This page contains a Flash digital edition of a book.
19
Buying a Home in Cyprus
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

the current law and licensing system may be changed.
Registered estate agents are required by law to carry professional
indemnity assurance and abide by a strict code of conduct. Licences to
operate estate agencies are issued to individuals - and although the
person who holds the license may be an honest and upright individual,
some of his employees working in the agencies may not be as diligent or
honest with dealing with potential buyers.
Some of the registered estate agents have other interests, such as being
major shareholders or investors in property development companies. This
clearly presents them with a conflict of interests.
Be warned that some of the registered estate agents have business
interests with the property developers and that they may not always
represent your best interests.
Although the Cyprus Government has introduced legislation designed to
outlaw unregistered estate agents, there are still many ‘illegal’ estate
agents to be found, particularly in the tourist areas.
However, in my experience it’s often better to use ‘illegal’ estate agents,
rather than those who are legally registered, providing they are members
of recognised international professional bodies.
Check that any real estate agent you are planning to use are members of a
recognised international body such as AIPP (the Association of
International Property Professionals) or FIABCI (the International Real
Estate Federation).
If you are thinking of buying a resale property, you’ll need to seek out a
specialist agency. This is because property development companies will
pay estate agents a much higher commission to sell their new properties
than they would receive from an individual wanting to sell their property.
© Nigel Howarth
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43
Produced with Yudu - www.yudu.com