Cyprus-Forum.com

[Peterc]

Does anyone know whats going on with Buysell, there was an article in the cyprus mail regarding a court order for the closure of their offices in Larnaca.

[purdey]

We may now see some clarity in pricing of houses in Cyprus, but they will be back sooner or later.

[Peterc]

Buyers need to be protected from unlicensed estate agents’
By Alexia Saoulli

DOZENS of real estate agencies operate without obtaining a professional licence: this is illegal and jeopardises consumers’ insurance when deals go bad, said Dinos Soteriou, president of the Council of Real Estate Agents.

Soteriou said the semi-government organisation, which comes under the umbrella of the Interior Ministry, had reported and sued numerous real estate agents who operated without proper certification.

“Some of them have closed down and others flout the law and continue to operate. Charges will be pressed against them and they will go to court again,” he said.

He was commenting following reports that police had raided real estate company BuySell’s Larnaca offices.

The Council has lodged a case against BuySell, which is due to appear in court next Wednesday. In the meantime, the company had been ordered to suspend its operations pending the court’s decision. BuySell’s lawyers objected the court order, but according to the Council it should have still been upheld.

On Monday, Larnaca’s district court ordered that the company’s three local branches closed. Police seized the business’s computers and other technical and office equipment as part of the ongoing investigation.

Confirmation of whether the company’s 13 other branches faced a similar fate was yesterday unavailable.

Soteriou said like many other real estate agents, both large and small, BuySell was not licensed to operate.

“Whether a real estate agency is large or small has no bearing on the legality. The fact that they don’t have a professional licence means they are not registered to practice,” he said.

Soteriou said BuySell, like every other local real estate agency, had to go through the same channels and apply for certification.

“If they fulfil the law’s provisions they will be granted a licence,” he said.

According to the law, certified real estate agents had to hold a three-year university diploma in real estate, a year’s training at a certified real estate agency and to pass local real estate exams.

Soteriou said a number of foreign agencies claimed they were certified to work in line with EU law, which they said superseded national law.

But the Council’s president said continually calling on the acquis communautaire was inaccurate. He said the EU protected the national law and that the same rules applied to both Cypriot real estate agents and European real estate agents seeking to operate out of Cyprus.

“You can’t have one procedure for local real estate agents and then exempt other European estate agents. Our law was drawn up to protect the public and consumers. It was drawn up so that if a real estate agent makes a real botch of things the consumer is protected. Who wants to buy property without protection and run the risk of being duped? The law is aimed at protecting the public,” he said.

Soteriou said real estate agents, just like any other profession, could not just come to Cyprus and work without first securing a professional licence.

“Can a surgeon come here and start operating just like that?” he said.

The Council president said hundreds of people wanted to become real estate agents without knowing the work that went into it.

No one was yesterday available for comment from BuySell.

[Z4]

About time something like this happened. There are too many rogue's selling properties.

It make's the relevant licenses need to sell properties pointless and worthless.

[cyprusgrump]

I travel all over the island with my business and have to say that time and time again I find villa owners singing the praises of BuySell…

Conversely, I know of a number of Official, Registered Estate Agents (some well known names) trying every sneaky cheating, lying thieving trick in the book to get customers to part with their money…

Even well known names like Interlink actively encourage unlicensed ‘rogues’ to bring them business – what is the difference?

[Peterc]

I travel all over the island with my business and have to say that time and time again I find villa owners singing the praises of BuySell…

Conversely, I know of a number of Official, Registered Estate Agents (some well known names) trying every sneaky cheating, lying thieving trick in the book to get customers to part with their money…

Even well known names like Interlink actively encourage unlicensed ‘rogues’ to bring them business – what is the difference?

I would imagine the difference is:
Indemnity insurance
Legal responsibility
Being governed by rules
vendors saving in capital gains tax
knowledge of impediments
Apart from that, I suppose your right Grump

[purdey]

Can you supply some names of unlicensed rogues who supply Interlink.

[Peterc]

Can you supply some names of unlicensed rogues who supply Interlink.

If interlink are supplied the leads, and Interlink are licensed, then how are the lead suppliers "rogues"? They are purely supplying the lead and not involved in the transaction.

[cyprusgrump]

Can you supply some names of unlicensed rogues who supply Interlink.

If I remember correctly (I haven't looked for a long time) they advertise for 'referrals' on their site...?

[Z4]

Can you supply some names of unlicensed rogues who supply Interlink.

I can think of a couple Purdey, but I'm not going to mention any names.

The whole system needs looking at and is very messy.

It also depends what setup they have with Interlink. Do they hand the customer over to them or do they deal with the sale themselves.