Step by step guide

Questions about selling property
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Eerwah1000
Posts: 2
Joined: 07 Apr 2009 11:55

Step by step guide

Post by Eerwah1000 » 08 Apr 2009 01:17

Hi, we are a family of 6 siblings who have inherited two adjacent blocks of land in Cyprus (near Maroni). We all live in Australia. We have the title deeds, and we have valuations for the two blocks. We have all, finally, agreed that the land should be listed for sale. The land is split by a road so it can be sold off in two lots, or as one lot.

After much discussion about when best to sell, we decided that we should start now because it seems that most things take a very long time to reach finality in Cyprus when it comes to legal matters (we found this out when Mum wanted to put the land in all our names!). We know our price and we are willing to wait for the market to reach it (although we'll be open to offers).

The land is agricultural between Limassol and Larnaca, about 1km from the sea and about 1km from Maroni. It may well be that the zoning could be changed at some time to allow property development, but at this stage it is agricultural.

So, my question are:
1. How to find the right lawyer/accountant/real estate agent to guide us through? (Who do we need first, second,....)
2. How can we check that this person/s will have our interests as their priority?
3. What sort of fees should we expect to pay for these professional services?
4. Is there any major benefit for one of us to go to Cyprus to move things along? or can it be dealt with adequately from here? (Is it advisable for us to have a legal representative at our end here in Australia?) And at what stage should we be there - if necessary?

Thanks for your advice.
Marina



Nigel Howarth
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Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: Step by step guide

Post by Nigel Howarth » 09 Apr 2009 21:49

Hi Marina and welcome to the forum.

I know Maroni quite well - friends of mine have a lovely old village house in the centre of the village.

To answer your questions:

How to find the right lawyer/accountant/real estate agent to guide us through?

I suggest that you use one of the law firms on the list provided by the British High Commission in Nicosia. You can get a copy of that list from the download area of my website at http://www.cyprus-property-buyers.com/r ... nloads.htm or directly from the British High Commission in Nicosia at http://ukincyprus.fco.gov.uk/en/our-off ... al-lawyers

Regarding estate agents, an American friend of mine is selling land at Ayios Tychonas - I'll email you details of the agents working on his behalf. The agent will need a copy of the Title Deed and if possible the cadastral plan to check that there are no issues with the land or the Title.

How can we check that this person/s will have our interests as their priority?

With regard to lawyers, those on the British High Commission's list should be reliable - and I know that one lawyer was recently dropped because of complaints received. (I should also add that Louise Zambartas is on the High Commission's list).

What sort of fees should we expect to pay for these professional services?

Registered estate agents charge around 5% commission - but I'm sure they'd be open to negotiation given the current financial climate. As for legal fees, the Cyprus Bar Association dictates minimum legal fees that lawyers are permitted to charge - I suggest that you discuss this with the lawyers and get them to provide you with a written estimate of their professional fees for acting on your behalf.

Is there any major benefit for one of us to go to Cyprus to move things along? or can it be dealt with adequately from here?

That very much depends on the lawyer you use. Some, I have to say, are very bad at replying to emails, letters and phone calls - and this can be very frustrating at times. However, if you use Louise or one of the other lawyers on the British High Commission's list, I'm sure you'll have no problems. (And if you do you can complain to the British High Commission who may remove them from the list).

You should be able to deal with matters adequately from Australia.

Is it advisable for us to have a legal representative at our end here in Australia?

No - there's little point in doing this. They will not understand the Cyprus property laws (which are based on the old Ottoman Land Law - modified by some influences from British, Greek, American, etc property law).

Regards,


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

Eerwah1000
Posts: 2
Joined: 07 Apr 2009 11:55

Re: Step by step guide

Post by Eerwah1000 » 10 Aug 2009 03:15

Hi Nigel
It's been a while, and I must admit that I am only now pursuing the sale of the family land - hopefully things are improving on the economic front over there.

In your reply you wrote:
Regarding estate agents, an American friend of mine is selling land at Ayios Tychonas - I'll email you details of the agents working on his behalf. The agent will need a copy of the Title Deed and if possible the cadastral plan to check that there are no issues with the land or the Title.

I can't find the email with the details of the agent. Could you please send again.

Is there a listing anywhere of Registered Real Estate Agents? I am getting quite confused when googling trying to work out who's registered and who isn't.

Thanks
Marina



Nigel Howarth
Site Admin
Posts: 2327
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Step by step guide

Post by Nigel Howarth » 10 Aug 2009 18:47

Hi Marina,

Good to hear from you again.

There's a list of registered estate agents on my website. You can download it from http://www.cyprus-property-buyers.com/f ... agents.pdf

Regarding the Estate Agent my friend is using, I've sent you a 'PM'

Regards,


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

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