18 Μάρ 2022
18 Μάρ 2022
If you are a real estate investor, Cyprus can be an excellent destination for a number of reasons.
Cyprus has warm weather and is strategically located between three continents. It has a stable economy. It has been a member of the EU since 2004 and has emerged as a stable investment destination with high potential.
The Cyprus government has introduced legislation that allows non-EU citizens to buy a permanent residence in Cyprus subject to certain conditions. Regardless of whether you have already purchased some property in Cyprus or are a first-time investor, it is better to use the services of a qualified real estate lawyer.
When you consult the best real estate lawyers in Cyprus, you can get the best advice related to
The Cypriot legal process is quite simple. There are a few steps you must follow to make sure your property buying experience in Cyprus is without any legal or other hassles.
The First Step:
Once you have inspected a property and accepted the offer in principle, you may be asked to sign a reservation agreement. This step affirms your commitment to buy and is not legally binding on the buyer. The seller is expected to remove the property from the market as it is no longer available for sale. Your lawyer must do basic due diligence while the bank carries out its valuation. This is an essential step if you require a mortgage.
A small holding deposit must be paid to the vendor. Your lawyer will notify you that you may lose this deposit if you change your mind about buying the property.
The Second Step:
Your real estate lawyer will carry out more checks to ensure that the property is free from debts. Some developers take out mortgages on the land and don’t repay them. In such cases, you will own the house, but the developer will have some claim on the land. Using a real estate lawyer in Cyprus, you can ensure you don’t land in any problem that may appear only when you have already brought the property.
A Title Search is also part of the due diligence process. It can help you check if the seller is genuinely the legal owner of the property and has the sole right to sell. All planning consent will also be verified.
The Third Step
If the checks and the surveys reveal no legal issues and you are still happy with the property, the next step is to sign the contract of sale.
If you are outside Cyprus and unable to travel to sign the contract, appoint a Power of Attorney to sign the documents on your behalf. You must pay a sum equivalent to 10 to 30 percent of the total contract at this stage. This is non-refundable, and hence you must be sure you still want to go ahead with the purchase of the Cyprus property.
The Fourth Step:
After signing the contract, it must be registered with the Cyprus District Land Registry Office. This legal arrangement is known as Specific Performance Law. It helps in protecting your property until the deeds are issued.
Your lawyer will advise you to submit your bank and character references along with the registration. You must apply for a permit from the Council of Ministers, and it can take a few months to come.
The Fifth Step:
You must now put the balance of funds forward and complete the sale process. If you are paying through a mortgage, your lender will arrange for the funds to be sent to the seller.
The Sixth Step
This is the final step and involves the final Title Deeds. In some cases, the title will be transferred in your name immediately. You must pay the transfer fee to the land registry. In other instances, it can take longer for the title deed to be transferred. New laws have been passed in Cyprus regarding title deeds. Consult your real estate Cyprus lawyers to know whether it can influence your transaction.
It is highly recommended that you use the services of a Cyprus lawyer specializing in real estate matters. It will help you complete the property buying process with ease. It will also ensure you don’t face any hurdles or get cheated by unscrupulous elements.
18 Μάρ 2022
17 Μάρ 2022
17 Μάρ 2022