Real Estate For Sale In Cyprus Draws Byers From Around The World
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.
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 real estate 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 property lawyer when purchasing real estate 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 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.
For instance, although it's not common, real estate for sale in Cyprus could have what's known as a "memo" laid against the land title deed. A "memo" is a legal claim issued by the court against the real estate for any debt owed by the seller, whether the debt pertains to the land or not. Until the debt is cleared, the land can't be sold.
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 purchase 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 property 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 purchase of property 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.
After they've signed and registered the contract, the seller comes under legal obligation to convey the property to the buyer. The seller may not embark on any other sale, nor may the seller mortgage the property once the purchase contract is in effect.
On the buyingrs' 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 real estate 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. - 23223
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 real estate 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 property lawyer when purchasing real estate 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 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.
For instance, although it's not common, real estate for sale in Cyprus could have what's known as a "memo" laid against the land title deed. A "memo" is a legal claim issued by the court against the real estate for any debt owed by the seller, whether the debt pertains to the land or not. Until the debt is cleared, the land can't be sold.
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 purchase 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 property 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 purchase of property 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.
After they've signed and registered the contract, the seller comes under legal obligation to convey the property to the buyer. The seller may not embark on any other sale, nor may the seller mortgage the property once the purchase contract is in effect.
On the buyingrs' 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 real estate 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. - 23223
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.
posted by X - Men @ 1:24 PM
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