# Estate agents



## homelooker (Jul 11, 2011)

Hi I am looking to buy property in Cyprus can you advise me of reputable agents and the best way to go about buying abroad . This is all new so any help would be welcome thanks


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## jojo (Sep 20, 2007)

The moderator for Cyprus is an agent I believe "Veronica" 


http://www.expatforum.com/expats/members/veronica.html


Jo xxx


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## Thinlizzy (Jul 6, 2011)

homelooker said:


> Hi I am looking to buy property in Cyprus can you advise me of reputable agents and the best way to go about buying abroad . This is all new so any help would be welcome thanks


We were in Cyprus in May this year looking at properties. I am not sure if it is ethical on this site to recommend estate agents. We found all we went out with very accommodating and helpful. HOWEVER they do not explain exactly the problems and pitfalls of buying a house that does not yet have Title Deeds - and there are many of those around. If you browse this site you will find very helpful information about the problems caused in this respect. We have just had to withdraw a verbal offer on an amazing villa as it did not have Title Deeds or an AX number. We are returning to Cyprus shortly but have stressed to Estate Agents that we will only view properties that have either Title Deeds or AX number. Ax number means the process of obtaining Title Deeds has at least begun. If you are emigrating and making Cyprus your permanent home, as we are, then I think it wise to look into the Title Deed situation. Hope this helps a little and good luck.


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## Veronica (Apr 5, 2008)

Thinlizzy said:


> We were in Cyprus in May this year looking at properties. I am not sure if it is ethical on this site to recommend estate agents. We found all we went out with very accommodating and helpful. HOWEVER they do not explain exactly the problems and pitfalls of buying a house that does not yet have Title Deeds - and there are many of those around. If you browse this site you will find very helpful information about the problems caused in this respect. We have just had to withdraw a verbal offer on an amazing villa as it did not have Title Deeds or an AX number. We are returning to Cyprus shortly but have stressed to Estate Agents that we will only view properties that have either Title Deeds or AX number. Ax number means the process of obtaining Title Deeds has at least begun. If you are emigrating and making Cyprus your permanent home, as we are, then I think it wise to look into the Title Deed situation. Hope this helps a little and good luck.


I don't know whether you have been told that even if if titles deeds have been bought by the vendor, you as a purchaser will also have to purchase the deeds.
You need to factor this in when considering your budget.
Many agents do not bother to tell people this and then when they get to the lawyers to do the paper work for a purchase and they are told about the cost of the title deeds suddenly a property they are in love with is out of their reach.

Transfer Fees

On transfer of the title deed into the name of the Purchaser, the Purchaser must pay transfer fees to the Land Registry Office.

Transfer fee rates are as follows:

VALUE OF PROPERTY (EURO) 
up to 85,430.07 = 3% 

between 85,430.08 - 170,860.14 = 5% 

over 170,860.15 = 8%


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## Geraldine (Jan 3, 2009)

Veronica said:


> I don't know whether you have been told that even if if titles deeds have been bought by the vendor, you as a purchaser will also have to purchase the deeds.
> You need to factor this in when considering your budget.
> Many agents do not bother to tell people this and then when they get to the lawyers to do the paper work for a purchase and they are told about the cost of the title deeds suddenly a property they are in love with is out of their reach.
> 
> ...


Yes, this was one area I was totally negligent in when doing my research, it came as a nasty shock as it took a huge chunk of my 'rainy day' money, now I am having to be very stringent with money.


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## zin (Oct 28, 2010)

Veronica, do the title deeds include the land a house is on and how does it work with apartments?

Also what's the deal with VAT?


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## Veronica (Apr 5, 2008)

zin said:


> Veronica, do the title deeds include the land a house is on and how does it work with apartments?
> 
> Also what's the deal with VAT?


If you buy a resale the title deeds includes the land and the property on it.
If you buy land you can get title deeds on the land immediately and then once completed you can apply for deeds on the house. 
With apartments once the complex is built the separation is made so that a percentage of the land is allocated to each apartment and title deeds include that.
VAT is not payable on resales or on new properties whose planning permission was granted before a certain date(I am not sure offhandwhen that was)
At present there is no VAT on land.


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## tackle (Mar 9, 2010)

this is why i love this site, i wasn't aware of the cost of obtaining deeds nor have i seen mention of this elsewhere.
thanks veronica, once again you've enlightened the masses.


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## Veronica (Apr 5, 2008)

tackle said:


> this is why i love this site, i wasn't aware of the cost of obtaining deeds nor have i seen mention of this elsewhere.
> thanks veronica, once again you've enlightened the masses.


We always make sure we tell our clients everything so that they are fully aware of the ins and outs.
Unfortunately too many agents do not think it is necessary for clients to know the facts. All they care about is making a sale no matter how they do it.


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## Geraldine (Jan 3, 2009)

Veronica said:


> We always make sure we tell our clients everything so that they are fully aware of the ins and outs.
> Unfortunately too many agents do not think it is necessary for clients to know the facts. All they care about is making a sale no matter how they do it.


Responding to Thinlizzys quote about 'not ethical to mention estate agents on the site', I think it is, especially if you get someone like Veronica who can highlight the pitfalls as opposed to those who don't and are 'economical with the truth ' causing you hardship for what should have been your dream.


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## homelooker (Jul 11, 2011)

Thank you all for the information we were in Cyprus in June on holiday . While there started to look in property papers ect and decided we would like to buy as we love the Cypriot way of life . We are looking for a holiday home not yet to live but would be a possibility once youngest child older . We have been to Cyprus three times now and done both sides we are drawn to pafos especially the villages . We are looking to return in nov just to look around and fact find hopefully we will see something in our range . Does not seem as straight forward as it is in the uk . Once again all thank you no doubt I will be asking more


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## Cleo Shahateet (Feb 23, 2009)

Agreed that many agents don't tell the whole truth about buying costs and let the lawyer do the dirty work. However, most agents should have detailed information on their websites regarding all costs involved then, they should also inform the buyer to ensure they have enough money to cover the sale and their lifestyle for that matter. As for ThinLizzy's comment, this site is for helping one another with positive experiences from dentists to schooling to pet care, but not touting for business for yourself. Veronica will take care of them ;-)


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## Guest (Jul 15, 2011)

Just to claryfy for myself. What is the Title Deed and other costs that comes on top of the buying price if we want to buy a Villa for 595 000 Euro with full deeds

We dont need any mortgage but if so, would there come extra costs because of that?

Anders


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## Veronica (Apr 5, 2008)

Vegaanders said:


> Just to claryfy for myself. What is the Title Deed and other costs that comes on top of the buying price if we want to buy a Villa for 595 000 Euro with full deeds
> 
> We dont need any mortgage but if so, would there come extra costs because of that?
> 
> Anders


Hi anders.
If my calculations are correct the cost of the title deeds on that amount would be approximately 40.000euros.

The first 85.430.07 at 3% is around 2.563
The next 85.430.07 at 5% is around 4.271
The remaining 425.140 at 8% is around 33.931.
Total amount 39.765. 
My hubby is better at calculating these things than I am but hes out at the moment but I think that is close to what it would be.
Add stamp duty (which is negligable) and lawyers fees and your total costs would be around 40.000 give or take a little bit.

Regards
Veronica


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## zin (Oct 28, 2010)

I think I just saw Vegaanders heart drop.


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## Geraldine (Jan 3, 2009)

Veronica said:


> Hi anders.
> If my calculations are correct the cost of the title deeds on that amount would be approximately 40.000euros.
> 
> The first 85.430.07 at 3% is around 2.563
> ...


Like I say, that can make a huge world of difference, if not calculated into your budget, on whether you can afford to live when you get here.


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## Veronica (Apr 5, 2008)

In Spain you need to add between 10 and 15 percent to the price of a property for costs so it is still a lot less here than Spain.

Also a cash buyer can make offers well below the asking price of any property these days and most vendors will snap his hand off so he can make savings there to cover the cost of the title deeds.

The important thing is to know the facts beforehand so that you do not have any nasty suprises later.


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## Veronica (Apr 5, 2008)

What a silly person I am

I forgot to say that if a purchase is made in two names ie. a married couple, then the cost is reduced.
They do say it is halved for joint names but I dont think that it it is quite half but it certainly is a lot less.


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## Guest (Jul 16, 2011)

zin said:


> I think I just saw Vegaanders heart drop.


No I did not die from the info. We can take the cost. Here in Germany we had to pay about the same PLUS that we as buyers have to pay 5,95 % on the buyingprice as courtage. I have never understood why the buyer must pay the agent.


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## Veronica (Apr 5, 2008)

Vegaanders said:


> No I did not die from the info. We can take the cost. Here in Germany we had to pay about the same PLUS that we as buyers have to pay 5,95 % on the buyingprice as courtage. I have never understood why the buyer must pay the agent.


Here the buyer does not pay the agent anything at all.
If an agent asks for money walk away.


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## Veronica (Apr 5, 2008)

I've just worked out what recent clients of ours have paid and it appears that if a property is bought in two names then roughly 30% is deducted from the cost of title deeds.

Blimey my maths is improving in my old age


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## Guest (Jul 16, 2011)

That would be the normal in my thinking. A seller give an agent a job to sell a house but the buyer have to pay the costs. Insane

Even for renting an apartment the renter have to pay 2.38% to the agent, not the landlord.

Crazy


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## totorama (Jun 12, 2010)

FYI..

I had a spreadsheet for working out the costs when I purchased our house a few weeks ago. It actually predicted with correct value within €200 Euros.

If I plug in Vegaanders figure of €595000 the number come out as:

House Price	€595,000.00 

Plus, assumes the additional 8% for Stamp Duty, Transfer Fees and Legal Fees


Estimated Legal Fees of Approx. €2,200.00 

Total Fees (Single).	*€44,070.16*
Total Fees (Dual).	*€36,683.47*


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## Veronica (Apr 5, 2008)

totorama said:


> FYI..
> 
> I had a spreadsheet for working out the costs when I purchased our house a few weeks ago. It actually predicted with correct value within €200 Euros.
> 
> ...



I knew you'd come up trumps Terry


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## Guest (Jul 16, 2011)

Just a reflection. Why this strange difference? Why a single buyer get somehow punished when he buy real estate in Cyprus?


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## Veronica (Apr 5, 2008)

Vegaanders said:


> Just a reflection. Why this strange difference? Why a single buyer get somehow punished when he buy real estate in Cyprus?


Thats very good question Anders. I doubt whether anyone can give you an answer that makes sense though


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## totorama (Jun 12, 2010)

Vegaanders said:


> Just a reflection. Why this strange difference? Why a single buyer get somehow punished when he buy real estate in Cyprus?


Just one further point, when our solicitor registered the house at the Land Registry, they valued the house at a higher price than the price I paid for it. This meant I had to pay an additional 2000 Euros in Fees to register the Title Deeds.

No mater how well you do your homework they still find ways to get more money from you....  :boxing:


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## Veronica (Apr 5, 2008)

totorama said:


> Just one further point, when our solicitor registered the house at the Land Registry, they valued the house at a higher price than the price I paid for it. This meant I had to pay an additional 2000 Euros in Fees to register the Title Deeds.
> 
> No mater how well you do your homework they still find ways to get more money from you....  :boxing:


The thing is that if they think that a place has been bought for well below market value they will put a value on it that they think is right.
So although you might get the property for below market value you still end up paying title deeds at market value. Of course it depends how cheeky you manage to be and how much you can get the price knocked down. 
Is it better to save a good few grand on the price but still still pay a bit more on deeds or pay the full price in the first place and still have to pay the full price on the deeds. 
Remind me to use you for negotiating when we sell our house and buy another one. You can get us a good price on the one we buy Ha Ha.


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## Thinlizzy (Jul 6, 2011)

Hello
Can anyone advise me - we are looking at a villa with AX number. Will the vendor have paperwork from the Land Registry to verify this number and when the process began? Is it unusual to request to see this information?
Thank you
Thinlizzy


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## Veronica (Apr 5, 2008)

Thinlizzy said:


> Hello
> Can anyone advise me - we are looking at a villa with AX number. Will the vendor have paperwork from the Land Registry to verify this number and when the process began? Is it unusual to request to see this information?
> Thank you
> Thinlizzy


It is not unusual to ask for this information and if the vendor does not have anything to prove the property has an AX your lawyer can get the confirmation from the land registry.


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## Thinlizzy (Jul 6, 2011)

*Title Deeds*

We have verbally offered on a villa on a complex that has an AX number ending in 05. We have had to winkle out a lot of information ourselves and eventually found out that this number applies to the year in which the AX was issued. I do know that the developers Aristo have only just completed the showers and toilets that are now required on a communal pool - but even so it is worrying that the Title Deeds are not yet available. Our Estate Agent has told us the Deeds will be available by December 2011 but our solicitor has said very unlikely. We do not know who to trust as our solicitor is a friend of the person who was trying to sell us our second choice villa. It seems a hornet's nest - we do not feel we have been informed of all information. I now have the Land Registry telephone number and hope to get through to them and ask directly when title deeds will be issued. As cash buyers we do not feel we have been welcomed in the business of buying in Cyprus and at times feel we just want to give up. Where can I get the information regarding this developers application for title deeds from the horses mouth? Can anyone help please?


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## Watto (Oct 8, 2011)

Hi all
I am new to this site and this will be my first post but having owned a property ( I use the term owned loosly) in Cyprus for the last 11 years I wish I had known about this site earlier as The advice is spot on and comforting to know that others have had the same problems as myself regarding ownership of property and there is some good advice out there. Luckily for me after 11 years I now have my Title deeds and now feel that I can say I own my property.
The big mistake I made was to trust the developer when he told me that He had registered me as owner with the land registry. The contract of sale was very convincing with official looking stamps but not one turned out to be from the land registry.Our second miskake was not to find a reputable soliciitor but we were young and naieve. 
Like I said our deeds are ready but have now been told that they will be printed in Greek and if I want them in English it will cost me another 80Euros + 15% vat. Can anyone tell me if this is correct?


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