ΠΕΡΙΓΡΑΦΗ

This Seminar offers 14 verified CPD points by the Cyprus Bar Association.

The course focuses on providing comprehensive knowledge and developing practical skills related to real estate agency and the legal aspects of the industry. Participants will learn about the promotion of real estate agents according to the law, the role of the law of agency in real estate, and the different types of agencies. The course will also cover Cyprus regulations on real estate agent licensing, agency services agreements, AML considerations, and KYC criteria when drafting agreements. Participants will gain insights into agency relationships, risks after termination, confidentiality, conflict of interest, listing contracts, negotiating offers, buyer representation, contract of sale, contract termination, and more. Additionally, the course will explore money laundering regulations, liabilities of real estate agents and brokerages, and practical considerations for transactions such as leases and property auctions.

Eligibility criteria and CPD Units are verified directly by your association or other bodies in which you hold membership.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

The above course is designed for individuals who are interested in or already involved in the real estate industry, specifically in real estate agency. The course would be beneficial for:

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1. Real Estate Agents: Both new and experienced real estate agents can attend the course to enhance their knowledge, stay updated with regulations, and improve their professional skills in representing clients and conducting real estate transactions.

‍2. Real Estate Brokers: Brokers responsible for managing and overseeing real estate agents can attend the course to ensure their agents are well-informed about legal aspects, compliance requirements, and best practices in the industry.

‍3. Real Estate Professionals: Professionals working in related fields, such as property management, real estate investment, or real estate law, can benefit from the course by gaining a comprehensive understanding of real estate agency regulations and legal considerations.

‍4. Aspiring Real Estate Agents: Individuals who are considering a career in real estate agency can attend the course to acquire foundational knowledge and skills required for success in the industry. It can serve as a valuable starting point for their professional development.

‍5. Legal Professionals: Lawyers specializing in real estate law or providing legal advice to clients involved in real estate transactions can attend the course to gain insights into the practical aspects of real estate agency and better understand the challenges faced by agents and brokers.

6. Compliance Officers: Professionals responsible for ensuring regulatory compliance within real estate agencies can attend the course to stay updated with the latest laws and regulations, particularly related to licensing, anti-money laundering, and client due diligence.

‍7. Property Managers: Individuals involved in property management can benefit from the course by understanding the legal aspects of agency relationships, lease agreements, and the protection of clients' interests.

‍8. Investors and Property Buyers/Sellers: Individuals who are involved in buying, selling, or investing in real estate can attend the course to gain a deeper understanding of the legal aspects of real estate agency, enabling them to make more informed decisions and protect their interests during transactions.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

This course is suitable for:

• Lawyers and legal professionals
• Real estate agents
• Assistant real estate agents

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Course Content:‍

UNIT 1: Leasing property

• Ice breaker
• What is the difference between leasing and licensing?
• When should a lease be registered?
• Practical tips regarding what terms should be included in a lease agreement
• How best to protect your client from scrupulous tenants.
• Creating your own checklist for tenancies of clients’ properties.
• When is the Law 1983 (N. 23/1983) engaged – statutory tenancies?
• How to protect your client from the engagement of protections afforded to statutory tenants.
• Advising your client on the practical steps when they are buying a property containing a statutory tenant.

UNIT 2: The Legal Relationship: Agency

• Promotion of Real estate agents according to the law and possible offences.
• Understanding the role of the law of agency to the job of a real estate agent.
• The different types of agencies – Designated Agency and brokerage agency
• The Cyprus regulations on real estate agent licensing – what to watch out for.
• The Agency services are written agreements – practical tips on drafting this agreement.
• What should be included in the agency services agreement?
• Agency by way of an implied agreement?
• Discussion agency and representation with a consumer.
• How is an agency relationship created? – orally or in writing.
• How is an agency relationship terminated?
• Risks to be aware of after termination
• The fiduciary obligation of loyalty (using case scenarios)
• Practical steps to avoid liability arising from the duty of confidentiality (using case scenarios)
• Practical steps

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UNIT 3: Acting for the seller

• The listing contract – what role does it play
• What should the listing contract include?
• Discussing comparable listings and sales with the seller
• Agreeing to remuneration according to the law – Practical considerations to take into account.
• Best practice: discussing the options for dealing with offers
• The steps you should take before listing a property – listing checklist.
• Showing a property – your agency responsibilities
• How to effectively manage offers on the listed property.
• Presenting an offer and negotiating a counteroffer on behalf of the seller.
• Avoiding conflicts of interest between multiple clients.

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UNIT 4: Acting for the Buyer

• Who can act on behalf of a buyer?
• Establishing buyer requirements
• Practical consideration for agreements with buyers (confirming buyer engagement of agency).
• Sourcing properties that meet the buyer’s requirements
• Practical tips on negotiating the purchase of property on behalf of the buyer.
• Completing due diligence on a potential purchase of land.
• The acquisition of property in Cyprus by 3RD party nationals – practical steps you must take.
• Monitoring the completion of the sale.

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UNIT 5: The Contract of Sale‍

• The purpose of the contract of sale.
• Understanding the terms of the standard contract of sale.
• Your role as an agent in the drafting of a contract of sale
• Practical steps to consider and or complete prior to the contract of sale.
• The essentials of a binding contract
• The differences between void, voidable and unenforceable contracts
• Ways in which the contract can be terminated
• The technical requirements of a contract of sale.
• How to waive a condition precedent from a contract of sale.
• Assignment of the contract of sale.
• Best practice – retention of documentation and records that should be kept.

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UNIT 6: Sale of property under auction

• Important considerations in the sale of property under auction
• The legal framework to consider
• How does the process of selling mortgaged property start?
• The real estate agent’s role in buying property under an auction process.
• What are the main considerations that the real estate agent must consider in deciding if the property is appropriate for their client
• Practical implications for the real estate agent concerning their liability and representations made during the procedure for buying auctioned property.
• Advising clients as to the valuation of the property under auction