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.