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Real Estate Investments Advices | Buying a property in Cyprus

Posted by Locationers Team on 21/10/2021
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The Mediterranean Sea island “CYPRUS” is blessed with fascinating beaches, forests, heavenly waterfalls, and breathtaking natural views.

Cyprus is considered an “ideal relocation destination”; it is one of the top preferences for people willing to buy a property on such a breathtaking island.

Relocation decision is not an easy decision since it may be affected by a lot of characteristics. But the most important and primary factor when deciding to buy your dream property is the location.

People who prefer the beach will choose a beachside property if their budget allows it.  Seaview properties usually cost much more than a city or mountain property.

The purpose of buying a property will affect the location choice. If it is a vacation home only, then a mountain property is more likely to be selected, while, on the other hand, a summer home usually is a beachfront property.

If you are looking to buy properties for future investments such as rent or resale, it is better to choose properties in the city center, close to amenities that will be easier to rent or resale, etc.

Buying a property for either your permanent residence or seasonal home is a pretty complicated procedure that may lead to disagreement and sometimes misunderstanding between the involved parties due to the convoluted process and negotiations needed.

First, since buying the right property is one of the most important factors, buyers should start the decision-making process by assigning an experienced legal advisor to be their trusted partner throughout the entire process. After a well-trained legal consultant is hired, you should start searching for properties matching your needs.

It is essential to shortlist the best available options compatible with your needs and requirements. This way, you will make it smoother for your legal advisor to decide which developer is the best option according to his financial state and capability to finish the project on time.

After deciding which property to buy, the negotiation stage starts, where the seller and buyer try to determine the sale price. In terms of getting the best sale price, the well-qualified legal advisor is the best negotiator who will do the work for you.

Before preparing the contracts, legal consultants must handle the necessary procedures and due diligence to verify if the property is legit, the growth prospects of the property, area, and find out any hidden burdens or traps, if any.

As a seller or prospect buyer, there are some key points you should go through and keep an eye on before signing the contract, i.e., agreed price, payment terms, delivery date, dispute, and penalty fees in case of delays or cancellations etc.

Keep in mind that before heading to register the property, the whole amount should be paid in advance (loan, cash payment, etc.). The lawyer handling the transaction could offer their deed services to secure and safeguard both parties’ best interests.

For transferring the property title or lodging of the sale agreement at the Land Registry, the involved lawyers will organize and manage the payment procedure. For the transfer fees, it is on the buyer.

Before reaching the Land Registry, due diligence by the lawyers is performed for the buyer to know the exact legal status of the property and if there are any financial burdens or other issues before proceeding with the title deed transfer or lodging of the sale agreement.

Buying a property is a complicated process and time-consuming procedure that involves several parties until its completion. Therefore, when purchasing a property, a Lawyer is essential, and he/she is the key person to simplify and safeguard the transaction procedure at all stages.

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