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Buying a Home in Cyprus
20
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

Private sale commissions vary between 5% and 8% of the sale price
achieved and are payable by the vendor.
Overseas property marketing companies
As I mentioned earlier, overseas property marketing companies have
financial and business interests with property developers and lawyers in
Cyprus (and other countries). These companies can receive commissions
exceeding 15% from the developers and the lawyers their clients are
introduced to use are invariably in on the deal. Their salesman are often
paid very little, if anything, and are driven to achieve high sales targets;
failure to achieve those targets often results in their dismissal.
The 15% plus commissions received by the companies are used to
finance low cost property inspection trips, exhibitions, road-shows, etc.
One very large marketing company has its own TV channel and
publishes numerous magazines extolling the virtues of the properties built
by its property development business partners in different counties
around the world.
If you choose to use one of these companies, remember that there’s no
such thing as a free lunch and that you may end up being bullied and
hassled until you sign on the dotted line.
If you buy from one of these companies while in Cyprus, remember that
there is no contract cooling off period. Once you’ve signed a contract you
are committed. If you change your mind at some later date and want to pull
out of the deal, you will find it extremely difficult if not impossible to recover
your money.
I get many calls for help from people who have signed up with one of
these companies to buy a property only to later regret their decision.
There is another type of overseas property marketing company that
operates in a different way. These buy complete developments, usually
off-plan, and then sell them on to investors at a profit.
© Nigel Howarth
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