Real Estate for Sale in Cyprus
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 purchased as promptly as possible.
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 buyingrs 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.
One of the reasons a buyer should hire a real estate 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 real estate 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 real estate 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.
Once the legal title is verified, the buyer and seller enter into what’s known as a contract of buying for real estate for sale in Cyprus. This contract specifies time lines for transferring the land title to the buyer, and what consequences will be incurred by the seller if the title transfer doesn’t take place. The contract must be registered with the DLR within sixty days of buyer and seller signing their agreement.
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 real estate, or from attempting to enter into any other sale.
Most potential buyers arrive in Cyprus from real estate offices in their own countries who have connections with estate agents or developers in Cyprus. Developers and real estate offices also advertise property for sale in Cyprus through magazines, television and the Internet, among other outlets. Working through reputable agents, and not local unregistered contacts, is the best way to find property for sale in Cyprus that can be purchased legally and safely.
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