Terms of Use

Alpha Real Estate Services LLC (ARES) Terms and Conditions

It is of utmost importance to read the terms and conditions carefully as they are legally binding and contain important information about your rights and obligations while using our page www.aresproperties.com.cy (the Website).

The use of this Website implies the full and unreserved acceptance of the Terms of Use, which are applied to the entire content of the site. In case that the visitor/user of the website does not agree with any part of these Terms, the visitor/user must exit the website and make no further use of it.

By visiting or using the Website, visitors/users acknowledge that they have read, understood and unconditionally accepted the Terms of Use and agree to be bound hereby. Alpha Real Estate Services LLC (ARES) may unilaterally modify the present terms at any time, without notice, by announcing any such modification through its Website. The use of the Website after the announcement of the modification shall be deemed to constitute an acceptance of this modification.

Who we are

ARES is a private company and a subsidiary of ALPHA ASTIKA AKINITA S.A. ARES is a member of Alpha Bank Group and provides comprehensive services covering all aspects of valuations, asset/property management and property consultation for and behalf of Alpha Bank Cyprus Ltd and Alpha Bank Group in general. ARES is also listed in the Technical Chamber of Cyprus (ETEK) as a property valuation company and can perform any sort of property valuations and feasibility studies.

ARES formal address is: 11, Limassol Avenue, Galatariotis Building, 2^nd floor, 201, 2112, Nicosia Cyprus, and our correspondence address is: 131 Kyrenias Avenue, Office 103, 2113, Aglantzia Cyprus.

(t) +357 2288 8874, (f) +357 2277 5391, pmanagement@ares.alpha.com.cy

A. Copyright/Intellectual & Industrial Property Rights

The entire content of the Website, including, indicatively but without limitation, trademarks, distinctive titles, texts, news, photographs, images, services on offer, is owned by ARES and it is governed by the relevant provisions of Cyprus and International Law, mainly concerning Intellectual and Industrial Property, with the exception of protected third party rights. Consequently, no modification, publication, transmission, transfer, reproduction, distribution, presentation or any use of the content -in whole or in part- of the Website is permitted in any way or by any means for commercial or other purposes, without the prior written consent of ARES. Exceptionally, limited or isolated copying, printing or storage of parts of the aforesaid content is permitted for the visitor’s personal use, provided that it is accompanied by a clear and distinct acknowledgement of the source of origin and that they will not be used for commercial or other purposes.

B. User Conduct

The Website shall be used for lawful purposes only and in a manner that does not restrict or inhibit its use by any third party. The visitors/users of the website ought to comply with the rules and provisions of the Cyprus, European and International Law and the legislation governing telecommunications and refrain from any illegal and abusive/inappropriate behavior which may have negative consequences for other visitors/users and cause damage to or disruption to the Website and by extension to ARES.

In the event of ARES finding itself involved in any litigation or required to pay any kind of compensation as a result of a breach by the visitors/users of their obligations, the visitor/user shall compensate the ARES accordingly.

C. Links to third party websites

The Website enables its visitors/users to be transferred via special connections (links, hyperlinks, banners) to third party websites. The content of such linked sites is the sole responsibility of the respective third parties providing them. ARES does not warrant the availability of such sites and in no event shall it be liable for the content, correctness, legality, completeness, actuality and accuracy of the information or the quality and properties of the products or services offered to the public through the aforesaid websites. ARES website provides links to other websites solely as a convenience to visitors/users and the inclusion of any link to these websites under no circumstances shall it be deemed to constitute or imply an undertaking or warranty or inducement or endorsement by the ARES either of the content or the quality of the services provided therein.

D. Limitation of Liability

ARES has made every possible effort to ensure that all information provided by the Website is complete, accurate, up-to-date and clear, but it does not warrant that all these criteria will invariably be met. Consequently, ARES under no circumstances, even in the event of negligence, shall be liable for any errors, omissions or deficiencies concerning the provision of information, any delay, interruption or inability in the transmission of information or any damage caused to the visitor/user due to the use of such information.

The content of the Website does not constitute a financial, legal or other advice, inducement or incitement for conducting an investment or any other transactions and ARES in no event shall be liable for any use of the Website by the visitors/users who act on their own will.

E. Website Security

Access to the Website is provided on the initiative of the visitor/user and not on the initiative of ARES.

The visitor/user of the website is solely responsible for obtaining and maintaining the necessary equipment (e.g. personal computer), software, telecommunication equipment and any other service needed for access to the site. Users are also responsible for protecting their system against viruses and other malicious software.

ARES has made every possible effort to ensure that all security measures have been taken to protect the Website against viruses and other malicious software and uses security systems to control access to its web pages in order to prevent attacks and any other unauthorized actions, but it does not warrant that the content of the Website will be free from viruses, faults and other harmful components and consequently in no event shall it be liable for any damage caused to the abovementioned user’s equipment, software and files, as well as for any damage incurred by the user, due to any of the above causes.

F. Personal Data

The management and protection of personal data of the visitor/user of our website are governed by the present Terms of Use, the provisions of the General Data Protection Regulation (GDPR) (EU) 2016/679.

Without prejudice to the provisions of the following paragraph, personal data will not be communicated to any third party unless applicable law requires the disclosure of such data to the competent Authorities and to them only.

The aforesaid data may be stored and processed by ARES for communication and statistical purposes as well as to improve the services on offer. By using this website, the visitors/users give their consent for the use of such data by ARES and/or its associated companies for the above purposes.

This website contains special connections (links, hyperlinks, banners) to other websites operated by third parties. Should the visitor/user of this Website choose to follow the links to third party websites, ARES in no event shall be responsible for the terms concerning the management and protection of personal data, applicable to linked sites.

Moreover, visitors/users of our website have a right of access to data relating to them and the right to object to the processing of such data.

G. Cookie Policy

A Cookie is a small text file which is sent to and stored on your computer or any other device you may use to access the Internet, each time you visit a website, without gathering any information about the documents or files on your device.

On our Website we use Cookies for many different reasons, with the aim of creating a safer and more efficient environment for our visitors/users. We mainly use Cookies, which are necessary for the provision of services offered through our website as well as Cookies used for statistical purposes and matters relating to the functionality of our website (e.g. number of visitors, how many return, frequency of visits, user preferences etc.).

Internet web browsers are usually set by default to accept Cookies. Consequently, if you wish to modify how your browser operates, either to notify you about the use of “cookies” or to block Cookies, you must change your browser’s settings. It should be noted that non-acceptance of “cookies” may restrict the provision of certain services and information by ARES.

H. BARRING FROM THE SITE

ARES reserves 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.

I. WARRANTY

Whilst ARES endeavors to ensure that any material available for downloading from this Website is not contaminated in any way, ARES does 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, ARES does not warrant that your access to, or the running of, this Website will be uninterrupted or free from any error or that the Website will be accessible and operative on a 24 hour-per-day, 7-day-per-week basis. ARES may suspend, withdraw, discontinue or change all or any part of its Website without notice. ARES shall not be liable if it cannot process your details, your requests or your offers due to any circumstances.

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

ARES makes 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.

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

J. LIABILITY

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

ARES does 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.

ARES 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, its Website; or use of or reliance on any content or information displayed on our Website.

ARES 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.

ARES 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 programs, data or other proprietary material due to your use of its Website or to your downloading of any content on it, or any website linked to it.

ARES is 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 an “offer 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 and shall receive professional advice before submitting their offer.

When you use the "Offer Forms" on this Website to make a bid on a property, your details (including your email address) may be sent by email directly to ARES. ARES does not accept any liability for any subsequent communications that you receive directly from any estate agent or other third parties acting on our behalf. Alpha Real Estate Services LLC is not liable if any “Offer Forms” are not submitted due to any technical error, inability to use the Website or break down of the Website.

K. SUBMITTING AN OFFER FOR THE PURCHASE OF LISTED PROPERTIES

This applies to all properties marked «For Sale» on the Website. ARES is duly authorized to act as its attorney by the registered owner or the person or the legal entity entitled to be registered as owner of the properties shown on the Website.

The submission of an offer for the purchase of a property either by virtue of sale agreement or by assignment of rights agreement must be made through the submission of the Offer Form which must be fully completed online, and signed by the interested party in its printed format. The offer form can be found at the details section of the property on the Website for which the interested party wishes to submit an offer. 

Offers submitted online that are not accompanied with the signed printed form, will not be accepted for consideration/ evaluation.

Acceptance of the offer by ARES or its principal shall be subject to the acceptance letter, that ARES will send to the offeror. No warranty is provided with regard to the acceptance of any offer submitted by any offeror. Until the signing of written agreement, ARES or its principal, subject to the reimbursement of the deposit paid by the offeror (interest free), shall have unrestricted discretion whether proceeding or not with the signing of written agreement, without having the obligation to give any explanation whatsoever or to pay any compensation to the offeror. 

Acceptance of the offer by ARES or its principal will also be subject to all the necessary compliance procedures and anti-money-laundering (AML) checks and reviews, and during this process the potential buyer/assignee must provide any information and/or documentation required in order to successfully carry out the aforementioned checks and reviews.

The published information on the website of ARES or the information provided to the offeror by ARES or its employees or agents in relation to the legal and physical condition of the property concerns the status of the property “as it is”. Furthermore, any urban/planning characteristics provided by ARES are for indicative purposes only. All offerors must investigate and verify all any relevant information and/ or data including but not limited to location, size, dimensions, planning restriction, physical and legal condition of the property with appropriate authorities. ARES does not accept any discrepancies there might be between the property details and the information published through the website of ARES or provided by ARES or any of its employees or agents.

The offeror must send the offer to the email address pmanagement@ares.alpha.com.cy. Offers that are sent in any way other the above, may not be considered as valid.

ARES is entitled to inspect and review any offer submitted and it is at its discretion whether to reply to such offer(s) or not. ARES is at no point liable or obligated to respond to any offer regarding any property submitted at any time. ARES or its principal reserves its right to consider, accept or reject any offer received at the aforementioned address irrespective of the amount of the offer or of the date by which the offer was submitted.

ARES or its principal reserves their right at any time, to proceed with the sale/ assignment of any property to any third party.

It is highly advisable that the offeror obtains, prior the filing an offer, legal and/ or financial and/ or other advice by authorized professionals.

The offeror acknowledges that ARES is not a licensed estate agent and it does not provide any real estate agent’s service through its website nor it operates as legal or financial advisor. ARES for all intents and purposes is acting as the authorized attorney of Alpha Bank Cyprus Ltd or any direct or indirect wholly owned subsidiary of the said company in accordance with the terms of power of attorney. For avoidance of any doubt, any reference to ARES shall be construed to refer to Alpha Real Estate Services LLC in its capacity as attorney of Alpha Bank Cyprus Ltd and its subsidiaries.

L. TERMS OF SALE

Unless decided otherwise by ARES or its principal, the consideration (Purchase/ Assignment of Rights) price shall be paid as follows:

1. 5% security deposit of the offered consideration price shall be paid by the Buyer/ Assignee upon the approval of the offer from the Seller through ARES.

1. It is noted that the security deposit will only be refunded if ARES or its principal do not succeed to complete the transaction for any reason. If, however, the offer is approved by ARES and its principal and the offeror withdraws his interest or for whatever reason does not complete the purchase, the security deposit will be kept by ARES or its principal.

2. The Payment of 5% will be made either by Banker's Drafts or wire transfer in the name of the Seller within five (5) working days of the acceptance letter.

3. For an Offer amount greater than €300,000 the security deposit shall be equal to €15,000 only

2. 15% of the offered consideration price shall be paid by the Buyer/ Assignee upon signing of the Agreement (Sale/ Assignment). For an Offer amount greater than €300,000, 20% minus €15,000 shall be paid by the Buyer/ Assignee upon signing of the relevant Agreement (Sale/ Assignment).

The signing of the relevant Sale/ Assignment Agreement shall take place the latest within fifteen (15) days from the date of receipt of the acceptance letter; otherwise, ARES or its principal will have the unrestricted right to consider the offer as withdrawn and the property will be listed for sale.

3. The remaining 80% of the offered consideration price will be paid as follows:

1. In cases of an Assignment Agreement, the offered consideration price will be paid by the assignee within sixty (60) days from the date of signing of the Agreement. On the same day as the payment of the remaining offered consideration price, the Assignment Agreement will be deposited in the Land Registry.

2. In cases of a Sale Agreement, the remaining offered consideration price, will be paid on the date of transfer the Title Deed as this will be scheduled. The date of transfer of the Title Deed will take place either within 60 days from the day of signing the Sale Agreement or on the date determined by Land Registry Office (LRO) of the District. The Buyer understand that the LRO may set a day later than 60 days from signing the Sale Agreement. For that the Buyer will not have objection or claim from the seller.

Payments (15% and 80%) will be made only by Banker's Drafts in the name of the Seller.

Upon the expiration of the sixty (60) days, ARES or its principal reserve the right to terminate the Agreement and/ or charge interest, at the base rate applied by the European Central Bank Main Refinancing Operations rate +4% (margin), on any outstanding amount which has not been paid within the aforesaid sixty (60) days period, until its full payment.

In the event that ARES notifies the Buyer/ Assignee to appear at the Land Registry Office and he or she do not appear to accept the transfer of the title of the property into his or her name or the registration of the Assignment Agreement, then ARES and Buyer/ Assignee agree as follows: further to ARES‘s or its principal’s right to terminate the Sale/ Assignment Agreement due to Buyer’s/ Assignee’s fault, ARES or its principal will (a) keep an amount equal to 40% from the payments made as a minimum compensation/ cancellation fee, (b) have the right to charge the Buyer/ Assignee with management/ administration fees for the property or with any other loss or damage the vendor/ assignor may suffer as a result of such delay or omission by the Buyer/ Assignee, including damages for breach of the sale/ Assignment Agreement and (c) return any remaining amount to the Buyer/ Assignee provided that the buyer withdraws the contract of sale from the Land Registry Office.

Until full payment of the agreed consideration price by the Buyer/Assignee, the ownership/ rights and possession of the property remains with the registered owner or the person or entity having the rights of ownership. 

The stamp duty process of the agreement shall be carried out by the Buyer/ Assignee at their own expense. The Buyer /Assignee shall return to ARES all stamped original copies within two (2) working days.

The Buyer/ Assignee will also be responsible to pay the relevant fees for the registration of the Sale/ Assignment Agreement with the Land Registry.

Furthermore, the Buyer shall pay the transfer fees (if any) of the property in his or her name payable at the Land Registry Office. In the event that the LRO decides that at the time of the transfer the Value of the Asset for Transfer fee purposes is higher than the selling price or that it will not grant the 50% discount normally offered, the Buyer will not have any claims from the seller.

ARES or its principal under no circumstances accept or undertake any liability and reserve the right to review and reconsider the price at any time without prior notice.

M. REAL ESTATE AGENTS

ARES will not accept the involvement of a real estate agent in any transaction of property advertised in this website unless the real estate agent is duly licensed under Cyprus law and notifies ARES in writing prior to the filing of the offer by the client, the name and identity card/ passport of the client and the details of the specific property introduced to the client. ARES will not pay commission to a real estate agent unless the transaction in which the real estate agent is involved is fully completed and the agreed consideration price is fully paid by the client. Unless ARES expressly accepts in writing a higher rate of commission, ARES shall not pay commission more than 5% on the agreed consideration price to any licensed real estate agent.

N. 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 prior consent.

O. NOTICES

All notices shall be given to us, by post to our correspondence 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.

P. 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.