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 buyingd as promptly as possible.
Of course, like many Mediterranean cultures, “quickly” can be a fluid concept in Cyprus. That’s because the real estate laws on Cyprus can be confusing, if not downright daunting, to an international buyer looking for a vacation home or a possible business investment. The complexity of land ownership laws is why the first step for anyone interested in real estate for sale in Cyprus is to retain a good property lawyer to look out for their interests, even when working with registered estate agents.
However they may come, potential landowners find it’s best to work through reputable registered estate agents when seeking real estate for sale in Cyprus. In addition, registered agents often strongly recommend that international land buyers retain a local real estate lawyer to look out for their interests as well. A lawyer’s representation can be crucial to purchase property for sale in Cyprus because even though Cyprus legality may resemble British law, it’s not the same thing. Cyprus may once have been a British possession, but its legal system has long since developed its own characteristics.
When interested in a particular property for sale in Cyprus, a buyer’s first step should be to have his or her property lawyer check that the seller is the legal owner of the land in question. Next, the property lawyer should check the title deeds to make sure there are no legal impediments to the sale.
For instance, although it’s not common, property for sale in Cyprus could have what’s known as a “memo” laid against the land title deed. A “memo” is a legal claim issued by the court against the property for any debt owed by the seller, whether the debt pertains to the land or not. Until the debt is cleared, the land can’t be sold.
Once the legal title is verified, the buyer and seller enter into what’s known as a contract of purchase for property for sale in Cyprus. This contract specifies time lines for transferring the land title to the buyer, and what consequences will be incurred by the seller if the title transfer doesn’t take place. The contract must be registered with the District Land Registry within sixty days of buyer and seller signing their agreement.
It’s wise not a sign any document or pay any deposit on land until a property attorney has reviewed the sale. Potential buyers also should make sure that any properties under construction or newly built have the necessary building and planning permits. Otherwise there could be costly delays caused by disputes with local authorities, unless your lawyer has made provisions in the documents for such contingencies.
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 real estate for sale in Cyprus that can be buyingd legally and safely.