#cyprus real estate
Estate Agents in Paphos
Buying a property will likely be one of the largest investments you will make whether it is a holiday home, a retirement home or your forever home. Finding a good agent to sell your property is just as important. In order to make the right decision you need to find a good, licensed estate agent based in Cyprus. Not all agents are the same and we will point out some questions to ask and give you some information to help you choose the right person for the job.
Firstly, let me tell you the difference between an unlicensed agent and a licensed agent.
A licensed agent holds a license from The Cyprus Real Estate Agents Association (CREAA) . This means any contract signed with a licensed agent is enforceable by law protecting both the estate agent and the vendor.
A licensed agent also must carry insurance to protect the purchaser against either the agent or developer becoming bankrupt.
A licensed agent can also save you thousands of Euros . A licensed agent in Cyprus means that his receipt is deductible from Capital Gains Tax hence saving the seller money.
An estate agents fee is paid by the seller. A buyer should never pay an agent a commission or a finders fee. Smaller companies can be flexible and have lower commission rates if exclusive contracts are signed and some can be slightly higher for example if other agents are involved. This would be worked our in a signed contract before marketing begins.
Unlicensed agents are actually working illegally. They may have nice websites with lots of hits on it however, they may want to lock you in to an agreement with a high commission rate and there is no law protecting them or the seller if anything goes wrong. Many do work professionally and are trustworthy BUT it is still illegal to market and sell properties without being a licensed estate agent.
An unlicensed agent can not legally handle any money. Many licensed estate agents don t handle money either as the laywers generally handle all finances and legal matters in order to simplify the transaction.