Selling property advice please

Questions about selling property
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mckinnna
Posts: 2
Joined: 14 Jan 2012 08:01

Selling property advice please

Post by mckinnna » 29 May 2013 15:00

Hi Nigel,

I am entering into a sale contract for a property (have title deeds & no mortgage) with a UK cash buyer. I can be in Cyprus during the process and want to consider performing the transaction without unnecessary lawyer fees. I currently understand that I need to appoint a legal rep for tax clearance and for greek deed interpretation. Both myself and the purchaser have agreed to complete the transfer of monies by UK bank transfer. The purchaser has a lawyer appointed.

Can I realistically represent myself (+ rep fees) and save money? I have accepted an offer that was lower than I felt it was worth however, as we all know in the current market the buyer is boss!

Regards

Neil



Pantheman
Posts: 516
Joined: 26 Jan 2008 14:44
Location: Famagusta District
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Re: Selling property advice please

Post by Pantheman » 29 May 2013 15:18

mckinnna wrote:Hi Nigel,

I am entering into a sale contract for a property (have title deeds & no mortgage) with a UK cash buyer. I can be in Cyprus during the process and want to consider performing the transaction without unnecessary lawyer fees. I currently understand that I need to appoint a legal rep for tax clearance and for greek deed interpretation. Both myself and the purchaser have agreed to complete the transfer of monies by UK bank transfer. The purchaser has a lawyer appointed.

Can I realistically represent myself (+ rep fees) and save money? I have accepted an offer that was lower than I felt it was worth however, as we all know in the current market the buyer is boss!

Regards

Neil
You can do this without a lawyer if you have the title deeds. You cannot really do it yourself, but you need the services of an agent that performs Land registry services. Just to to the land registry in which the property is situated and seek one, they usually hand around outside. the can do the tax clearance for you and the transfer forms and do all the leg work and speak the language. 200-300 euros cost.

Your buyer however, if he goes along with you without the use of a solicitor will leave himself open, but that's his problem.
After spending tens or even hundreds of thousands on a property, people try to cut this very important corner and not protect their investment. From your point of view, I cannot see any issue as you will take the money and go. I have assumed you have no tax to pay?? Selling for less than you paid for it plus your allowances??

What district are you in??


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mckinnna
Posts: 2
Joined: 14 Jan 2012 08:01

Re: Selling property advice please

Post by mckinnna » 29 May 2013 15:43

Nigel,

Thanks for the clear quick response.

Tala Paphos district. No tax because E 40k loss on E 180K sale ouch! Owned for 6 yrs

Neil



AmandaHary
Posts: 1
Joined: 11 Jul 2013 14:39

Re: Selling property advice please

Post by AmandaHary » 12 Jul 2013 12:23

I completely agree to what Pantheman is saying.You already have a buyer else there are companies which buy houses directly from the seller and also do all the required paper work.Thus you can save a huge amount of money.



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