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Info needed please - cost of selling your property here (fees etc)

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suehowlittle


Joined: 31/10/2010
Posts: 1202

Message Posted:
22/03/2011 15:59

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Message 1 of 26 in Discussion

Can anyone please tell me with definite details what the cost is in the trnc for selling your property. I am sick of hearing so many versions that I am now beginning to wonder whether in fact, anyone knows the answer to this very important question.



We know that when we bought it we had to pay so many fees as a buyer (and yes, all the builders VAT and capital gains tax also), and of course, the back taxes (rates) which had not been paid since the year dot and all had to be paid up to get the Kocan.



We are now ready to sell our apartment but need to know whether the greedy government want yet another slice of our money.



I bet you think we are so disenchanted don't you? Well, you are bang on there!



I did not really expect to make a profit here when I sold after 7 years, but am hoping that I will not make a big loss either, we did not buy here as an investment, we bought a 'home'.



Surely someone out there has an answer - replies appreciated please



DinaNS


Joined: 22/03/2011
Posts: 17

Message Posted:
22/03/2011 16:55

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Message 2 of 26 in Discussion

if you sell your own property, you don't have to pay anything. Only if you do it with the help of an estate agency, they will charge you a commission.



Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
22/03/2011 17:13

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Message 3 of 26 in Discussion

Estate agents fees vary from 3 to 6 percent.



ozankoys


Joined: 20/06/2008
Posts: 905

Message Posted:
22/03/2011 18:32

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Message 4 of 26 in Discussion

You are allowed a one off sale without paying any Stoppaj (Sales Tax) presumably this will apply in your case



stilluvithere



Joined: 03/12/2008
Posts: 765

Message Posted:
22/03/2011 18:51

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Message 5 of 26 in Discussion

Most estate agents will charge 5 or 6% for selling for multiple agency, not a lot less for sole agency. This has always been the case here and way over the top in my opinion.

As stated in message 4, if it is your first sale you are entitled to sell with no taxes, there will be admin fees and my advice is don't use a solicitor but go to the noter Unsal Gurok, he is just opposite the law courts in Girne is a tiny office but he is a retired land registry officer and charges a fraction of th cost of a solicitor.



gates


Joined: 08/12/2008
Posts: 1096

Message Posted:
22/03/2011 19:07

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Message 6 of 26 in Discussion

if you get the right price do you care if you ask to much it dosent mater all you will get it what the buyer is going to pay thats what your house car bed wife or anything you have for sale if you go vie agent then he will take some share mind you dont want to share my wife before sale agreed only joking



Marion


Joined: 06/03/2011
Posts: 1816

Message Posted:
23/03/2011 00:01

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Message 7 of 26 in Discussion

Why not check with a decent estate agent (yes there are some) and/or a lawyer. They should tell you what you could be up for. And check if you may sell your home privately. Something at the back of mymind says you can't. But I could be entirely wrong. Ask in the right places and you may find the right answers.



But I feel that Estate Agents take far far too much. And it is time that someone started a simple service. Trouble is if one did the others would be up in arms!



Wiser


Joined: 30/07/2008
Posts: 796

Message Posted:
23/03/2011 06:19

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Message 8 of 26 in Discussion

You do not need to pay any tax on your first sale as long as you have your kocan. If you do not it is not counted as your first sale as you will not own the property (in theory). Then you could be subject to capital gains tax if you sell it at a profit. This is regardless of wether you use an estate agent or not.



johnty


Joined: 03/06/2008
Posts: 257

Message Posted:
23/03/2011 09:14

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Message 9 of 26 in Discussion

plus vat costs on estate agents fee. they dont tell you that tho when they quote.



hawkeye


Joined: 12/09/2010
Posts: 334

Message Posted:
23/03/2011 10:59

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Message 10 of 26 in Discussion

sole agency 4% and then Vat calculated on that 4%. Extortinate considering in uk its 1.25 to 2% all in...... Sorry forgot what the vat rate is ........



cyprus1


Joined: 19/02/2007
Posts: 154

Message Posted:
23/03/2011 11:09

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Message 11 of 26 in Discussion

re 10 the VAT rate is 16%



bigbadbob


Joined: 04/08/2010
Posts: 368

Message Posted:
23/03/2011 13:12

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Message 12 of 26 in Discussion

I have got my house on the market in the Uk and 3 agents alll quoted 0.75% including advertising costs.



cypgab


Joined: 09/01/2010
Posts: 338

Message Posted:
23/03/2011 14:41

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Message 13 of 26 in Discussion

This is not the UK! How has the UK got anything to do with this? It doesn't matter what the rates are in the UK, it simply isn't relevant.



We've just put land and a ruin on the market at 4%. They advised fess would be subject to VAT. We're fine with that.



Keep grumbling away guys, if it's not something wrong in Cyprus it's something wrong in the UK eh?



suehowlittle


Joined: 31/10/2010
Posts: 1202

Message Posted:
23/03/2011 16:13

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Message 14 of 26 in Discussion

I am very relieved that I do not have to pay any fees other than the estate agents fees. We have our Kocan so no problem there. Can I ask cypgab who her agent is please? We have no idea who the good ones are but we think we would be happier with just a sole agent.



Many thanks to all of you who replied. I love this Forum when its used properly in an informative manner!



MsGarnet


Joined: 04/01/2009
Posts: 989

Message Posted:
23/03/2011 18:16

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Message 15 of 26 in Discussion

Why pay ANY fees to Estate Agents, why not just advertise it yourselves...........cards up, HUGE sign in your front window/front gate - in the Newspapers...............then YOU are in control.......



cypgab


Joined: 09/01/2010
Posts: 338

Message Posted:
24/03/2011 10:47

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Message 16 of 26 in Discussion

Ian Smith estate agents.



Zoots


Joined: 05/02/2011
Posts: 669

Message Posted:
24/03/2011 20:51

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Message 17 of 26 in Discussion

Geoff,



Do you have a link to the plot you are selling?



cypgab


Joined: 09/01/2010
Posts: 338

Message Posted:
24/03/2011 21:25

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Message 18 of 26 in Discussion

http://www.iansmithestate.com/search/?type=Ruins



It's the one at just under 40K in Lapta. We hold the deeds.



cypgab


Joined: 09/01/2010
Posts: 338

Message Posted:
24/03/2011 21:34

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Message 19 of 26 in Discussion

Don't know why but if you go first to the Ian Smith page and then look under ruins it comes up with more photographs.



TRNCvictim


Joined: 17/08/2010
Posts: 1417

Message Posted:
24/03/2011 21:51

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Message 20 of 26 in Discussion

suehowlittle (mess 1)



As long as the cost of selling or buying a home isn't your life or the extinction of your life savings in the TRNC you are one lucky person!



Any future victims need to know the truth!



However much you love the forum for information when it's used properly! sometimes information need to be available from all sides



Good Luck with your Sale!



dearie


Joined: 08/03/2011
Posts: 142

Message Posted:
25/03/2011 12:49

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Message 21 of 26 in Discussion

Get good advice from ALESSİNA CRİTCHLOW an English qualified lawyer who's office is above Cassini sandwich bar in Karakum tel no. 0533 822 4666 she has always given me excellent advice and NOT charged the earth



suehowlittle


Joined: 31/10/2010
Posts: 1202

Message Posted:
25/03/2011 21:01

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Message 22 of 26 in Discussion

Msg 20



You think I am lucky? You assume too much. Too many times on this Forum people just assume things.



You know nothing about me and my personal circumstances. I asked a question and received some sensible suggestions in return. You call yourself a victim, well we are all victims.



It took me 5 years and a lot of hard earned cash to get my Kocan. Nothing lucky about that!



rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
25/03/2011 23:47

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Message 23 of 26 in Discussion

dont be disheartened msg1 , you must know by now most of them on here would not give you a nod in the dessert, said people are bitter and jelous , selling theyre wares at markets etc etc , whilst shopping theyre neighbour for doing a taxi run from the airports , bitter and twisted people , good luck to you xx



me-style


Joined: 03/08/2010
Posts: 150

Message Posted:
26/03/2011 00:22

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Message 24 of 26 in Discussion

You should not accept more then 3% commission to the Real Estate agents, this is normal in Turkey and KKTC. Watch our for the smart guys they are normally wrapped up being English or international chains like REMAX and Century21 and they just loooove commission and wonderful promises.



You have to negotiate hard on these issues here, and you do not need to accept the first and best offer



dearie


Joined: 08/03/2011
Posts: 142

Message Posted:
26/03/2011 14:54

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Message 25 of 26 in Discussion

suehowlittle you are right with your rebuff - there is a saying to assume makes an ASS out of U and ME xx



suehowlittle


Joined: 31/10/2010
Posts: 1202

Message Posted:
26/03/2011 15:21

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Message 26 of 26 in Discussion

Thankyou so much for your encouraging and sensible remarks. I was wondering whether to stop using the Forum, I had noticed all the venom and wondered why people you might never meet make such unkind and thoughtless comments - actually, this is probably the reason, people would never say those things to your face because that would be too confrontational, but to do it anonymously is quite insidious!



I am very grateful to those of you who replied with positive remarks to my posting, and I can assure you all that I would never say on this Forum anything which I would not say to someone face to face, perhaps all you unkind people could think about that.



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