Beautiful Cyprus has drawn visitors for thousands of years. Thanks to 21st century mobility, the third largest island in the Mediterranean welcomes 2. 4 million tourists each year. Many of these visitors fall so in love with the place that they start looking for real estate for sale in Cyprus before they've barely unpacked their luggage!
As the third largest Mediterranean island, Cyprus draws more than 2. 4 million tourists annually, and many of these visitors decide to buy land there. Another segment of potential purchasers are referred from real estate agents in their own nations who are associated with Cyprus developers or realtors. Land advertisements in newspapers and magazines, on television and the Internet also draw potential buyers.
That's why buyers often are counseled to retain a qualified Cyprus property lawyer when they start to investigate real estate for sale in Cyprus. Having a reputable lawyer looking out for the buyer's interests can protect against unexpected obstacles or even illegal practices.
Another reason for a buyer to hire a real estate lawyer when purchasing property 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 property, and the only sure way to do this without a lot of bother is to have the ownership verified by a property lawyer.
A contract of buying for real estate for sale in Cyprus must include time lines for when the title will be transferred to the buyer. The contract also must specify consequences incurred by the seller if the title doesn't occur by the specified time.
In addition, a contract to buy real estate for sale in Cyprus creates an encumbrance on the deed to the parcel. This encumbrance legally prevents the seller from mortgaging the property or attempting other sales during the time it takes to transfer the title to the buyer. A contract of buying must be submitted to the DLR 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.
It's wise not a sign any document or pay any deposit on land until a real estate attorney has reviewed the sale. Potential buyers also should make sure that any properties under construction or newly built have the necessary building and planning permits. Otherwise there could be costly delays caused by disputes with local authorities, unless your lawyer has made provisions in the documents for such contingencies.
Interested buyers shouldn't sign a contract to purchase investment properties inreal estatereal estate 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 real estate 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.
As the third largest Mediterranean island, Cyprus draws more than 2. 4 million tourists annually, and many of these visitors decide to buy land there. Another segment of potential purchasers are referred from real estate agents in their own nations who are associated with Cyprus developers or realtors. Land advertisements in newspapers and magazines, on television and the Internet also draw potential buyers.
That's why buyers often are counseled to retain a qualified Cyprus property lawyer when they start to investigate real estate for sale in Cyprus. Having a reputable lawyer looking out for the buyer's interests can protect against unexpected obstacles or even illegal practices.
Another reason for a buyer to hire a real estate lawyer when purchasing property 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 property, and the only sure way to do this without a lot of bother is to have the ownership verified by a property lawyer.
A contract of buying for real estate for sale in Cyprus must include time lines for when the title will be transferred to the buyer. The contract also must specify consequences incurred by the seller if the title doesn't occur by the specified time.
In addition, a contract to buy real estate for sale in Cyprus creates an encumbrance on the deed to the parcel. This encumbrance legally prevents the seller from mortgaging the property or attempting other sales during the time it takes to transfer the title to the buyer. A contract of buying must be submitted to the DLR 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.
It's wise not a sign any document or pay any deposit on land until a real estate attorney has reviewed the sale. Potential buyers also should make sure that any properties under construction or newly built have the necessary building and planning permits. Otherwise there could be costly delays caused by disputes with local authorities, unless your lawyer has made provisions in the documents for such contingencies.
Interested buyers shouldn't sign a contract to purchase investment properties inreal estatereal estate 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 real estate 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.
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