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Properties For Sale In Cyprus Draws Byers From Around The World

View PDF | Print View | Html View Written by: Mark Knowles
Total views: 211 | Word Count: 564 | Date: Mon, 28 Sep 2009 | 0 comments

Greek mythology claims that the goddess of love, Aphrodite, was born on the island of Cyprus. With that history, it's no wonder that property for sale in Cyprus is buyingd as promptly as possible.

Of course, like many Mediterranean cultures, "quickly" can be a fluid concept in Cyprus. That's because the real estate 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 real estate for sale in Cyprus is to retain a good property lawyer to look out for their interests, even when working with registered estate agents.

One of the reasons a buyer should hire a property lawyer when purchasing property for sale 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.

When interested in a particular real estate for sale in Cyprus, a buyer's first step should be to have his or her property lawyer check that the seller is the legal owner of the land in question. Next, the real estate lawyer should check the title deeds to make sure there are no legal impediments to the sale.

For example, in Cyprus there's a form of legal claim against a property known as a "memo." This "memo" is essential a court order that prevents the sale of a real estate because the owner has an outstanding debt. The debt need not be against the property 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. Luckily, most property for sale in Cyprus isn't encumbered by this legal device.

In addition, a contract to buy property for sale in Cyprus creates an encumbrance on the deed to the parcel. This encumbrance legally prevents the seller from mortgaging the real estate or attempting other sales during the time it takes to transfer the title to the buyer. A contract of purchase must be submitted to the District Land Registry within sixty days of signing in order for this encumbrance to come into force. There's also a stamp tax to be paid on the document.

In addition to the time line, the contract for buying places the seller under legal obligation to the buyer to convey title to the real estate. The seller is prohibited from getting a mortgage on the property, or from attempting to enter into any other sale.

Interested buyers shouldn't sign a contract to buying investment properties inpropertyproperty Cyprus until their property lawyers have thoroughly investigated the land and its legal ownership. Buyers are cautioned to use their reason and intuition during this time. If anything about the potential sale doesn't seem on the up-and-up - whether it's the property lawyer, the estate agent, the seller or any other aspect - the buyers' best course is simply to walk away and look for a reputable, registered agent to start a new search.

About the Author

There is a large amount of investment property for sale in Cyprus and it is important to take legal advice before buying or selling investment property in Cyprus because, although the legal system seems similar to the British legal system, there are substantial differences.