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.

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: introduction to real estate law

1. Introduction to the course
2. Introduction of trainer
3. Introduction of participants
4. Hypothetical scenario and invitation for initial thoughts.
5. Definition and scope of real estate law.
6. Describe types of agencies and licensing
7. Importance of real estate law in property transactions.
8. Definitions of common terms such as lease, license, statutory tenancy, agency, and fiduciary duties
9. Definition of agency and the role of real estate agents.
10. Overview of different types of agency relationships: Designated Agency and Brokerage Agency.
11. Basics of contract law in real estate transactions.
12. Case Study Analysis: Examine a scenario as a group of a real-world real estate transaction.
13. Discussion: Share initial thoughts on how real estate law affects property management and sales.

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UNIT 2: Leasing Property ‍

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

UNIT 3: The Legal Relationship: Agency

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

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UNIT 4: Acting for the seller

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

UNIT 5: Acting for the Buyer

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

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UNIT 6: The Contract of Sale

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

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UNIT 7: Sale of property under auction

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

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