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Inspection Trips with Cash Back

Perils and Alternatives

A number of British and Local Estate agents, as an incentive to lure the clients for an inspection from abroad, offer Inspection Trips which are heavily subsidised. For example you can come to Cyprus with an inspection trip of this kind with as little as CP100, which includes hotel accommodation meals etc. for 3 days.

Unaware potential clients who apply to join such a “lucrative” invitation must know that:

• All applicants are screened in the U.K. by specialised people, before these agents/sales people give the O.K. to come. As we were told by one British Agent, 70% of the inspection trips are “sold” before even arriving in Cyprus and of course without even seeing the property!!

The inspection trips are for a fixed period of up to 2 – 3 days and clients are picked up from the airport in Cyprus, housed in “controlled” hotels and are constantly occupied by the Agents’ pressure sales staff, so that the clients cannot look at other property, nor visit an independent solicitor and area even given the opportunity to compare with other properties in the market. In addition, the inspection trips / visits refer to specific projects only.

• These agents charge a 15% commission [totally illegal by Cyprus law which sets a limit at maximum 5%] which is added of course on the sales price. Thus, at the end of the day, the inspection trip is paid handsomely by the client, who is paying at least 10% more than the other comparable properties for sale, causing problems relating to taxation [higher Stamp duties] resale problems [too expensive to sell] and are usually sold in non marketable projects, for which the developers are desperate to sell [hence the high commission].

We do recognise however, the needed convenience to a foreign buyer in buying property in Cyprus with a pre arranged agenda and our Firm offers Inspection Trips with a difference.

As a company, we, Antonis Loizou and Associates, the largest licensed professional group of Chartered Surveyors registered Estate Agents in Cyprus, have put together a package that we believe will reduce these hidden costs to the buyer, ultimately saving thousands of pounds.

In order to keep costs to a minimum for both the purchaser and ourselves and to weed out the opportunist holidaymaker our package is as follows:

• A commitment fee of £300.00 sterling is payable prior to a visit.
• The Fee is fully refundable if one does not buy – and this is backed by a Bank Guarantee.
• Interested clients could make their own way to the island, but could be facilitated through the Company’s related tour operators if they so wish.

British Airways | Cyprus Airways | Eurocypria

• The Firm’s sales staff will pick up clients from their hotel/place of stay and given a tour, providing information on the procedure of buying, taxes, re-selling procedures, income returns, administrative details, cost of living, setting up own business, taxation, work potentialities etc. etc.
• The Firm can provide financing facilities through its Financing Banks in Cyprus, who normally require a 20% - 25% client’s contributions and 15-20 years repayment. Loans are provided in any currency including Cyprus pounds.
• The Firm offers a non committal letting service and management of the property to follow a purchase. Committal lettings may be offered however, by some of the developers for a two year period.
• Inspection time – Clients must undertake to spend with the Company’s sales staff at least 2 days of their time in Cyprus and we could offer a property tour through our 6 offices covering the whole Island.
• The preparations of the sales contracts can be done either through recommended solicitors or others, at client’s choice [or by our Firm at no cost]. The Company will assist in producing a draft contract and follow up until the signing and will assist with the registration of the same, with the Governmental Lands Office [a most important proviso].
• An after sales administration will be undertaken by the company’s architects regarding changes and alterations, progress reports etc. where the property is under construction [at no extra charge]

CASH BACK.
In the event of a purchase, a refund amounting of £500.00 sterling [sale up to CY£100,000.00], £1.000 Sterling [sale between CY£100,000.00 and up to CY£200,000.00] £2,000.00 [in excess of CY£200,000.00] is made.
• Commitment Fee. In the event of a purchase, the commitment Fee of £300.00 is offset against the purchase price.
• Promises: The Company promises that there will be no pressure sales tactics and absolute honesty and clarity in its dealing.
• Recommendations: Clients are encouraged to check the company’s name/financial standing/behaviour and commitments to its clients, using own contacts [e.g. all local Banks, British Council and others], who can produce reliable information

www.aloizou.com.cy

enquiries@aloizou.com.cy