The possibilities of the 21st century are almost limitless. You can now use the internet not only to contact a person on the other side of the world, but also to sell property in another country.
1. Is it possible to sell a property in Cyprus remotely?
The remote sale of property in Cyprus is a reality of modern life that will become increasingly relevant in 2024. Foreigners who own property in Cyprus can sell their apartment, which is part of the secondary real estate market, without being present in person. This is possible thanks to the development of technology and professional services provided by various agencies.
In order to sell remotely, the owner must have a title deed. The availability of this document eliminates the need for personal presence at the conclusion of the transaction. The entire process can be fully organised and carried out by a real estate agency, making it convenient and efficient. The main advantages of a remote sale include the following:
- Time and cost savings: no need to spend resources on flights and accommodation in Cyprus.
- Specialised services: the selling professional takes care of all matters relating to local legislation and the sale process.
- No language barrier: professional agencies provide services in several languages, including Russian.
- Widening the pool of buyers: a listing can attract the attention of not only local but also foreign buyers, increasing the chances of a successful transaction.
If you are selling your property in Cyprus, it is useful to know what taxes you will have to pay.
2. How a remote property sale in Cyprus works
Remote property sales in Cyprus take place in several stages, each of which is important to the successful completion of the transaction.
2.1 Finding a reliable agency
The first step is to choose a good estate agency. It is advisable to choose an agency rather than a private specialist as this will ensure a comprehensive solution to all your problems.
The reliability of the agency can be determined by the following criteria:
- Reputation and reviews: Check reviews from previous clients and research the agency's reputation online. This is easy to do on the internet.
- Licences and certificates: make sure that the agency has all the necessary licences and certificates to conduct its business.
- Experience: Long experience in the Cyprus property market is an indicator of reliability and professionalism.
Customer service: the professionals should answer all your preliminary questions. If they refuse to do so and immediately demand payment for their services, you are dealing with unscrupulous people.
Avoid agencies that offer services at suspiciously low prices or cannot provide transparent information about their activities.
Word of mouth works very well in Cyprus, so you can use it: perhaps one of your friends or acquaintances has used the services of a particular agency and was satisfied.
2.2 Drawing up a power of attorney
In order to carry out the transaction without being personally present, it is necessary to draw up a power of attorney for a representative of the agency. This document gives the agent the right to act on behalf of the owner at all stages of the sale.
IMPORTANT: Some vendors wish to control the outcome at every stage of the transaction. The agent and others involved in the process should provide this at their client's first request.
How a power of attorney is executed:
- Going to a notary to draw up the power of attorney: this is the first step, where the notary draws up the document in accordance with local legal requirements.
- Apostille and translation: The power of attorney must be apostilled and translated into Greek, the official language of Cyprus.
- Time and cost: The average time to complete a power of attorney is a few days and the cost varies depending on notary fees and translation costs. An apostille is usually the most expensive.
2.3 Preparation of the Sale Notice
The agency will take care of the preparation of the advertisement for the sale of the property. This includes professional photography and videography, determination of the optimal value of the property, as well as a description in several languages (Greek, English, Russian). A high quality and attractive advertisement significantly increases the chances of a quick sale.
2.4 Finding and communicating with a buyer
Once the ad is placed, the process of finding potential buyers begins. Estate agents use their extensive client base to speed up the process. They organise and conduct both online and offline viewings of properties, answer questions from potential buyers, and arrange negotiations and agree the terms of the deal with the property owner.
The benefits of this stage include:
- Speeding up the sales process: Using the agency's database, they can quickly find interested buyers and conduct viewings, reducing the time it takes to sell a property.
- Professional communication: agencies provide expert communication with buyers, minimising the risk of misunderstandings and errors, which contributes to a smoother transaction process.
- Full management of negotiations and organisation: the agency takes care of all aspects of negotiation and organisation, relieving the vendor of these tasks.
It is often for this very reason that sellers employ estate agents - even if they live in Cyprus. The fact is that the active sale of an apartment or house is a process that requires commitment and constant involvement. Busy people sometimes do not have the free time to constantly show the property to potential buyers and answer their calls and messages.
2.5 Transferring money to the seller
Estate agents can help to resolve money transfer issues by providing assistance with banking procedures.
They can recommend reliable banks, proven money transfer systems and offer options that are suitable for a particular situation. In some cases, it may be possible to use cryptocurrency for transactions, ensuring that funds are received quickly and securely, minimising the risks associated with currency transfers and banking procedures.
Conclusion
Remote property sales in Cyprus are a convenient and efficient way to sell your property without leaving your country of residence. Choosing a reliable agency plays a key role in the successful completion of the transaction. Professional assistance in the DOM at all stages allows you to avoid difficulties and ensure the most favourable terms of sale.
Selling a property in Cyprus involves several stages: finding an agency, drawing up a power of attorney, preparing an advertisement, finding a buyer and transferring the money. If you follow all the guidelines, the process is simple and safe. It is also possible to buy property in Cyprus remotely - and manage it from another country. The specialists at DOM Real Estate Agency can help you with this.
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