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Before you buy any property in Cyprus you should always seek the
advice of an expert real estate agent and lawyer. In this regard,
the following is a quick checklist of some of the basic things
they should be checking:
1. Doing a land title search at the relevant District Land Office
- this is done to make sure that the seller has a valid land title
deed, which should also tell you whether there are any mortgages
or other claims over the property;
2. If the property you are buying is still under construction,
which many are, then your lawyer should be checking to see whether
the project has the proper planning and building permits. Also,
make sure the land title deed for the project has been split into
individual deeds and not one deed for the whole project;
3. If you buy land to develop yourself, make sure your real estate
agent checks that the land can be developed: for example, that
it has easy access to a road; telephone, electricity and water
facilities, etc.
4. If you are buying leasehold property, where the lease term
will exceed 33 years, you'll need to make an application to the
Council of Ministers in much the same way as if you were buying
freehold property - so make sure your lawyer does this;
5. Insofar as the contract is concerned, make sure that the contract
contains provisions that:
- a. the sale/purchase is subject to you obtaining all the required
permissions;
- b. possession is taken upon execution of the contract, or
completion of the project, whichever is the earlier;
- c. for the purchase of a flat, general use and maintenance
rules are included in the contract;
- d. the contract contains an unwind/refund provision, in case
you need to get out of the contract before you take possession
of the property;
- e. where the property being purchased is a new development,
the contract contain a warranty period for the construction;
- f. where the seller is a company, that the person signing
the contract is authorized to do so; and
- g. whether the seller is a person or company, the contract
has been witnessed by at least two witnesses of legal age.
About The Author Mark Vurnum Lokking for cyprus property? Then
visit : http://www.yourcyprusproperty.co.uk for your free 56 page
buyers guide. Giving you all the useful info you need to find
your property in Cyprus.
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