Cyprus-Forum.com

[Peterc]

if this was the uk, would you go to only one estate agent? when buying property abroad most people are blinded by the dream of living or investing abroad and dont spend enough time investigating the property market, i am not saying that this is what you have done, but all too often i hear so many stories about people having nightmares not knowing the cyprus system. for example, some of the developers, should you wish to resell before the deeds are available (which can take up to 7 years)will not sign a cancallation fee, and the bank will not give you a bank guarantee in order for the new purchasers to take out a mortgage to the property. therefore if you want to sell you can only sell to cash buyers. not sure if i have explained this properly, but look into this. have you looked into buying a resale property, these are generally 15-20% cheaper and can be only a year old, this is what most people do that become wise to the cypriot market. just my opinion.

[Clive]

Even if you buy through a local agent you can negotiate big discounts. it's not only foreign agents that take big commissions, local (and not foreign) ones do!!!

[flavell5]

Thank-you all for your advice. What level of discount do you think we should go in with without appearing rude

Claire

[Clive]

Claire, As peterc said and I would suggest you start at 15% and keep firm, they will bluff you. Let them know that you know they pay commissions to agents and you're not with an agent. Also be absolutely sure to get INDEPENDENT legal advice. Do not use the lawyer they recommend. ALso make sure your lawyer caps cancellation fees in the contract.

[nhowarth]

Hi Claire,

As Clive says, it's essential that you take independent legal advice. If you're planning to buy in Paphos, I suggest you use a lawyer in Limassol. That way you'll have a much better chance of finding a lawyer who's truely independent & not on the developers 'recommended' list.

Some of the developers mortgage the land on which they're building to finance the development. One of the things your lawyer MUST do is check with the Land Registry to ensure there is no mortgage attached to the land. It's perfectly legal to sell mortgaged property here - beware!

Take a look at my website (click on the 'WWW' below this message). Go to the 'Legal Advice' section and read through it.

Good luck,

[ukman]

what is the value of the property and does it have private or communal pool and why are they choosing fittings etc

[nhowarth]

It is the last property on the development to sell.

And please don't fall for that one Claire, it's the second oldest trick in the book!

(The oldest being "we're putting the prices up tomorrow/next week/end of the month").

Take care,

[simonwjones]

It is the last property on the development to sell.

And please don't fall for that one Claire, it's the second oldest trick in the book!

(The oldest being "we're putting the prices up tomorrow/next week/end of the month").

Take care,

Too true Nigel!!!!

[flavell5]

Thanks so much for all your help. The property has most of the fittings already inside it as it is nearing completion. Not quite my choice but ok. It has a pool (8x4) parking space, 3 bedrooms with one en-suite, marble staircase, AC/heating, stone fireplace, kitchen with granite worktops and white goods. We have to pay extra for a car-port, store, landscaping and bbq. The property is £268000 CYP.

Have been looking at a website called investors in the sun today - they seem much cheaper! maybe not such good build quality???? The land has no mortgage on it - so we have been told! and we will own the freehold within 7 years and are free to sell at any time.

Claire

[simonwjones]

Good luck which ever way you decide to go. If I was spending that sort of money I would expect top quality in every department!

Remember one thing though, take everything from the developer/agent with a pinch of salt!!!