Selling Fees

Does the developer want to charge you for selling your property?
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johnpaddyone
Posts: 1
Joined: 20 Apr 2009 21:11

Selling Fees

Post by johnpaddyone » 20 Apr 2009 21:30

Hi Nigel

I am also new to the forum ,and was an agent in UK for 20 years.Although ,I am so what confused regards selling "bottom line" .

I completed on the 28th March 2008 for € 152,000) and paid the full amount and moved in.I pirchaced cash and the Lawyer handled the completion.I am concidering selling ,I am trying to establish all the "x" s .The apartment was built 2005 ,and I Purchaced from the owner through the respective lawyers .

Hope you can Help

Regards

John McCauley



Nigel Howarth
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Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: Selling Fees

Post by Nigel Howarth » 21 Apr 2009 08:49

Hi John and welcome to the forum,

There are a number of costs to consider when selling your property:

- Legal fees

- Estate agents fees (approx. 5% of the price achieved).

- Capital Gains Tax (at 20% on the 'profit' less certain allowances - for more information see http://www.cyprus-property-buyers.com/l ... ns-tax.htm)

- Plus any other local taxes, communal charges (if applicable), water and other utility bills.

If you haven't got title to the property, you may find the developer will try to charge you a 'cancellation fee', which you must resist - they are illegal.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
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Molly
Posts: 28
Joined: 05 Aug 2009 09:02

Re: Selling Fees

Post by Molly » 26 Oct 2009 14:48

Hi Nigel

Although cancellation fees are illegal, suppose it is written into your contract that upon cancellation a percentage fee will be paid.

(No it isn't written in mine, but I know someone who has it written into their contract)

Regards

Molly



Nigel Howarth
Site Admin
Posts: 2344
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Selling Fees

Post by Nigel Howarth » 26 Oct 2009 15:48

Hi Molly,

The administrative costs involved should be no more than €500 - €1,000 max and that's what should be written in the contract of sale.

If people have signed up to some percentage of the purchase that exceeds this amount, then there's little they can do about it.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

Molly
Posts: 28
Joined: 05 Aug 2009 09:02

Re: Selling Fees

Post by Molly » 26 Oct 2009 21:04

Hi Nigel

Thak you for your reply.

Regards

Molly



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