Legal Advice Is Crucial Before Buying Property In Cyprus
Greek mythology claims that the goddess of love, Aphrodite, was born on the island of Cyprus. With that history, it’s no wonder that properties for sale in Cyprus are bought as promptly as possible.
Of course, like many Mediterranean cultures, “quickly” can be a fluid concept in Cyprus. That’s because the property laws on Cyprus can be confusing, if not downright daunting, to an international buyer looking for a vacation home or a possible business investment. The complexity of land ownership laws is why the first step for anyone interested in buying in Cyprus is to retain a good lawyer to look out for their interests, even when working with registered estate agents.
One of the reasons a buyer should hire a lawyer when purchasing property in Cyprus is to check the validity of the seller’s ownership. The lawyer will help the buyer make sure that the seller is really the legal owner of the parcel and has no outstanding debts or other legal claims against the land title.
Another reason for a buyer to hire a lawyer when purchasing in Cyprus is to verify the legal ownership of the property. It’s the buyer’s responsibility to be sure that the seller has the legal right to sell the house, and the only sure way to do this without a lot of bother is to have the ownership verified by a certified lawyer.
For example, in Cyprus there’s a form of legal claim against a home known as a “memo.” This “memo” is essential a court order that prevents the sale of a house because the owner has an outstanding debt. The debt need not be against the house itself; it could simply be money that the seller owes to someone for any purpose. If the creditor chooses to have a “memo” placed against the seller, then no land sale can take place until the debt is paid off.
Once the legal title is verified, the buyer and seller enter into what’s known as a contract for. This contract specifies time lines for transferring the land title to the buyer, and what consequences will be incurred by the seller if the title transfer doesn’t take place. The contract must be registered with the DLR within 60 days of buyer and seller signing their agreement.
After they’ve signed and registered the contract, the seller comes under legal obligation to convey the property title to the buyer. The seller may not embark on any other sale, nor may the seller mortgage the home once the contract is in effect.
On the buyers’ side, it’s best not to sign a contract to buy in Cyprus until the land and its legal ownership have been completely verified by a Cyprus based lawyer. Should the buyer get any sense that the property sale isn’t legal or ethical, it’s in their best interest to halt the transaction immediately. Better a disappointment than a big monetary loss or a protracted legal wrangle in a foreign country.
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