Beautiful Cyprus can be a fantastic place to buy property; with its warm weather, stunning coastlines, and lovely selection of houses readily available for purchase. Whether you are looking for a holiday home, or to potentially move to Cyprus permanently, Cyprus can be an excellent choice. However, it is important to remember that Cyprus is not the same as the UK in the way things work and the way the country operates and does business. As a result of this, many Britons do find themselves falling into pitfalls when trying to acquire a property in Cyprus that can end up being expensive and unnecessary. To avoid this happening, there are a few key things to keep in mind when buying property in Cyprus.
Choose Your Lawyer Wisely
As with any country, there are professionals operating in Cyprus to varying degrees of honesty and integrity. When choosing a lawyer, make sure they are operating independently, and not also on behalf of builders or vendors involved in the sale, which can sway the advice or help they are giving you.
Make sure you only consider property where the title deeds are available to you straight away. Buyers are advised again and again to stay away from projects where title deeds are not produced. Also ask to see building permits and planning permissions, to make sure the building work is happening with all correct documents filed and in place – without these, you could be in for major headaches down the line.
In Cyprus, the laws are different – make sure you know them. It is common practice for developers to take out mortgages on a piece of land they are developing. If you sign a contract with such a developer, there is a big possibility that you, as the new owner, will have to shoulder the responsibility of this mortgage already placed on the land if the developer declares bankruptcy during the process. Checking for issues like this early are important, to ensure smooth sailing throughout the property acquisition process.
With all the legal things taken care of, you can happily purchase property in Cyprus. Consider carefully which area of the island you would like to settle in, be it on the beach or in the city, or in a quiet fishing village or lively party town. Cyprus has something for all tastes, so enjoy sourcing your new home in the hot, sunny climate there.