To purchase property in Cyprus from a legal and financial point of view, an audit of the property and the legal purity of the transaction is necessary. This will require the services of a Cypriot lawyer who will make sure that the process of purchasing a home for the buyer is as simple and reliable as possible. A contract is concluded with a lawyer, and payment of his work usually amounts to 1% of the value of the acquired property. In Cyprus, all sales transactions are executed by licensed lawyers (lawyers). This is a prerequisite under the laws of Cyprus.
What services does a lawyer in Cyprus provide?
A licensed lawyer in Cyprus provides the following services
Object Audit
If we are talking about a new building, then the specialist checks the information about the developer (license, construction technology, etc.) and the objects that he has previously implemented, and examines customer reviews. And if a secondary real estate is acquired, the lawyer determines whether the apartment is a mortgage, whether the seller is its actual owner and if the housing is not involved in other sales transactions. It also examines if there are other obstacles to buying this property.
Object reservation
With the help of a lawyer, the buyer draws up a security deposit: for housing prices up to € 500,000– € 2,000 euros, for prices over € 500,000 – € 4,000. After that, the object is booked and removed from the general sale.
Drawing up a contract of sale
The lawyer competently draws up the contract, comprehensively protecting the interests of the client. The document indicates the terms of the purchase, the value of the object, the amount of prepayment, identification of real estate, etc. The buyer and seller can sign the contract anywhere (in Cyprus or in another country), the main thing is that both are present in person.
registration
When the contract is signed, the lawyer registers it with the Cyprus Land Registration Department to obtain a cadastral number, and also submits an application to the Council of Ministers to approve the purchase and sale transaction. And after the buyer is checked for compliance with the law and pays all fees necessary for the purchase of real estate, he is given a certified sales contract, and a little later the title (certificate of ownership).
Accompaniment by a qualified lawyer of all stages of a real estate purchase and sale transaction ensures its transparency and reliability, which is especially important for investors abroad.
Estate of Cyprus cooperates with professional Cypriot specialists who will provide you with a full range of legal services. We will make sure that the purchase of a home or commercial property in Cyprus is safe and comfortable for you.
