Mistakes to Avoid when Buying a Property in Cyprus - Part 1
USING AN UNREGISTERED & UNLICENSED ESTATE AGENT
Just a decade ago, Cyprus was inundated with unlicensed agents taking part in illegal and illicit property deals.
These days, the government has introduced a range of legislation to ensure that home buyers, sellers, and renters are properly protected. This led to the demand for licensed estate agents – with the obligation being that each agent and company possesses professional indemnity cover of €200,000.
If you fall victim of miss-selling, you can be assured that this insurance will cover you.
In Cyprus, to be eligible to work as an estate agent you should pass professional examinations that test your knowledge on various aspects of property related matters such as law, economics and planning procedures.
How to recognize a registered & licensed estate agency?
All registered & licensed estate agents have to state their registration no. and license no. on their website and other company material.
E.g.: Property Canvas is a fully Registered & Licensed Estate Agency, A.A.823 & A.M. 846/E