Greek mythology claims that the goddess of love, Aphrodite, was born on the island of Cyprus. With that history, it’s no wonder that property for sale in Cyprus is purchased as promptly as possible.
As the third largest Mediterranean island, Cyprus draws more than 2. 4 million tourists annually, and many of these visitors decide to buy land there. Another segment of potential buyingrs are referred from real estate agents in their own nations who are associated with Cyprus developers or realtors. Land advertisements in newspapers and magazines, on television and the Internet also draw potential buyers.
One of the reasons a buyer should hire a real estate lawyer when purchasing property for sale in Cyprus is to check the validity of the seller’s ownership. The lawyer will help the buyer make sure that the seller is really the legal owner of the parcel and has no outstanding debts or other legal claims against the land title.
When interested in a particular real estate for sale in Cyprus, a buyer’s first step should be to have his or her real estate lawyer check that the seller is the legal owner of the land in question. Next, the real estate lawyer should check the title deeds to make sure there are no legal impediments to the sale.
A contract of purchase for real estate for sale in Cyprus must include time lines for when the title will be transferred to the buyer. The contract also must specify consequences incurred by the seller if the title doesn’t occur by the specified time.
In addition, a contract to buy real estate for sale in Cyprus creates an encumbrance on the deed to the parcel. This encumbrance legally prevents the seller from mortgaging the real estate or attempting other sales during the time it takes to transfer the title to the buyer. A contract of purchase must be submitted to the District Land Registry within 60 days of signing in order for this encumbrance to come into force. There’s also a stamp tax to be paid on the document.
In addition to the time line, the contract for buying places the seller under legal obligation to the buyer to convey title to the real estate. The seller is prohibited from getting a mortgage on the property, or from attempting to enter into any other sale.
Most potential buyers arrive in Cyprus from real estate offices in their own countries who have connections with estate agents or developers in Cyprus. Developers and real estate offices also advertise property for sale in Cyprus through magazines, television and the Internet, among other outlets. Working through reputable agents, and not local unregistered contacts, is the best way to find property for sale in Cyprus that can be purchased legally and safely.