The illegal real estate agents

  Article By : Marinos Kineyirou|  Published at : Politis Newspaper| 22-04-2012

Marinos kineyirou  Manager of Marinos Estate Agencies  LTD

Marinos Kineyirou Manager of Marinos Kineyirou Estate Agencies LTD

The illegal real estate agents

Even though important steps have been taken so far and the measures which are still promoted by the Council and the Cyprus Real Estate Agents Association (CREAA), in some cases, minor weaknesses and problems emerge, which are under constant surveillance and resolution to combat illegal real estate agents, who increase day by day.

It has been a while since the Estate Agent Registration Council, in cooperation with the Cyprus Association of Estate Agent Entrepreneurs have started a campaign against the illegal real estate agents. In light of the current economic crisis, the Council has undertaken austere measures against the increasing number of illegal real estate agents.  There are people who will denounce in the court of law any real estate agent who is working illegally. The Council has already denounced such cases throughout Cyprus.  Some illegal real estate agents are working in various important posts through which they come in touch with lots of people daily. There are many customers who are approached by an illegal real estate agent in a tempting manner with a small or no fee at all, and not only they fail to realize that they are being exploited, they even follow any kind of illegal activity thinking that they serve their own benefit. This is how the customer can be exploited.

The real estate agent licensee works in the sales sector with a small percentage of a specified commission, while the illegal misinforms the seller or the buyer for his personal profit that may sometimes reach the 70%. When this happens, the illegal real estate agent cannot be denounced because there would be no supporting evidence against him. But, when sales are conducted with the legalized procedures by a licitly registered real estate agent, he can be accused for anything considered unlawful and legal proceedings can be instituted against him according to the legislation. Moreover, a real estate agent licensee, due to his long professional experience can advise a seller and a buyer for their benefit.

What is more, the licensee can protect the customer in case of a judicial problem because of his insurance coverage. There have been many cases however, that with an illegal real estate agent it is possible that the customers may lose their money without managing to claim it back because they are accomplices in the illegal act and therefore are prosecuted. The illegal real estate agent cannot declare his dealings to the several Governmental Departments since any kind of buy and sell action is done through untaxed black money.

The state and the Estate Agent Registration Council must take serious measures so as to protect the ignorant citizens from the illegal real estate agents. We have to stop this illegality because everyone is exposed to danger. Every real estate agent who is working directly or indirectly, without a legal license issued from the Estate Agent Registration Council -an entity of the Public Law- commits a penal offence.

Every real estate agent licensee however, should have his registration certificate and license affixed in a clearly visible position in his office, as well as the registration and license number should be present in his advertisements so as all the customers can check his License. If the customers have any doubts, they are welcomed to get in contact with the offices of the Cyprus Association of Estate Agent Entrepreneurs.

Marinos Kineyirou

Vice-president of the Cyprus Association of Estate Agent Entrepreneurs

President of the Real Estate Agent Entrepreneurs Association of Larnaca- Famagusta

 

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