to offset any Capital Gains Tax liability
> It is likely the current Estate Agent's law will be repealed this Summer.
That's good news! IMHO it's protectionist and prejudiced.
Hopefully TPTB will put in some mechanism to ensure consumer protection.
Regards, |
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| Posted: Tue Jan 17, 2006 12:08 am |
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| alex669 |
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| Joined: 19 Sep 2005 |
| Posts: 57 |
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| susanbunny wrote: |
"There are not too many developers in Cyprus. You can visit them one by one and save money on agents commission. However, I heard that once developer gave his property to agent for sale he can't sale it himself unless he breaks the contract with agent. Is this true? "
The developer can sell his property his self...But if you have seen it through an agent then they would still have to pay the agent.....
Susanbunny |
How would they know that I found their property through an agent? At least I can ask my wife to go directly to developer and buy the house. Or I can "accompany" my friend who is "looking" for a house and then go directly to developer. What are the legal steps which agent can do preventing someone to avoid paying his commission and go directly to developer after seeing a property? |
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| Posted: Tue Jan 17, 2006 2:15 pm |
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| susanbunny |
| advanced member |
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| Joined: 02 Nov 2004 |
| Posts: 130 |
| Location: Timi, Paphos/ Was Essex |
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| They have ways and means of finding out, stands to reason they lose a lot of money if they lose the sale..... |
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| Posted: Tue Jan 17, 2006 11:20 pm |
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| davy |
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| Joined: 17 Jan 2006 |
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hi charlie
we have a beautiful one bedroom apt with title deeds in kato paphos for sale.large balcony overlooks the communal pool.air con and fully furnished and ready to rent out.5 mins walk to sea shops etc.more details on request. davythepainter@hotmail.com |
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| Posted: Fri Feb 03, 2006 12:29 pm |
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| cellco |
| new member |
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| Joined: 20 Aug 2005 |
| Posts: 9 |
| Location: Birmingham |
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Hi Charlie,
I am not living in Cyprus at the moment, however I will be shortly. I have a friend living in Messa Chorio who can put you in contact with several local people who can source you grat propeties at really good prices. I returned to the UK 1st Feb 06 and while in Paphos viewed 2 propeties. The first was 3 Bed with 2 and a half bathrooms for £CYP130,000 and there is 4 bed 3 bathroom new built ready to move in for £CYP140,000. There is 1 bed available to rent for £CYP230 pcm. When we move to Paphos this year I will rent until I see what I want. Be warne3d that there will be VAT @ 15% adding about 8% to the value of the propety. If you need any contact details let me know.
Good Luck
Mark (Birmingham) |
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| CHECK THE WEB PAGE | |
| Posted: Tue Feb 07, 2006 4:42 pm |
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| vicque |
| advanced member |
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| Joined: 25 Jan 2006 |
| Posts: 90 |
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| Posted: Tue Feb 07, 2006 5:08 pm |
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| Svetlana |
| Moderator |
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| Joined: 06 Nov 2004 |
| Posts: 1898 |
| Location: Paphos |
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Hi Victoris
An impresssive website - but much of the information given under 'Legal Matters' is incorrect. You may want to review it.
Lana |
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| Posted: Tue Feb 07, 2006 5:10 pm |
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| vicque |
| advanced member |
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| Joined: 25 Jan 2006 |
| Posts: 90 |
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| FOR EXAMPLE WHAT IS INCORRECT? |
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| Posted: Wed Feb 08, 2006 1:33 pm |
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| Svetlana |
| Moderator |
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| Joined: 06 Nov 2004 |
| Posts: 1898 |
| Location: Paphos |
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Hi Vicky
The following items are incorrect:
Non-Cypriot citizens are permitted to acquire:
A. an Apartment
B. a House*
C. A piece of Land on which to build a House** with restrictions (not exceeding 3 donums = 4014sq.m)
Non-Cypriots who are EU Nationals have no restrictions on what they may purchase, providing they reside in Cyprus.
There is no restriction on how much land an EU National can buy, whether they are resident or not.
Permission to buy property must be sought from the Council of Ministers by a written application from the foreign buyer, after the contract of sale is completed and signed.
No-one now needs to apply to the Council of Ministers:
EU Nationals, who reside or intend to reside in Cyprus do not have to make any application.
Non-Residents apply to the District Administrative Office.
The prospective buyer needs to apply for the consent of the Council of Ministers (form 145) as well as a permit from the Central Bank of Cyprus, concerning the transfer of funds
Evidence of payment for the property with Foreign Exchange must be provided as a prerequisite for the registration.
Not so.
TRANSFER FEES
Transfer fees are paid to the District Land Office by the purchaser on the sale price upon transfer of the property with the following scale:
VALUE OF PROPERTY £
TRANSFER FEES
Up to £50,000
3.0%
From £50,001 – £100,000
5.0%
From £100,001 >
8.0%
It fails to mention that the 3% and 5% bands are doubled when the property is registered in more than one name.
SELLING OF PROPERTY
Purchased property by a foreigner can be sold at any time in the future and the sales proceeds can be remitted overseas.
The equivalent of the full purchased price can be remitted immediately while the remaining balance from the sale can be remitted at the rate of £10,000 per year, starting from the year after sale.
Not so.
VALUE ADDED TAX
V.A.T rate 15% applies on all new constructions as from 1st May 2004.
No, VAT only applies to properties where a Planning Permit was not applied for, before 1st May 2004, which is very different.
In describing allowances against Capital Gains Tax, you say the Personal Allowance increase to £20,000 if the property is registered 'by a husband and wife'; the £20,000 allowance applies whether the two (or more) regsitered owners are husband and wife or not.
lana |
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| Posted: Wed Feb 08, 2006 2:17 pm |
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| vicque |
| advanced member |
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| Joined: 25 Jan 2006 |
| Posts: 90 |
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| Thank you for you comments & efforts. There are few useful extra matters you mentioned but we were trying to keep it simple because its impossible to describe every single case regulations, especially now when laws are getting changed constantly. |
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