The Selling Procedure

The Selling Procedure of Property in Cyprus


   Foytina's services are designed to be simple and stress-less. With our expert staff, we can assure you that our real estate services will deliver you the optimum results! Find below the brief procedure followed by Foytina for selling your Cyprus property.  

Qualified Seller
   It is of primary importance that a seller is ready to sell and is not simply 'thinking of selling'.  A seller's approach on making this serious decision matters to any sales person as the proper attention might not be paid from the latter to the former. Towards this, it is highly reccommended that the seller visit the closest Foytina office, talk with a sales person, demonstrate his property's documents and receive feedback for it.  Brief on Foytina's services terms, conditions and cost is part of that feedback. This involves no cost at all ! Foytina gets paid only upon succesful deal conclusion in the contrary of some other property agencies !   

Property's & Seller's Documents
   A full copy of your property's documents shall be required for Foytina's records (prefered format is digital .jpg, .pdf, .dwg). Those are: title deeds or contract of purchase, general layout, planning permit, buildilng permit, architectural drawings, energy efficiency certificate etc. Seller must provide an identification document to match his ownership title. Contact details of all co-sellers (co-owners) are also required.

Tax Optimisation & Market Value 
   Foytina is possibly the only real estate agency in Cyprus which can help you to pretty calculate the 'walk away' amount left in your pocket after having sold your property! Our staff, being familiar with the tax-optimisation methods the Cyprus system allows, combined with the ability to value  your property (OMV), enables Foytina to help you accurately price your property on the Market.  There is a buyer for every property but inaccurate pricing might never secure a sale! 

Prepare your property for listing & viewings 
  First impression always matters! Presenting your property in its best possible condition will bring a deal closer! Foytina's staff shall visit your property in order to take a note of its' features, the content and of course capture the photos or videos.  It is important that the property is clean and made up for this purpose; its the same important to keep it like that (or even better) during viewings.  During this visit, its advisable that seller mentions few information for the property's history.  Foytina's expert agents can guide you for the Open Market Value (OMV) whilst pointing you the strong and weak points of your property.  Mind your that Foytina can advertise your property on your prefered asking price, being lower or higher from Foytina's OMV. 

Marketing your property
   Having put together the necessary information, we shall create the marketing material which you can review at any time.  Next step would be to promote your property through any means fascilitated by Foytina and its' network, always aiming to secure you a deal. Our marketing means include both physical and digital means.

Property viewings & Feedback
   Foytina's agents are always acommpanying prospective buyers to the property either if the owners being there or not.  The 'walk-through' is conducted by the agent unless the seller wishes to carry it which shall be preferred.  During that, prospective buyers are told about tangible and intangible parameters being relevant to the property whilst answering any questions. They are also offered to take pictures, measurements and test any of the equipment and rest of the content if they wish.  They are also asked to go around again on their own and try to visualise the space on their own lifestyle.  

   Prospective buyers are always asked at the end of a viewing for their feedback, meaning to express their likes and dislikes of a property, points which are passed to the sellers.  In the same manner they are requested to develop their shorlist in oder to arrange a second viewing or place an offer on the one mostly preferred.

Offers Made & Reservation Fee
  Any offered received from prospective buyers will be passed to the seller for decision and counteroffer. Foytina will negotiate for the optimum sale price in order to secure a deal whilst preventing dissapointment to the parties.   If an offers gets accepted by the seller, Foytina will firstly secure the interest of the prospective buyer by receiving money on behalf of the seller, the Reservation Fee, and agree for a time-frame.

Due Diligence Checks
  At this point, the seller (or his appointed solicitor) must provide to the buyer (or his apointed solicitor) any document requested for 'due diligence' purposes. Foytina will assist in achieveing this whilst circulating to the solicitors involved the sales particulars (also known as the memorandum of sale).  Sales particulars show the intensions of the parties and do not mark the final signing of contracts and can involve visual or structural surveys on the property, geological surveys, checks on the seller and the property for any encumbrances as well as checks on the buyer's credibility.    

Exchange of Contracts
   Upon a clear due diligence performance, contracts of sale are prepared and entered, having a Deposit Amount being paid to the seller by the buyer, usually amounted 10% of the deal price. Also, a completion time-frame is agreed. Foytina is liaising with parties at all times during those processes for ensuring the happening of them without delays or any pitfalls.

Completion Of Sale (Transfer & Possesion)
   Completion takes place when the balance of the purchase price is paid to the seller, and ownership of the property is transferred to the buyer. Possesion takes place at the same day although some times it might be agreed for a later date.  Foytina delivers the key to the new owner at the Land Registry or at our office.


The 'Foytina.Com' Team