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Cyprus is the third largest island within the Mediterranean. The island has continuously developed in terms of infrastructure and economy since it obtained its independence from the British. It has also maintained its cultural identity, traditions and customs. The Cypriot people are extremely proud of their rich culture. They are famous for their hospitality.
Cyprus experiences an all year round sunny weather. It hardly experiences rain or snow. Many people prefer warm climate hence many people find Cyprus property ideal especially for the ones fed up with snow and rain in their current living areas.
Its position on the Mediterranean provides an easy access to major continents like Europe, Asia and Africa. It has also assisted in business transactions between Cyprus and other continents and countries hence attracting many businesses investors.
Low crime rates
Cyprus has been famed to be the ideal place to raise a family due to its low criminality rate. Children are able to play freely in the gardens, parks and even walk to school alone without any harm.
Cyprus’s education level is extremely high. Both private and public schools are highly advanced and rated in the Island where the future generations are well equipped with the necessary education and tools to succeed in their future life.
Cyprus has tremendously grown in terms of industry. The island attracts a lot of investors who come up with industries in the country. It has also developed healthwise hence hospitals are well equipped with all the needed resources to enhance better health. It also has developed roads, railways and airports linking it to other countries and continents.
Low costs of purchase
Cyprus property is usually at very affordable prices. It is therefore very easy to purchase. The process of acquiring Cyprus real estate is rather less complicated and short hence enabling one to settle immediately without any hindrance.
Cyprus property for sale is very easy to acquire since it is affordable and the buying process is less complicated. The island is well developed and hence favours comfortable living.
In order to simplify one’s purchase of Cyprus real estate, one needs to employ a lawyer and not only a lawyer but an independent English-speaking lawyer. While doing this it is important to ensure that the lawyer you employ is licensed and registered to avoid fraud and theft.
Your lawyer could save you a lot of money. They will certainly guide you through the legal aspects of buying of Cyprus property and help you do so safely hence cutting out of other extra costs when purchasing Cyprus real estate this is because they are already familiarized with the purchase of property and are aware of any cases of theft and fraud during the process.
Your lawyer should always be there to be consulted before signing any document or contract or sending any money. Consulting them helps you avoid theft cases since they are acquainted with the purchasing process. They also ensure that the process is followed to the latter and in case of any problem arising they are there to guide you.
Conducting legal searches
Your lawyer checks the relevant paperwork and conducts various searches on the property you are to purchase. The lawyer also ensures that the vendor is the rightful owner of the property to avoid fraud. They will also check to see if there are any debts or loans on the property which may hinder property sale. In case the Cyprus property for sale is new, the lawyer will check from the local authorities the correct planning permissions have been obtained.
Drafting a property sales contract
The lawyer ensures the sale contract is deposited with the Lands Office. After ensuring no issues arise from the legal searches, the lawyer drafts a property sales contract. They also ensure the contract is approved by all parties involved in the transaction. The lawyer also issues a request to the Council of Ministers for Cyprus, for the entire property acquisition in relation to character references.
Employment of lawyers during the purchase of property for sale in Cyprus is important since they ensure the property goes through the ideal legal process before acquiring it. They also make the process less complicated and simpler since they are familiar with the process.
Cyprus property is rather cheap hence many people prefer to invest in Cyprus real estate. Before choosing the property you want to acquire it is important to focus on what you really want. This includes sticking to your budget and chosen location. For peace of mind, check that your estate agent is licensed and registered in the council of Cyprus real estate agents which is governed under Cypriot law. You can check on an estate agent’s registration by simply asking for their registration number and then proceed to check it out on the website. It is also important to find a lawyer and not just any lawyer but an independent English speaking lawyer.
Once you have chosen the property you want to buy and you are absolutely sure of it, it’s important to put in a bid. Immediately it is accepted, the agent will take the property off the market. One may be asked to sign a reservation agreement just to show commitment to buy the property and put down a small deposit. It is also important to consult your lawyer before signing any agreement or sending the money. This deposit will be held in a neutral account in case the deal falls off.
During this time, your lawyer goes through all the relevant paperwork and even conducts various searches. The most important of all these searches will be about ownership and title deeds. This has been a vexed issue in Cyprus. It is important to know that the vendor is the rightful owner of the property you are interested in. The lawyer will also check to see if there are any debts or loans on the property and any hindrance in the Cyprus property for sale. The lawyer should ensure that the sale contact is deposited with the Lands Office and in the case of a new development in the property where deeds won’t be issued until completion, the sale of contact should reflect that the property is protected until the issuing of a separate title deed is done.
As long as no issues arise from the legal searches, the lawyer will draft a property sales contract. Your lawyer should also ensure it is approved by all parties in the transaction. it is needed to be stamped by the Lands Office. This stamp is important to prevent the seller from selling the property to anyone else and also prevents the seller from using the property as collateral to gain a loan. This law is known as the Specific Performance Law. The buyer is under its protection before the deeds are formalised in their name. During this period, it is very important to protect your budget from currency movements to avoid adverse exchange rates.
After all the preparation is done, one obtains the Title Deeds from the Regional Land Office. This is done in the presence of both parties. One must also obtain a receipt indicating that both the registration fee and property tax have been paid. Once in custody of the receipt you are the official owner of the property.