BidX1’s digital sale is coming up on October 23rd and registration is now officially open for anyone wishing to bid on a property. Interested parties are required to provide documents showing proof of identity and proof of address, as well as a deposit based on the reserve price of the property that they are interested in. The deposit will be retained only if a bidder is the successful purchaser on the day of the sale. Non successful bidders will get a fullrefund.
An award-winning prop-tech company, BidX1 recently launched operations in Cyprus, introducing a new and innovative way of trading property through its proprietary platform, offering full transparency, accessibility, reach and efficiency.
All property documentation is currently available on the BidX1 website. The company’s team of specialist commercial and residential experts in Cyprus, with in-depth knowledge and expertise of the Cypriot property market, is at the disposal of interested parties to answer any questions regarding registration, queries about specific properties, and to arrange viewings for potential buyers. The digital platform is accessible on any device from any location around the world, offering the opportunity to register and bid wherever the buyer is.
Kritonas Onisiforou, Senior Surveyor BidX1 Cyprus, mentioned that the catalogue for the first sale includes a mix of commercial and residential properties, including great investment opportunities with immediate income for buyers.
“The 62 lots, spread throughout the main centres and suburbs of Paphos, Nicosia, Larnaca and Limassol, include apartments and villas, shops, offices and commercial blocks, as well as residential/commercial/mixed-useland sites with reserve prices ranging from €30,000 to €1,600,000. The catalogue encompasses all asset classes from private homes to high value commercial properties. The diverse range presents opportunities to own income producing residential assets alongside plots with development potential,” explained Mr. Onisiforou.
It is noted that, unlike the private treaty process, properties are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’. When a property is sold on the BidX1 platform, a legal and binding contract has been formed: if you are the successful bidder, you are legally obliged to complete the sale within 6-7 weeks. However, the exact closing date for each property will be stated in the Contract for Sale, which is available in the legal documents for each property. Potential purchasers are strongly advised to check that they have read and understood all the various legal documents and terms & conditions prior to bidding.