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General FAQs

 

How can I get more information about the properties I am interested in?

You can contact us by e-mail at enquiries@gordianholdings.com or by phone at 77 77 56 56 (Working hours , Monday – Friday 08:00 – 17:00).

 

Who is the owner of the properties shown in the website?

Unless expressly noted otherwise, the properties presented in the website are owned by Gordian Holdings Limited or a wholly owned subsidiary of Gordian Holdings Limited. Where noted otherwise, Gordian Holdings Limited has been duly authorized by the owner of the property to advertise the property for sale. For the avoidance of doubt, Gordian Holdings Limited is not a real estate agent and does not provide any real estate agent’s services nor does it operate as a legal and/or financial and/or other professional advisor.

 

Do I get a refund/discount if I identify an issue on the property post purchase not previously identified or verified?

The properties are for sale on an “as is” basis. Buyers are expected to carry out their own due diligence.

 

What is an ‘offer accepted’ property?

A property has an ‘offer accepted’ status when an offer for the specific property has been approved by the owner.

 

Can I make an offer for an ‘offer accepted’ property?

Yes, you can make an offer, however the offer will only be considered in case the transaction does not conclude with the approved buyer.

 

Why can I not find a property on the website anymore?

Most probably the property has been sold. Contact us for more information.

 

How can I view a property?

You can call us at 77 77 56 56 (Working hours , Monday – Friday 08:00 – 17:00) to arrange a viewing, or contact us by e-mail at enquiries@gordianholdings.com.

 

How to make an offer?

You can complete the ‘Tender Form’, found online in each specific property page and send it via email to the Sales Department of Gordian at offers@gordianholdings.com.

The above do not apply for auctions – more details in the relevant section.

 

When do I get an answer for my offer?

The sales team will contact you within 3 days of receipt of your written offer.

 

What happens after my offer is approved?

If your offer is approved, then an acceptance letter is sent to inform you of the decision and advise on any information required in order to proceed with the drafting of the legal documents. Additional supporting documentation may be requested in line with our Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures.

 

Auctions FAQs

 

What is a public auction?

A public auction is the procedure by which Gordian Holdings Limited can sell mortgaged property in accordance with the provisions of Part VIA of the Real Estate Transfer and Mortgage Act of 1965 (Law 9/1965), as amended. The property will be sold to the bidder who will submit the highest bid at the auction. The auction can take place either physically or electronically.

The procedure set out below focuses on some key procedural issues for easy reference and in no way replaces the Law or is intended to provide full information regarding the provisions of the Law or to provide legal advice.

 

How is the reserve price/minimum acceptable price calculated?

The reserved price is calculated in accordance with the provisions of the Real Estate Transfer and Mortgage Law of 1965 (9/1965), in compliance with which, two (2) appraisers are appointed, one on behalf of the mortgage lender and one on behalf of the mortgagee to conduct independent valuations of the mortgaged property for calculating its market value. In case the highest estimate is less than the lowest estimate plus twenty five percent (25%) of it, then the market value is considered the average of two (2) estimates. Otherwise, the mortgage lender will appoint a third independent valuer to determine the market value of the property, and the market value of the mortgage property will be considered the average of the two (2) closest estimates. At the auction, the reserved sale price set is not less than eighty percent (80%) of the market value of the property. The mortgaged property cannot be sold at a price lower than the reserved price.

 

Where are the auctions conducted?

Physical auctions are conducted in five (5) specified venues, one in each district as per below:

  • Nicosia: 28 Archbishop Makarios III Avenue, 2324 Kato Lakatamia
  • Limassol: 22 Parthenonos Street, 4190 Ypsonas
  • Larnaca: 10 Zakynthou Street, 6018 Larnaca
  • Paphos: Shop No.1, 5 Charalambos Kyrillou Street, 8250 Emba
  • Paralimni: 42 Agiou Orous Street, 5281 Paralimni

 

In addition, online auctions are conducted through the online auction system at www.eauction-cy.com.

 

How can I bid/participate in an auction?

If the auction is to be conducted in a physical way, you must attend the auction venue at the date and time stated in the Auction Announcement of the property.

If the auction will be conducted electronically, bids will be submitted through the online auction system. More information on how to register as a Prospective Bidder, for your own interest or as a representative of other natural or legal persons, can be found at www.eauction-cy.com.

 

What legal documentation do I need to have with me in order to bid at the auction?

If the auction is to be conducted in a physical way, you must attend the auction venue at the date and time stated in the Auction Announcement of the property.

If the auction will be conducted electronically, bids will be submitted through the online auction system. More information on how to register as a Prospective Bidder, for your own interest or as a representative of other natural or legal persons, can be found at www.eauction-cy.com.

 

How can I bid/participate in an auction?

For individuals:

  • Identification data (I.D./passport)

If the individual is acting on behalf of another individual, then identification data of the beneficiary will also be needed as well as a valid power of attorney.

Legal entities (as applicable):

  • Copy of company registration certificates (original certificates may be requested in certain situations);
  • Board minutes authorizing the Director to bid in the auction of behalf of the company
  • Identification data of authorized Director (I.D./passport).

The above are indicative examples of the minimum documents that can be requested. Each bidder should confirm with the appointed auctioneer which legal documentation applies to their individual occasion.

  

What legal documentation do I need to have with me in order to bid at the auctionow can I bid/participate in an auction?

For individuals:

  • Identification data (I.D./passport)

If the individual is acting on behalf of another individual, then identification data of the beneficiary will also be needed as well as a valid power of attorney.

Legal entities (as applicable):

  • Copy of company registration certificates (original certificates may be requested in certain situations);
  • Board minutes authorizing the Director to bid in the auction of behalf of the company
  • Identification data of authorized Director (I.D./passport).

The above are indicative examples of the minimum documents that can be requested. Each bidder should confirm with the appointed auctioneer which legal documentation applies to their individual occasion.

 

Can anyone bid at the auction?

According to the provisions of the Real Estate Transfer and Mortgage Law of 1965 (9/1965), the mortgaged property may not be sold:

1. To a person who holds more than two per cent (2%) of the share capital of the licensed credit institution or a licensed financial institution or is affiliated with the mortgagee or their representative or their spouse or their parent or their descendants up to third degree, or any officer, director, employee of the mortgagee.

2. To any officer, director, representative or relative up to the fourth degree of the auctioneer.

3. To the valuers who prepared the property valuation report and their relatives up to the fourth degree.

Upon completion of the auction, the successful bidder will sign a statement confirming that for the purposes of the auction process there is no reason to exclude them or their company.

 

How is the auction held?

The auctioneer starts the auction at the time specified in the auction announcement and invites all interested persons who are present to submit their bid for the property in auction. Along with other relevant information, the auctioneer informs the interested parties about the following basic information:

  • The property will not be transferred if the reserved price is not reached.
  • The property is auctioned without further guarantees in relation to the existence, type or size of the property or the right of the mortgagee
  • The sale price does not include VAT. In case the property is subject to VAT, this is an additional amount on top of the awarded price and is borne by the successful bidder.

Upon completion of the auction, the successful bidder will sign a statement confirming that for the purposes of the auction process there is no reason to exclude them or their company.

 

What happens on conclusion of the auction?

The successful bidder is obliged to pay the following to the auctioneer:

  • Advance payment of at least 20% of the accepted offer price (by personal/bank check).
  • The amount of the transfer fees, if any (applies to properties worth more than €350,000 and since VAT is not valid. The fees amount to 4% on the amount that is over €350,000 per owner).
  • €10 for the transfer application to be submitted to the Land Registry.
  • €5 for the issuance of each new title deed.
  • Identification/supporting documents as defined above and confirmed by the auctioneer.
  • Written Statement confirming that the successful bidder is not a person to whom the property is not allowed to be sold, as described above.

Please note that if the auction is conducted electronically, in order for participation to be accepted, the applicant should pay the amount of the participation guarantee for the specific auction, 10% of the reserved sale price, no later than two (2) full working days before the scheduled day of the auction and by 15:00hrs.

The successful bidder must settle any outstanding balance of the sales price within 20 days from the auction date. In case the successful bidder refuses, neglects or fails to pay the remaining amount within this deadline, the sale of the Property will be canceled and the advance payment will be held by the Mortgage Lender, while the successful bidder will be liable for any losses that may arise in subsequent sale. In case of VAT, the amount of VAT will need to be settled by the agreed date and in any case before the end of one month from the date of the auction.

 

Where can I find more information about the auction process and/or the property to be auctioned?

For more information, you can refer to the online auction website at www.eauction-cy.com. You can also contact the auctioneer (contact details are included in the Auction Announcement of the property), or our Real Estate Department at 77 77 56 56.

 

Where can I find details about upcoming property auctions?

You can see the full list of upcoming auctions conducted by Gordian Holdings Limited throughout Cyprus by visiting our website at www.gogordian.com.