Buying Real Estate Cyprus

Buying Real Estate Cyprus

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Homes for sale Cyprus

Buying Real Estate Cyprus may sound as a dream come true, but you should be aware of the hazards. Before taking any major steps, you need to be fully informed and extremely cautious in order to avoid scams.

Getting the Right Place

You should not only research the background of your agent or developer, but also of your property. It’s a common practice for developers to take mortgages to fund the building. When you buy the property the liability may transfer to you, if the responsible parties declare bankruptcy. Ask your lawyer to investigate, whether there are any legal obligations placed on the building. If you are informed prior to signing the papers about the mortgage you can evade unpleasant surprises. They should always make sure that the property complies with all the requirements – building permits, certificates and etc. Before moving to the property you need to make sure you have hired the right professional and experienced moving company. Moving house can be a stressful experience especially when moving abroad. If you are moving internationally you need to make a research and hire movers that specialise in international removals.

If you want to obtain an estate in North Cyprus, you should take into account the ownership issue. In 1974, during a conflict between the Greek and Turkish Cypriot communities, many people were displaced from their homes. Greeks moved to the South leaving their property behind, while Turkish residents moved to the North doing the same. Nowadays there is a “green line” that divides the two parts, but the claims over the land are still valid. The status of the abandoned estate is usually appointed to the individuals that owned it before the events of 1974. Investigating the past of the property is worth doing and it will save you a lot of legal problems and money.

Before the actual delivery of the property, hire a person to inspect it. Be sure that the estate is equipped with electrical and water supply. You should move in after obtaining a Certificate of Final Completion.

Getting the Right Person

The secret to buying a property in Cyprus is to get a professional real estate agent. We can assist you with that and make your life a little easier taking the stress out of the project. We have over 14 years experience of assisting people. Take a look at Cyprus homes for sale

You should look for ? person who is legally recognized as such. Although, there are laws that restrict the unregistered agents, it’s always a good idea to check. One way to do it is to look for their registration number. Visit the website of the Cyprus Real Estate Agents’ Association to see whether your consultant is an actual member. In terms of characteristics, you should find a person who speaks Greek fluently, who is experienced in property sales, has the required education and has a clear civic and criminal record.

You may also work with estate developers and consultants when Buying Real Estate Cyprus. The difference between the estate developer and the agent is that the first one deals with the building and the financing of the project, while the latter is selling you something that is already created. The consultant’s services include evaluating and identifying issues related to the property.

You can identify a fraud Buying Real Estate Cyprus if the real estate agent asks to you to transact the deposit into a personal bank account. To minimize the risk of a scheme with agents, real estate developer and consultants, ask for an independent legal advice. However, don’t appoint a lawyer that was recommended to you by any of the parties involved in the process. Chances are, this person doesn’t work independently and most certainly not in the buyer’s best interest. Don’t sign any documents or pay money before seeking a professional opinion. If you are purchasing a place under construction, always inspect.

Get ready to wait a while for the title deeds. It may take between 2 and 10 years. It may be due to bureaucratic reasons, mortgage repayment or delay of different permissions.

We are here to assist you with no obligations or charges whatsoever, just tell us what you want or browse our homes for sale in Cyprus here. We look forward to assisting you.  Contact us for Cyprus property