CONTENT
course content
Dates and times
To be announced.
Course content
UNIT 1: introduction to real estate law
- Introduction to the course
- Introduction of trainer
- Introduction of participants
- Hypothetical scenario and invitation for initial thoughts.
- Definition and scope of real estate law.
- Describe types of agencies and licensing
- Importance of real estate law in property transactions.
- Definitions of common terms such as lease, license, statutory tenancy, agency, and fiduciary duties
- Definition of agency and the role of real estate agents.
- Overview of different types of agency relationships: Designated Agency and Brokerage Agency.
- Basics of contract law in real estate transactions.
- Case Study Analysis: Examine a scenario as a group of a real-world real estate transaction.
- Discussion: Share initial thoughts on how real estate law affects property management and sales.
UNIT 2: Leasing Property
- 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 due diligence 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 3: 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
UNIT 4: 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.
UNIT 5: 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.
UNIT 6: 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.
UNIT 7: 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.
suitable for
This course is suitable for:
- Lawyers and legal professionals
- Real estate agents
- Assistant real estate agents