Property in Cyprus 
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Essential Step by Step Guide to Selling

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Essential Step by Step Guide to Selling

Selling your property in Cyprus can be far less stressful when you know in advance what's going on.

You don’t need us to tell you that for sellers the current market is a challenging one. The hard truth is that only the best, realistically priced properties will find buyers. Most of the properties placed on the market will not sell without following the fundamental rules of real estate. Those sellers who employ substandard companies or who pay up-front fees are usually domed from the start. Remember, the days of people buying from Taxi Drivers are gone and any company involved with the marketing of property in Cyprus must have international exposure. Here is our sale’s timeline that includes some Top Tips to ensure your property is given the best chance to sell.

Before going any further, if your property doesn't have a separate title deed you must conduct a Land Registry Search ( N50 ) by filing in a completed form N.50. This can be done by the owner of a property or their legal representative. The form can be downloaded here

Step by Step Guide to Selling your Property In Cyprus

Step 1: Accurate and truthful valuation. Is it realistic? (Are you sure?)

We have no upfront marketing charges and we aim to sell your property for the best possible price in the shortest possible time. We sell more resale properties in the region of Paphos, than any other marketing company and have an up-to-date knowledge of the local market in your area. To make an enquiry to sell, please fill out our sellers’ form here. We will assess the information and arrange for a viewing and valuation of your property.

Step 2: Choose the Right Agent.

Cyprus Resales are award-winning Registered and Licensed British owned estate agents in Paphos (Number 669). We are sole agents for all our properties and give everyone the very best service. Our advertising and presentation of properties in Cyprus is second to none and comparable with central London estate agent. If we take your property for marketing you will have an excellent chance to sell within the terms of our agreement. We are quite simply the only estate agent you will ever need. For more information on our estate agency please download our terms of business here.

Step 3: Instruct a lawyer of your intension to Sell.

The sale of your property can be dependent on how efficient your lawyer is. No one (especially you) will want a lawyer who is tardy with answering questions or who is obstructive. We have a “council” of approved lawyers who will give you a great price while going the “extra mile” to make sure your sale goes smoothly. There are professional lawyers speaking your language, whether it’s English or Russian.

If you plan to leave Cyprus for a long holiday or are permanently living abroad, please arrange a power of attorney (POA) with your lawyer, so that you have a legal representative to conduct your sale without any delays.

Step 4: Presenting your property for Sale. Is it being shown to its best?

The preparation of your property will take time. Consider a fresh coat of paint and tidy up the garden and outside spaces. It may seem obvious, but your living-room will seem far less appealing if it is used as a storage area for patio and poolside furniture. Reduce to the minimum the amount of ornaments, personal photos and pictures. Things you don’t use can be passed on to your friends or charities. Give yourself the time to declutter and prepare the property. Make sure it looks its best before it’s shown to the outside world.

Step 5: Promotion – Choose the right company first time.

Choosing the right company to advertise your property is the most important part of selling. Choose someone who has a proven track record in selling property in your area. Remember that to sell your property it will have to be advertised beyond Cyprus. We believe that no one does better the full scale marketing and promotion of your property for the international clientele. We provide personal service and go the extra mile for our vendors who entrust us with the marketing of their property. Remember it’s never too late to start again and if your property has failed to sell, go back and review the Price, the Presentation and the Promotion.

Step 6: Viewings - Make sure your property is available.

Please make sure that your property can be accessed for a viewing at any day. Most buyers prefer to look around a property without the owners present. Our own research shows that buyers spend over 50% more time in a property when the owner is not present. Leaving keys with neighbors and asking them to be around every viewing is far from perfect. As lots of prospective buyers are coming only during the weekend to choose the property, this favor from a friend may be very problematic. Remember that if there’s no guaranteed access to the property you may miss out a sale. It may seem like stating the obvious, but if there's no access to your property it cannot be sold; so let us know if you plan to leave the island or are out of town. You may wish to "hedge" your bets by renting your proeprty while it is for sale , be warned this can lead to many problems , renters seldom care if you sell or not in some cases your tenant may actively go out of their way to make sure you don't sell what they perceive to be their home.

Step 7: Receiving an Offer.

As soon as there is an offer for your Cyprus Property you will be informed about it both verbally and in writing. At this stage any special conditions that are attached to the offer will have to be discussed.

Step 8: Reservation Agreement – We are almost there.

Once a price has been agreed a non-refundable reservation deposit will be paid to cover the period between agreeing to buy the property and entering into a Contract of Sale. This agreement is signed by both buyer and seller and usually lasts 1 month.

Step 9: Contract Of Sale – Doting the "I"s and crossing the "T"s.

Your lawyer will enter into a contact of sale for the agreed price as set down in the reservation agreement. Normally 30%-50% of the purchase price is paid on signing of this agreement. All the terms of the sale will be binding and will be set out in detail in the contract of sale.

Step 10: Completion - Job done!

A date is set for completion. Your lawyer will have to provide a Tax clearance certificate to show that all taxes and any outstanding bills are paid. Both lawyers will meet at the Land Registry department where any remaining money will be paid to the sellers’ lawyer and the title deeds or contract will be transferred to the new owner.

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