10 Possible Pitfalls When Buying Property in Cyprus

Cyprus has become a popular choice for high-net-worth individuals seeking to invest their money and gain residency. The country offers an attractive climate, with many luxury properties on offer, from beaches near Nicosia in the south all the way up north through Larnaca & Limassol towards Paphos. But there are some important details you need to know before making your move!

1. Avoiding a property lawyer

It is essential that you hire a lawyer who specializes in property law. The biggest mistake one can make when it comes to buying real estate, especially from developers or someone else with interests related to the deal, such as contractors and construction workers. These people are often biased towards signing contracts at odds to their own best interest.

A good attorney will know exactly what steps must be taken before putting together any legal documents relating to your new home’s development process.

When selecting a lawyer, buyers should be sure that they are not working with the vendor or builder. They may also want to consider an attorney who works solely on their own behalf and doesn’t have any ties in common between buyer and seller.

The best way to avoid potential pitfalls when buying property in Cyprus is with the help of a specialized lawyer who understands your needs and language.

A reliable, proficient attorney fluent in Purchaser’s Culture can make this major investment easier than ever before!

When purchasing property in Cyprus, buyers should be aware of the pitfalls that can arise. Potential purchasers are advised to exercise extreme caution when buying new buildings, and titles are not readily available for purchase.

2. Make sure that the property is not involved in a legal dispute.

When purchasing property, the buyer should ensure that it is not subject to an ownership dispute. This can generally be avoided by buying from reputable developers, who will often assume responsibility for resale properties. However, in recent years there have been many cases where even these precautions fail, so buyers require extra care!

3. Unclear commissions for the buyer

This is a common problem when purchasing property. An agent or intermediary will negotiate commissions with the vendor (in most cases, developers), which can range from 5% to 50%. These costs could potentially be avoided by hiring reputable lawyers who offer references as well for their past work ethic, they know what it takes!

4. Including all relevant costs in the budget

When buying a property, it is important to calculate the value-added tax (VAT) and other fees early to not have any surprises later on. This will allow you to budget accordingly with what has been predicted earlier, rather than discovering there’s more expense involved than expected when selling or renting out your new asset!

The taxation of real estate in Cyprus can be quite complicated. There are many schemes and tricks that developers use to confuse buyers, but there is one thing you should know – if your purchase tax liability isn’t clearly shown on the contract then it’s probably because they are hiding something!

5. Handing over a deposit without having agreed to any written terms

To avoid any misunderstandings or disputes, it is important to document the payment of a reservation fee. The buyer should receive something in writing from an appointed lawyer confirming how much was paid; when refund will be paid if necessary, and the full purchase price if it can get reduced.

6. Contract of sale was signed without the buyer doing any research

To ensure the best possible outcome for their clients, lawyers should always do some basic research on potential cases. This includes checking any relevant precedents or laws that may apply in your situation.

The government has introduced a new law to ensure that property purchases are not compromised by pre-existing mortgages. But it is essential for potential buyers and sellers alike to check if there are any existing loans on the land they plan to settle in before finalizing their deal. A contract of sale cannot be properly drawn up without considering these searches as well.

7. Inadvertently leaving out essential measures

It is important to ensure that all points negotiated are set out in the contract of sale, particularly any agreed extras. This includes an inventory for necessary repairs or damages on your end as well, so there aren’t surprises later down the line!

8. Not depositing the contract of sale

The contract of sale should be deposited with the Land Registry within specified timeframes, or else you will lose important legal rights. Furthermore, a copy must also carry an official stamp for it to have validity, otherwise these penalties will eat up any money!

9. Failure to focus on tangible property contracts

Larnaca is a popular destination for those who want to Developers commonly offer property management agreements to ensure that owners’ properties are maintained and secure during any absences from Cyprus. This contract should be carefully examined by prospective buyers, as it may affect them greatly if they’re not aware of all its terms.

10. If you don’t have a will, you may lose everything that has been entrusted to your care

When it comes to property in Cyprus, the law is very strict. All immovable properties are governed by this country’s rules and regulations, which include an element of forced heirship for those who don’t draft wills.

Conclusion: Learn from other’s mistakes!

When considering a foreign purchase, it is important to learn from the lessons of those who have bought property in countries such as Spain, Italy, France, and Greece and remain embroiled with expensive legal battles. Despite this reality, today millions of Chinese, Russian, and British individuals consider purchasing abroad more than before according to recent research by HSBC.