The location of Cyprus in the eastern Mediterranean at the crossroads of Europe, Asia, the Middle East and Africa, in combination with its EU membership, the excellent infrastructure coupled with reliable communication with all parts of the world, the relatively low cost of living, its excellent climate and the friendliness and hospitality of its people, are just some of the reasons which have made Cyprus attractive to foreign investors.
The process of buying a property in Cyprus is said by many to be similar to that in the UK and most developed countries, however there are many pitfalls for the unwary, particularly for those purchasing “off plan” properties.
Unlike the UK, where property buyers’ solicitors carry out various plan and title searches as a matter of practice, no such “standard” methods of working are in common use in Cyprus.
We however follow a different approach. We guide clients` through the process, explaining to them the pitfalls and ensuring that in the event that they decide to take risks, they do so having previously received the appropriate advice.
Amongst other matters, we are able to offer the following assistance to prospective purchasers of property in Cyprus:
- Legal advice and guidance throughout the process;
- Conducting Due Diligence on Property. It is imperative that such a search is carried out. For example, for new built properties, this is required to ensure that the land on which the property is being built or will be built is owned by the seller and that any registered encumbrances or charges (mortgages) registered against the land are brought to the attention of the purchaser.
- Drafting and advising the contact of sale; Negotiating the contract of sale on clients behalf and where required amending or drafting a new agreement.
- Providing advice on payment of stamp duty on the contact of sale.
- Depositing the contract of sale at District Land Registry. If the transfer will not take place simultaneously with the payment of the purchase price, the contract of sale should be deposited at District Land Registry within a strict time limit so as to safeguard the purchaser’s priority rights to the property.
- Providing advice on the acquisition and the leasing of Property in Cyprus by foreigners and non residents;
- Drafting and advising on Leases;
- Litigation Assistance in both District and Rent Control Courts.
If you have purchased a property in Cyprus and are encountering difficulties, we will be happy to provide advice and guidance on your legal rights and methods of redress.
Our firm routinely answers queries from individuals and corporate clients and provides comprehensive advice on all aspects of commercial and domestic property matters. If you have a query or wish to receive further information, please contact our PropertyLaw Department using property@cyadvocates.com.