Dealing with estate agents is tricky
© FinancialMirror 2021
Cyprus has the Estate Agents Law, which regulates most matters related to the industry, but people coming from different countries have their national system in mind, which, at times, creates confusion. Finding a property – It is normal abroad to pay a fee to an estate agent to find a suitable property. It may range from 1% to 2% on the purchase price as a finder’s fee. In such cases, there must also be an explicit provision in the agreement, should the parties agree, that the agent will not claim an additional commission from the seller. In Cyprus, this finder’s fee is rarely adopted. If...
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