The relationship with your real estate agent — whether buying or selling a home — is more complicated than most business relationships. For starters, it’s rare that one of your employees, your boss or a business associate would come into your kitchen to talk shop. Also, a real estate agent comes in and out of your life at an emotional and vulnerable time — one of transition and change. It’s a very different relationship on many levels.

But sometimes the relationship just doesn't seem to be working out as you expected. Maybe the agent is too slow, not available as you much as you’d like, or is too pushy. It could be that you and your agent just aren't a good match.

For whatever reason, there may come a time to call it quits. Can you “break up” with your agent? And if so, how?

Buyers: Take the high road

Real estate agents rarely require buyers to sign a written agreement. Usually, you, as the buyer, simply work in “good faith.” This handshake agreement means you agree to work exclusively with the agent. You should never engage more than one real estate agent.

And that’s fair. Agents often work long hours for buyers with no real guarantee of a payoff since they only get paid (by the seller) when a buyer buys. In some situations, a buyer may tell an agent, after months of working together, that they've decided to rent or move to a different town. It’s part of the job description.

When working with an agent, start slowly if you can to get a better feel for the agent and the home buying process. The further down the road you go with an agent, the more awkward and difficult it is to end the relationship.

If you’ve worked with an agent for some time but things aren’t going well, have a heart-to-heart talk. Take the high road. Give the agent constructive feedback about what’s not working for you. When possible, give your agent a chance to reverse course. If they still aren’t performing, tell the agent you have to move on.

Sellers: Ask for a “divorce”

Breaking up with an agent may not be so easy for sellers because they are contractually connected via a listing agreement. They are obligated to work with their agent’s company throughout the term of the agreement. That doesn't necessarily mean that they have to have the property publicly listed the whole time, but that they can’t work with anyone else during that term.

If things aren’t going well early on, voice your concerns to your agent. If it’s not working out or isn't a good fit, a good agent will simply let you out of the agreement. But sometimes, being “divorced” will infuriate a real estate agent and they may hold you through the term.

A seller can always wait it out and refuse to show the home or entertain offers. But, that doesn't do anyone any good. It is negative energy and not good for the agent’s reputation. If this happens, call the agent’s company (the real estate brokerage firm).

Let the manager know how your agent responded and ask to be released from the agreement. Most brokerage firms will want to keep a good reputation, so they'll try to find another agent in the office that would be a better fit or perhaps release you from the listing agreement.

Avoiding the break up

The best way to avoid the real estate agent “break up” is to do your homework up front. Begin slowly and keep your distance at first. While you may be excited to enter this next stage of life, it’s prudent to tread cautiously. Don’t engage a buyer’s or seller’s agent without first getting referrals, vetting candidates and having a few preliminary discussions.

Technocrats of Cyprus’ Troika of international lenders – comprising the European Commission (EC), European Central Bank (ECB) and the International Monetary Fund (IMF) – are set to return to Cyprus on January 27 for the completion of its sixth review of island’s economic adjustment programme.

According to an IMG source, the mission will focus on the insolvency framework, described as a “critical priority” for the programme at this stage.

Though preparations for the review will begin on January 27, the technical mission – requiring the presence of the Troika Heads of Missions – will begin once the suspension of the foreclosures legislation expires. The legislation in question, previously scheduled for implementation on January 1, will now come into force on January 31.

“As a result of the suspension of the foreclosures law, some essential requirements for the completion of the review are missing. At this stage first we will have to see the commitments being met and then we will reassess first at the staff level,” the IMF source added.

The government reiterated on Friday that it had alternatives, whether the EU’s ruling on state aid for Cyprus Airways was negative or positive as the decision that could close the airline after 65 years of operation was awaited later in this afternoon.

Speaking on CyBC radio, government spokesman Nicos Christodoulides said: “There is a plan for both scenarios”.
The European Commission is expected to issue its ruling around 6pm on whether €102m in government support given to Cyprus Airways (CY) in 2012 and 2013 constituted illegal state aid. A negative ruling would herald the end of the national carrier as it cannot afford to return the money.
Other reports suggested the ruling might not be issued today.
Christodoulides, who said indications were that the news was not going to be good whenever the ruling came out, said there was a plan to work with the private sector to fill the gap. The government has already bought the Cyprus Airways logo and branding.
The EU’s Competition commission opened an investigation into restructuring aid for CY. Its aim was to determine whether Cyprus’ plans to support the airline’s restructuring of €102m were in line with EU state aid rules.
The restructuring plan submitted to the EU ran from 2012 to 2017. It included a €31.3m capital injection granted in 2012, a conversion of debts into equity amounting to €63m and €8.6m to cover the deficit of the company’s provident fund, a benefit scheme for the Cyprus-based employees (excluding pilots), financed through contributions from the employees and CY.
According to EU rules, restructuring aid may be granted only once over a period of ten years to prevent inefficient companies from being kept artificially alive with repeated subsidies. The Commission had earlier approved restructuring aid for CY in 2007, but there followed additional public interventions, including the 2012 capital injection and a €34.5m rescue aid loan in 2013.
In a press release in February last year, the Commission said it had “doubts whether the restructuring plan is suitable to ensure Cyprus Airways’ long-term viability and whether the airline is capable of withstanding likely challenges in the air transport market during the next years.”
The EU body said also it was “uncertain” whether a proposed capacity reduction through the cancellation of routes was sufficient to compensate for the distortions of competition created by the state support.
Tourism Minister Giorgos Lakkotrypis said on Friday the government had been preparing for months for the possible closure of Cyprus Airways.
He said British Airways had already made plans to operate five additional flights as of March.
“It’s been several months since we began planning in case there is the potential to fill this [Cyprus Airways] gap,” said Lakkotrypis, adding that adequate transport for the public and business would be available.
Former President Demetris Christofias, under whose watch the handouts were given, said on Friday the airline’s problems stemmed from the loss of millions through reckless decisions taken by successive boards. “It was not we who recruited tens and hundreds of people before elections,” he said.

Courtesy of Cyprus Mail

President of the Republic Nicos Anastasiades is expected to further assess the controversial foreclosures bill whose implementation has been suspended until January 31, in a meeting later today with Ministers of Finance and Interior, Harris Georgiades and Socratis Hasikos.

The official meeting is set to discern how authorities might proceed with the implementation of Cyprus’ economic adjustment programme, following the delays regarding foreclosures.

The decision taken by the House of Representatives to postpone the implementation of said legislation – a prerequisite to the disbursement of further financial aid – critically undermines the credibility of the country, Minister of Finance Harris Georgiades has publically commented.

Indeed, an IMF spokesperson has noted that “critical requirements for the completion of the 5th program review are no longer met,” following the decision. The European Commission has furthermore stated that the next programme review, set to begin in January, may be rescheduled.

According to sources, President Anastasiades intends to refer the foreclosures bill back to Parliament following today’s meeting.

By Marie Kambas

The overall value of bad cheques issued last year fell an annual 41 per cent to below 3.4 million euros, the Central bank of Cyprus said.

The number of bad cheques issued in 2014 decreased 27 per cent to 2,250 compared to 2013, the central bank said in a statement on its website today.

Following the peak of the banking crisis in mid-March 2013, the central bank did not report bad cheques to the Central Information Registry until July.

The number of individuals reported to have issued bad cheques fell 23 per cent last year compared to the year before to 495, while the number of companies that did so fell 16 per cent to 660, the central bank said.

THE government on Monday announced a €10 million grant scheme earmarked for businesses investing in research and innovation.
An energy ministry statement said the scheme aimed at supporting and bolstering existing and new enterprises that invest in research and innovation to develop competitive products and services they planned to market.
Grants will also be given to businesses applying innovative processes in the manufacture of their products.
The budget for the scheme is €10 million with an additional €8.0 million expected later.
The ministry said 25 per cent of the budget, or €2.5 million, will finance new enterprises with a maximum €50,000 each or 80 per cent of the capital.
The remaining 75 per cent will be granted to existing businesses, which will receive up to €250,000 per entity or 60 per cent of the capital needs.
Applications can be submitted from January 12 until March 16.
For more information: 22409393, 22409367, 22409370, 22409371, 22409312.

By Stelios Orphanides

Non-performing loans in Cyprus’s banking system continued to rise in October to 28.2 billion euros or almost 49 per cent of total loans the Central Bank of Cyprus said.

A month earlier, the NPL ratio was 48.5 per cent while in October last year it was 38.5 per cent the central bank said in a statement on its website. The respective amounts in all banks and cooperatives operating in Cyprus were 28.1 billion euros and 24.6 billion euros.

In October, banks saw the percentage of unserviced debts extended to companies at 50.7 per cent and that to individuals at 51.4 per cent, the statement said. The respective amounts were 15.8 billion euros and 12.4 billion euros.

Three out of four outstanding loans extended to construction companies or 5.7 billion euros were in October non-performing and making out more than one third of company NPLs, the central bank said. NPLs to retail and whole sale companies as well to real estate companies which together made out less than one third of overall unserviced loans, stood at 2.4 billion euros and 2.3 billion euros with a non-performing ratio of 46.6 per cent and 56.4 per cent respectively, the central bank said.

Nearly 45 per cent of loans extended to individuals by banks and cooperatives for the construction or purchase of immovable properties was non-performing in October and stood at almost 6.5 billion euros or more than half of overall non-performing credit to individuals, the central bank said. The non-performing ratio in the case of consumer loans was 61.3 per cent and with 4.4 billion euros made out more than one third of the overall non-performing debt of individuals.

In a bid to revitalise the historic centre of Nicosia, the city’s Municipality has revealed plans to purchase 13 mini buses to connect the capital’s centre with greater urban areas.

As reported by the Cyprus Mail, the Municipality hopes to encourage accessibility to the historic ‘Old Town’ via sustainable means of transport.

The small size of the buses is imagined as being ideal for movement within the walls and care has been taken to seek user and environmentally friendly vehicles.

The vehicles will also have low-floor easy access for people in wheelchairs.

The buses, which can transport up to 20 passengers at a time, are to be delivered within eight months.

The €1.1 million deal was signed by Nicosia Mayor Constantinos Yiorkadjis and the General Manager of the Cyprus Import Corporation Ltd (Mercedes Benz), Alexis Anninos.

By Elias Hazou

PEOPLE with fat bank accounts, as well as owners of immovable property worth hundreds of thousands, were among those applying for guaranteed minimum income (GMI), labour minister Zeta Emilianidou said on Tuesday.

Speaking on CyBC radio, Emilianidou revealed that authorities had received several applications from persons with up to €1m in their bank accounts, or owning property valued at over €200,000.

These were of course rejected, she said.

Of the some 16,000 application forms filed by first-time applicants, the ministry has approved 4,000 and payments have been made to these persons.

In a statement, the ministry said that a further 200 applicants would have received payment by yesterday.

Up until December 1, 16,200 GMI applications were filed by Cypriot citizens: currently out of work, long-term unemployed, low income earners and self-employed.

Authorities have meanwhile turned down around 4,800 applications, for not complying with basic eligibility criteria: value of immovable property, bank deposits, and income.

According to Phileleftheros, ministry checks identified 46 households where the owners possessed property worth over €1m. There were also at least three cases where applicants were found to have between €500,000 and €1m in their bank accounts.

Authorities were also able to verify that a number of self-employed people falsely claimed to be jobless, or stated an income lower than the real one.

These reported cases likely reflect the more egregious claims. There is no hard line on eligibility in terms of income levels for the GMI – whether one is entitled to the allowance, and how much, depends on a variety of factors, including whether or not he has a mortgage or pays rent, the number and age of dependents, the individual’s net worth, and even the total area of his or her home. Thus, two people receiving identical monthly wages may find their respective applications treated differently.

In theory, anyone could be eligible provided he or she does not have over €5,000 in cash or own property worth more than €100,000 – excluding primary residences.

The labour ministry said that of those applications rejected for not meeting property criteria, 57.5 per cent owned property valued at between €200,000 and several millions.

Moreover, among the claims disallowed on bank account criteria, 37 per cent of these applicants were found to have deposits of between €25,000 and €1m.

And 43 per cent of the cases rejected for not meeting income conditions were found to be earning monthly wages between €2000 and €5000.

Additionally, processing of approximately 6,000 applications has been put on hold due to missing or incomplete information, such as bank confirmation of deposits, wrong IBAN and so forth.

The ministry said it would be contacting these applicants.

An applicant must supply confirmation of permanent residence by local authorities, proof and justification of any change in income levels over the last six months, mortgagees must provide a copy of their mortgage agreement and a current interest statement, and those who rent a home must submit a copy of the tenancy agreement.

Personal banking information must be accompanied by confirmation of its accuracy by the bank itself. Copies of identity cards, bank account statements for all involved (applicant and dependents) since January 1, 2014, and employer confirmation of monthly salary, are only some of the items on the list. Self-employed applicants are required to submit additional documentation, and non-Cypriot applicants yet more.

Authorities are also checking applications by existing beneficiaries of state assistance (21,500) and low-income pensioners (38,000).

Earlier this month, Emilianidou conceded that over half of the 16,000 first-time applicants would not receive aid in time for Christmas.

Parliament subsequently passed a law making a person eligible to receive GMI effective from the date of filing the application rather than the date of the application’s approval. Persons whose applications are eventually approved will thus receive payments retroactively.

GMI was introduced this year, to replace the previous system of state allowance, which was easy to abuse. However, the new system has been criticised as being excessively complicated, causing the delays in processing applications.

By Elias Hazou

The Attorney-general’s office will on Wednesday reach a final decision on filing criminal prosecutions against a number of ex-officials at the Bank of Cyprus, the Cyprus Mail has learned.

Attorney-general Costas Clerides, his deputy Ricos Erotocritou and the police team investigating the causes of the 2013 financial meltdown, will be convening around noon. A similar meeting was also held on Tuesday.

Among the details to be finalised during Wednesday’s crunch meeting will be the persons to be indicted and the charges.

The thinking at the moment is to bring prosecutions against five former leading officials at Bank of Cyprus (BoC). The five include former board directors as well as executives, sources said.

The indictments have to do with violation of stock market regulations and market manipulation laws.

The actual filing of the prosecutions is expected the following week, the same sources told the Cyprus Mail.

It was not clear whether the five will be the first in a series of prosecutions against former BoC cadres.

Earlier this month, the Attorney-general said the probable prosecutions revolved around the dissemination of misleading or false information to the public with regard to the bank’s capital adequacy.

Clerides had also said that the offences would include those identified and fined by the Cyprus Securities and Exchange Commission, CySEC.

In June, CySEC announced administrative fines totalling €8 million slapped on 23 former officials of Bank of Cyprus – 12 – and now-defunct Laiki Bank – 11 – for misleading investors through public statements.

The market watchdog fined former BoC CEO Andreas Eliades, his successor Yiannis Kypri and former board chairman Theodoros Aristodemou €530,000 each, and Laiki’s Andreas Vgenopoulos and Efthimios Bouloutas €705,000 each.

Meantime two private lawsuits have been brought against banks and individuals concerning market manipulation during the stock market bubble in 2000 as well as the run-up to the ongoing financial meltdown from 2009 to 2012.

The list of entities and individuals facing a private prosecution includes BoC, Hellenic Bank, investment firms Cisco and Sharelink, and former BoC CEOs Eliades and Kypri.

Among other allegations, Kypri reportedly announced on December 10, 2009, that the lender had evaluated Greek bonds as “risky” and intended to divest its holdings.

However, without informing investors, the bank subsequently purchased a large package of Greek bonds.

Cypriot lenders lost about €4.5bn when European Union leaders agreed in late 2011 to a Greek debt write-down, designed to make that country’s debt burden more sustainable.

Problems in Cyprus snowballed into the winding-down of Laiki Bank under a mountain of debt and a large chunk of deposits exceeding €100,000 being converted to equity to prop up the Bank of Cyprus.

Authorities were forced to seize uninsured deposits at its two main banks in March 2013 to qualify for €10bn in aid from international lenders, the first time bank savers were burned in the euro zone crisis.