Real Estate Management Unit (REMU) Terms and Conditions

PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY AS THEY ARE LEGALLY BINDING AND CONTAIN IMPORTANT INFORMATION ABOUT YOUR RIGHTS AND OBLIGATIONS WHEN USING www.remuproperties.com (the "Website").

1. INTRODUCTION

We are the Real Estate Management Unit („REMU‟) of Bank of Cyprus Public Company Limited (the „Bank‟) and our address is 154 Lemesou Avenue, 2025 Strovolos, Nicosia, Cyprus (referred to as "we" or "us" or "our").

By using the Website, you are signifying your acceptance to be bound by these terms and conditions (hereinafter referred to as "the Terms"), which are legally binding. We may revise and alter these Terms at our sole discretion at any time by updating this page and you should therefore visit this page from time to time and take notice of any changes.

2. OUR RIGHTS AND INTELLECTUAL PROPERTY

The copyright and all other intellectual property rights in this Website (including but not limited to all database rights, trademarks, and trading names) belong to us or our licensor(s). All rights are reserved.

We reserve the right to use “cookies” on the Website to enable it to personalise each user‟s visits on the Website.

You may download material from this Website for the sole purpose of using this Website. However, you must not copy, transmit, modify, republish, store (in whole or in part), frame, pass-off or link to any material or information on or downloaded from this Website without our prior written consent.

This Website may contain links to websites operated by third parties. We have no control over their content. We therefore make no warranties or representations as to the accuracy of any of the information appearing in relation to any linked websites. The links are for your convenience only. If you decide to access any third party website linked from this Website, you do so at your own risk.

Sections of our Website may contain views expressed by users. Such views do not represent our views or values. In addition to all of our rights set out above, we reserve the right to remove any views or statements expressed by users and to take down any content that you upload to our Website at any time and for any reason without notice.

3. YOUR OBLIGATIONS AND CONDUCT

You accept that you are solely responsible for ensuring that your computer system meets all relevant technical specifications and requirements necessary to use this Website and that your computer system is compatible with this Website.

You must not misuse our system or this Website. In particular, you must not hack into, circumvent security or otherwise disrupt the operation of our system and this Website, or attempt to carry out any of the foregoing.

You must not upload or use inappropriate or offensive language or content or solicit any commercial services in any communication, form or email you send or submit, from or to the Website.

All content that you upload to our Website must be accurate (where you state facts), be honestly held (where you state opinions), and comply with the applicable laws of the Republic of Cyprus.

Your content must not contain any material which is defamatory of any person or contain any material which is offensive, discriminatory, unethical, or contain any material which does or could potentially infringe the intellectual property rights of any third party.

We will determine at our sole discretion whether there has been a breach of this clause. Where a breach of this clause has occurred we may take any action we deem appropriate, including legal action.

You recognise that REMU is not an estate agent, attorney, financial adviser or other professional adviser and that all bids and “tender forms” submitted are subject to contract and to the discretion of REMU to review them. REMU has no obligation to reply to any “tender forms” submitted or to give any reasons for rejecting any bids.

You recognise that at times (including during the submission of “tender forms”) you might be asked to provide your personal information (including, without limitation, your name, company details, email address, contact numbers and so on), and this must be provided accurately.

4. BARRING FROM THE SITE

We reserve the right to bar or block users from this Website and/or restrict or disable their access or use of any or all elements of our services, on a permanent or temporary basis at our sole discretion, without any need to provide a notification, notice or warning. The barred user must not then attempt to use this Website under any other name or through any other user.

5. WARRANTY

Whilst we endeavour to ensure that any material available for downloading from this Website is not contaminated in any way, we do not warrant that such material will be free from infection, viruses and/or similar code.

You recognize that the Website is updated at regular intervals and due to the nature of software and the internet, we do not warrant that your access to, or the running of, this Website will be uninterrupted or free of any error or that the Website will be accessible and operative on a 24 hour-per-day, 7-day-per-week basis. We may suspend, withdraw, discontinue or change all or any part of our Website without notice. We shall not be liable if we cannot process your details, your requests or your tenders due to any circumstances.

The information provided on this Website is for general interest only and does not constitute specific advice.

We make no warranties or representations that the property information, including location, size, dimensions, physical and legal condition, and so on, on this Website is correct, accurate or up-to-date.

We make no warranty or guarantee that this Website or information available on it complies with laws other than those of the Republic of Cyprus.

6. LIABILITY

We will not be liable for any failures due to software or internet errors or unavailability, or any other circumstances beyond our reasonable control.

We do not accept any liability for loss of your password or account ID caused by a breakdown, error, loss of power or otherwise caused by or to your computer system.

We will not be liable to you for any loss or damage, whether in contract, tort (including negligence), breach of statutory duty or otherwise, even if foreseeable, arising under or in connection with the use of, or inability to use, our Website; or use of or reliance on any content or information displayed on our Website.

We shall not be liable to you for any indirect, consequential, special or punitive loss, damage, costs and expenses, loss of profit, loss of business, loss of reputation, depletion of goodwill, or loss of, damage to or corruption of data.

We will not be liable for any loss or damage caused by a virus, attack or other technologically harmful material that may infect your computer equipment, computer programmes, data or other proprietary material due to your use of our Website or to your downloading of any content on it, or any website linked to it.

We are not liable regarding any misinformation, inaccuracy, mistake, misrepresentation, and so on, regarding the property information, including location, size, dimensions, physical and legal condition, and so on, on this Website. The users of this Website interested in completing a “tender form” on this Website are responsible to visit and inspect the properties they are bidding on, either themselves or through an advisor or a representative.

When you use the "tender forms" on this Website to make a bid on a property, your details (including your email address) may be sent by email directly to REMU. We do not accept any liability for any subsequent communications that you receive directly from any estate agent or other third parties acting on our behalf. We are not liable if any “tender forms” are not submitted due to any technical error, inability to use the Website or break down of the Website.

7. A.THE TENDER PROCESS

The Tender Process applies to all properties marked « In Tender» on the Website.

The entry date of any property on the Website initiates the thirty (30) day tender process whereby tenders may be submitted for the purchase of that property by the interested parties.

The submission of a tender for the purchase of a property must be made through the submission of the tender form which must be fully completed and signed by the interested party. The tender form can be found at the details section of the property on the Website for which the interested party wishes to submit a tender.

Offers which are not accompanied with the signed acceptance of the terms written in the tender form by the interested party shall not be accepted.

The tenders must be delivered in a sealed envelope to the following address by the date of expiry stipulated in the tender form:

«Bank of Cyprus Public Company Ltd
Bank of Cyprus Public Co Ltd
Kyrenia Avenue 97, Aglantzia
2114 Nicosia Cyprus»

Any offers sent to any address other than the above shall be considered as having not been made.

Any offers received within the Tender Process period will be kept in the tender box until the expiry date by which they will be opened and evaluated subject to the provisions of 7(B) .

B. POST-TENDER PROCESS

After the expiry of the Tender Process period, the properties will then be marked « For Sale» on the Website.

The Post-Tender Process applies to all properties marked « For Sale» on the Website.

The Bank is entitled to inspect and review any tender forms submitted during the post-tender process period, and it is at its discretion whether to reply to such tender offers or not. The Bank is at no point liable or obliged to respond to any tender offer regarding any property submitted at any time after the tender process period has ended. The Bank, therefore, reserves its right to consider, accept or reject any offer received at the aforementioned address of the Bank irrespective of the amount of the offer or of the date by which the offer was submitted.

Furthermore, irrespective of whether or not the tender process for a particular property has ended, the Bank reserves the right at any time, to proceed with the sale of any property to any third party.

8. TERMS OF SALE

Unless agreed otherwise between the parties, the purchase price shall be paid as follows: 25% of the offered purchase price shall be paid by the Buyer upon signing of the sale agreement through a bankers draft or electronic transfer to the Bank. The signature of the relevant sales and purchase agreement shall take place the latest within 30 days as from the acceptance letter, otherwise the Bank’s acceptance of your offer will be considered null and void and the property will return to the market for sale.

The remaining 75% of the purchase price shall be paid by the Buyer within thirty (30) days from the date of the signing of the sale agreement. Upon the expiration of the thirty (30) days, the Bank reserves the right to cancel the sale or charge interest, at the basic rate as decided by the Bank + 4% (margin), on any outstanding amount which has not been paid within the aforesaid thirty (30)days period, until its full payment.

Until full payment of the purchase price by the Buyer, the Bank shall retain the ownership and possession of the property.

The stamping process of the sale agreement shall be carried out by the Bank whilst the stamp duty fee shall be borne and paid exclusively by the Buyer, who will also be responsible to pay the relevant Land Registry fees for the submission of the sale agreement.

The Buyer shall also pay the transfer fees and costs for the registration of the property in his name payable at the Land Registry Office.

Any offer by a registered licensed estate agent, in order to be accepted by the Bank for evaluation purposes only, must state the name and details of the tenderer and must contain a duly certified written declaration by the tenderer that the estate agent represents and binds him and must state the duration and date of expiry of this representation. In no event is the Bank bound towards the estate agent at the stage of evaluation. Therefore, the Bank does not accept any liability or obligation whatsoever for the payment of any commission, remuneration, compensation or costs to the estate agent.
During the tender evaluation the net price (price excluding estate agent commission) will be considered.

In the event the Bank accepts the offer by the estate agent and proceeds with an agreement with the buyer for the purchase of the property and a sale agreement is signed in this respect including the aforesaid minimum terms, the Bank undertakes to pay to the registered licensed estate agent an agreed commission after the completion of the sale agreement and the payment to the Bank of the purchase price, as per the below Commission Scheme which has been calculated on a regressive basis (based on the value of the asset):

  • up to €500,000 - 4% + VAT
  • from €500,001 up to €1,000,000 - 3.5% + VAT
  • from €1,000,001 up to €2,000,000 - 3.0% + VAT
  • over €2.0m – commission to be evaluated and approved on a case by case basis prior to signing of the sale agreement

The payment of the agreed commission to the estate agent will be made only after the Bank receives full payment of the purchase price of the property.

The offer by the estate agent must include a written acknowledgement and acceptance of the aforesaid term. In the alternative any offer will be considered as not accepted by the Bank.

The Bank under no circumstances accepts or undertakes any liability or obligation whatsoever to pay any commission, fee or costs to any estate agent for the sale of any property unless and provided the estate agent follows the aforesaid procedure required by the Bank, and fulfils all the aforesaid obligations and requirements of the Bank.

The Bank has the right to review and reconsider the selling price at any time without prior notice.

Acceptance of the offer by the Bank shall not in any case be binding on the Bank to ultimately proceed with the sale of the property without the prior signing of the sale agreement by the Bank. Until the signing of the sale agreement, and if the Bank considers that the transaction is no longer profitable, the Bank may opt not to proceed at no cost and without any liability for compensation or damages.

Acceptance of the offer by the Bank will be subject to all the necessary compliance and anti-money-laundering (AML) checks and reviews, and during this process the potential buyers must provide the Bank with any and all information and documentation requested in order to successfully carry out the aforementioned checks and reviews. Any acceptance of an offer by the Bank will also be subject to verification of source of funds and to agreeing on the final terms of the relevant sale agreement.

All interested buyers must check the town and planning details of the property with the appropriate authorities. The Bank accepts no liability for any difference there might be between the property details provided by the Bank and those provided by the relevant authorities.

9. SUB-CONTRACTING

We may cede or assign any of our rights or obligations or sub-contract any of our obligations under these terms and conditions without requiring your prior consent.

10. NOTICES

All notices shall be given to us, by post to our address provided in clause 1 of these Terms.

All notices sent by email will be deemed to have been received on the day that they are sent or, if sent on a national holiday in Cyprus or on a Saturday or Sunday, the next working day following the day on which the email was sent. All notices sent by post will be deemed to have been received 3 working days after the date of posting.

11. APPLICABLE LAW AND JURISDICTION

These Terms and their subject matter and formation (including any non-contractual disputes or claims) are governed by Cyprus law and will be subject to the exclusive jurisdiction of the Cyprus courts.