Marinos Kineyirou Property Auctioneer

  Article By : Marinos Kineyirou|  Published at : Provoli Magazine| 15-07-2012

MARINOS KINEYIROU

PROPERTY AUCTIONEER

Marinos kineyirou Manager of Marinos Estate Agencies LTD

Marinos Kineyirou Manager of Marinos Kineyirou  Estate Agencies LTD

 

By Stamatis Philippis

The Property Auctioneer of Famagusta Mr. Marinos Kineyirou in an exclusive interview with the newspaper ‘Politis’, talked about the profession of the auctioneer, when a property goes to auction, how are auctions conducted in Cyprus, how the process begins and ends but also how much time it takes for a property to go to forced sale. With 7 years of professional career and experience as an auctioneer, Mr. Marinos Kineyirou talks about everything in an interview that will be discussed.

It has been 7 years since you do this profession. Can you say in a few words what an auctioneer is and how is he appointed?

An auctioneer is the appropriate person appointed by the Ministry of Interior – Department of Lands and Surveys, who has the qualifications to conduct forced sale of a property at a public auction. For someone to be appointed an auctioneer he must necessarily persuade the Director of Lands and Surveys that he has a sufficient knowledge of the sales regulations and other legislations relating to sales in public auction, and also to secure the faithful performance of his duties with bank guarantee or mortgage of an immovable property.

When is a property put up for an auction?

The Department of Lands and Surveys is the relevant department of the state, responsible for the forced sales of real estate properties. The term ‘forced sales’ means the sale of a property by public auction, made as a result of implementing the provisions of a relevant legislation or for the execution of a Court order. Forced sales can be classified in two main categories which are those related to satisfying a debt, like selling real estates under mortgage or at the request of the mortgagee under the competent Court, and those usually done for selling undistributed property of co-owners.

How are auctions conducted in Cyprus?

The real estate auctions made by the Land Registry are open and are conducted in public places such as cafes. Notices are posted in the Community where the property belongs, which include its information, the reserved sale price, place and time of the auction and of course the name of the auctioneer. It is also reported in the local press.

What is going on in the beginning and in the end of an auction?

Firstly, I mention what the auction will include, the location, the serial number and plan, section and size.  The auction begins with the reserved sale price. Whoever is awarded the purchase should pay at the end of the auction one fifth of the value of the sale, the transfer fees for the full value of the sale, title rights and the auctioneer’s expenses. The remaining amount of the sale should be paid after 15 days and not more than 25 days from the date of the auction. The money would be paid to the beneficiaries after arranging the capital gains tax and other taxes.

How long does the process take until the day of the auction?

Completing all the cases involving sales for debt relief, usually takes one – two years or more. Borrowers exhaust all means available (tensions, referral to court, etc.) to delay the sale. A very important factor is the particularity of each case, the accumulated workload and the available stuff at the Land Registry.

Mr. Marinos Kineyirou stated that there are currently auctions all over Cyprus and that the number of applications will increase in the coming months due to the economic crisis.

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