Properties for Sale in Cyprus

By Mark Knowles

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 property for sale in Cyprus before they've barely unpacked their luggage!

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 property for sale in Cyprus is to retain a good real estate lawyer to look out for their interests, even when working with registered estate agents.

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.

Another reason for a buyer to hire a real estate lawyer when purchasing real estate in Cyprus is to verify the legal ownership of the real estate. 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 real estate lawyer.

A contract of purchase 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.

After the real estate lawyer confirms that the seller is the legal owner, and that the land is free of any encumbrances, a contract for buying can be executed. This agreement, signed by the buyer and the seller, is the legal notice of the intention for the seller to convey title to the real estate to the owner. The contract specifies a schedule for the transfer, and any consequences that the seller will bear if the sale isn't completed by the deadline. The contract for buying of real estate for sale in Cyprus must be deposited with the District Land Registry within 60 days of its executive in order to be legally binding on the parties.

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

On the purchasers' side, it's best not to sign a contract to buy property for sale in Cyprus until the land and its legal ownership have been completely verified by a Cyprus real estate lawyer. Should the buyer get any sense that the property sale isn't legal or ethical, it's in their best interest to halt the transaction immediately. Better a disappointment than a big monetary loss or a protracted legal wrangle in a foreign country. - 23222

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.