# Cyprus Real Estate Agents Law



## Toxan (Dec 29, 2010)

The idea of purchasing a home anywhere, will probably be the most expensive decision in your lifetime. There are many problems with purchasing property in Cyprus, well documented in this forum. I for one, would certainly walk away from any property being offered to me without a title deed, no matter how cheap it is, there are so many properties on the market with title deeds, why get involved in potential future problems, where you may lose your home and have paid in full for your home.
Registered Estate Agents, must follow a law in Cyprus http://www.rearboard.com.cy/Binder12.pdf This law is in the process of changing, but it is still law. 
If i were to purchase a property in Cyprus, i would check the registration number of the Estate Agent, and use an independent lawyer before purchasing a property in Cyprus, just my opinion on property purchase in Cyprus, with advice from my Cyprus lawyer.


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## Toxan (Dec 29, 2010)

To see if an Estate Agent is registered, you may contact the Cyprus Real Estate Agents Association http://www.skek-creaa.com/english/index.html


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## Veronica (Apr 5, 2008)

Toxan said:


> To see if an Estate Agent is registered, you may contact the Cyprus Real Estate Agents Association ????


So are you saying you are a registered agent? Because you have property for sale on your website


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## Veronica (Apr 5, 2008)

What you have failed to say Toxan is that is impossible for anyone other a Cypriot to be a registered agent as it is a closed shop. This is agaisnt the EU laws as it uinfailry disadvantages other EU citizens and that is why the law is changing.
Non Cypriots operate as marketing companies but they are not allowed by law to take money from clients. There are one or two who do but these companies seem to get away with it as they are big companies who grease the right palms.
A marketing company has to take clients to a lawyer where all financial and legal transactions are done.

The EU is forcing Cyprus to change its attitude and then companies who have been trading without any problems and keeing within the law will find it much easier to become registered agents.


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## Veronica (Apr 5, 2008)

What I will caution people very strongly about is, some 'agents' will try to rush you to their offices if you say you like a property to pay a deposit and sign a contract.
Under no circumstances should you allow them to bully you into doing this.
There are couple of well known companies who do this although it is illegal for them to handle money or to do contracts. I have heard of several cases where a sale has fallen through because the buyer couldnt get a mortgage or some other reason that was no fault of the buyer and these agents have kept their deposit. 
I repeat, it is illegal for non registered agents to do contracts or to handle money. 
You should insist on doing everything through a lawyer, that way you are protected and if the sale falls through and it is not your fault you will get your deposit back. 

Veronica


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## Toxan (Dec 29, 2010)

*Real Estate Agents Law*



Veronica said:


> What you have failed to say Toxan is that is impossible for anyone other a Cypriot to be a registered agent as it is a closed shop. This is agaisnt the EU laws as it uinfailry disadvantages other EU citizens and that is why the law is changing.
> Non Cypriots operate as marketing companies but they are not allowed by law to take money from clients. There are one or two who do but these companies seem to get away with it as they are big companies who grease the right palms.
> A marketing company has to take clients to a lawyer where all financial and legal transactions are done.
> 
> The EU is forcing Cyprus to change its attitude and then companies who have been trading without any problems and keeing within the law will find it much easier to become registered agents.


I have called the Real Estate Agents Association today, and asked if there were any English Estate Agents registered with them. They said that they have two, based in Limassol. 
You can check the registered members list for an Estate Agent in your area here Council of real estate agency


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## Veronica (Apr 5, 2008)

Toxan said:


> I have called the Real Estate Agents Association today, and asked if there were any English Estate Agents registered with them. They said that they have two, based in Limassol.
> You can check the registered members list for an Estate Agent in your area here Council of real estate agency


The problem is that to get registered stauts you have to take an exam in either Greek or Turkish. It used to be just Greek but the EU said they had to have an alternative language so they said ok Greek or Turkish. 
This makes it very very difficult for a non Greek speaking person or a person with only limited Greek to pass the exam.
Stephensons are registered but they have been in Cyprus for a long time and were registered at a time when to have a registered company of any sort you had to have a Cypriot partner.
I don't know who the other British company is.


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## Toxan (Dec 29, 2010)

Part 3 of the Real Estate Agents Law requires certain conditions to be met, such as, they will not accept a person who has been previously bankrupt or has had a convicted criminal recrd. 
Other requirements are, that to become a registered Estate Agent, you must prove to have been in the Real Estate business for at least five years previously, and carry the equivalent of CYP 100,000 indemnity insurance.
In my opinion, these measures really go a long way to protect innocent real estate purchasers from the dangers of property purchase in Cyprus. A registered Estate Agent may be stuck off or heavily fined too, if the Estate Agent falls foul of the law.
I for one would feel very secure dealing with a registered Estate Agent.


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## Veronica (Apr 5, 2008)

Toxan said:


> Part 3 of the Real Estate Agents Law requires certain conditions to be met, such as, they will not accept a person who has been previously bankrupt or has had a convicted criminal recrd.
> Other requirements are, that to become a registered Estate Agent, you must prove to have been in the Real Estate business for at least five years previously, and carry the equivalent of CYP 100,000 indemnity insurance.
> In my opinion, these measures really go a long way to protect innocent real estate purchasers from the dangers of property purchase in Cyprus. A registered Estate Agent may be stuck off or heavily fined too, if the Estate Agent falls foul of the law.
> I for one would feel very secure dealing with a registered Estate Agent.


I agree wholeheartedly with you Toxan.
The problem is that unless you speak fluent Greek it is very difficult to do the exam required. Being able to hold a conversation in Greek is not sufficient as the technical language in such an exam is very complicated.
If the government allowed us to take the exam in Enlglish it would be much easier for us all.


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## Toxan (Dec 29, 2010)

It might be an idea to set up another organisation, reflecting a mirror version of the Real Estate Agents Law, in an English version.
This will mean enforcing all the requirements, such as background checks, indemnity insurance etc, with the exam in English.
You may or you may not get recognition from the Government, but at least the clients wil see that the Estate Agents have passed an exam, met all the criterial, incuding insurace, and you all belong to a professional body.
This will also alienate the cowboys more.


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## Veronica (Apr 5, 2008)

Toxan said:


> It might be an idea to set up another organisation, reflecting a mirror version of the Real Estate Agents Law, in an English version.
> This will mean enforcing all the requirements, such as background checks, indemnity insurance etc, with the exam in English.
> You may or you may not get recognition from the Government, but at least the clients wil see that the Estate Agents have passed an exam, met all the criterial, incuding insurace, and you all belong to a professional body.
> This will also alienate the cowboys more.


I must admit that sounds quite attractive but who would implement it and what would be the good of such an organisation as it would have no legal foundation?
I would love it if we could have something which would get rid of the cowboys and give the reputable companies more of a legal standing.


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## Toxan (Dec 29, 2010)

I suggest you begin with forming an association, and registering with Cypus Chamber of Commerce http://www.ccci.org.cy/ if possible. You could then join the regional chambers of commerce too. Find an insurance company that will implement a bonding scheme to provide financial compensation to clients. 
I am sure you could find a professional people to form a committee, paid for through subscription to be a memeber of the association etc.
I am sure other people will have ideas too.


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