Are you considering buying a property in Cyprus? If so, hire a real estate lawyer to ensure a hassle-free experience.
With its favorable climate and strategic location, Cyprus attracts real estate investors. Its steady economy and EU membership add to its stability as an investment destination. Moreover, the Cyprus government allows non-EU citizens to purchase permanent residences, subject to certain conditions. Whether you’re a first-time or experienced investor, consider hiring a qualified real estate lawyer in Cyprus.
When you consult a Cyprus real estate lawyer, they will provide expert advice on various matters, such as the Cyprus permanent residency program, due diligence, and permanent residency applications. The process for property acquisition in Cyprus is quite straightforward, but using a real estate lawyer ensures a legally sound experience.
You start the process by signing a reservation agreement. Even though it’s not legally binding, it communicates to the seller that the property is off-market. At this stage, your Cyprus real estate lawyer will perform due diligence. You should make a small holding deposit.
The second step requires your lawyer to perform additional checks to confirm the property is free from outstanding debts. Sometimes, developers have unpaid mortgages on the land, which could complicate matters. A Cyprus real estate lawyer can help you avoid such unforeseen issues. They will also conduct a Title Search.
In the third step, once you complete all checks and surveys and feel satisfied, you sign the contract of sale. If you are unavailable, a Power of Attorney can sign the documents. A non-refundable payment equivalent to 10 to 30 percent of the contract amount is typically required at this stage.
After you sign the contract, you must register it with the Cyprus District Land Registry Office under the Specific Performance Law. This registration safeguards your property rights until the issuance of the title deeds. Your Cyprus real estate lawyer will assist you through this process. This stage can last several months.
The fifth step involves paying the remaining balance and completing the sale. If you use a mortgage, your lender will transfer the funds to the seller.
The final step is the transfer of the Title Deeds. It’s advisable to discuss with your real estate lawyer in Cyprus to understand any potential implications.
We highly recommend hiring a Cyprus real estate lawyer to ensure a smooth property buying process and to safeguard you from potential challenges or fraudulent activities. They will use their expertise to help you navigate the legal intricacies and complete the transaction confidently.