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| John Theodorou Group is pleased to announce that they have been awarded by the International Property Awards Bloomberg 2010 for two of their projects Bayview Gardens and the John Theodorou Business Center |
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Not only did I invest in a high specification quality home, I gained a quality life style and befriended quality people. All thanks to "John Theodorou Estates"
Mike Woods, formally of Reading,Berks, UK, Now of Erimi Gardens |
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| Erimi Gardens |
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Buying a property in Cyprus
The Republic of Cyprus is a safe place to buy property provided that the correct legal steps are followed. The legal system is loosely based on the British system and English contract law and there is a reliable (if slow) system for the registration of land.
Information on the legal system in Cyprus with regards to buying property and the correct legal steps to be followed. Who may buy property, the restrictions and the registration of land with the Cyprus Land Registry Office.
Restrictions on Buyers
The first matter a buyer should determine is whether they may in fact purchase a property in Cyprus. In line with EU accession the General Attorney in Cyprus has given consent to District Officers to lift previous restrictions on EU citizens.
- Citizens of EU member states can now purchase and transfer into their names any amount of land and property in Cyprus.
- Non-EU citizens can purchase one apartment, or a house or villa which is under construction or built on an area not exceeding 4.014 square meters (2 donums).
- A company with a majority of directors and shareholders who are Europeans [including Cypriots] is not considered to be a foreign company and can buy any amount of land and property in Cyprus.
Reservation Fees
Once a buyer has found the property that they wish to buy in Cyprus they will usually be asked to pay a reservation fee. It is important to have a signed reservation fee agreement drawn up which will outline the circumstances in which the reservation fee will be returned to the buyer or retained by the seller.
For example it should say that if the sale does not go through because of a defect in the title that the reservation fee will be returned and that the reservation fee is to be deducted from the actual purchase price on completion.
It is safer to agree that the agent or lawyer will hold the fee rather than the seller.
Due Diligence
A lawyer should carry out certain due diligence before advising a buyer to proceed.
This includes:
- Carry out an encumbrance search at the Land Registry - to reveal any mortgages, charges or other adverse matters such as memos, a caution or court judgment against the title
- Carry out a company search - to find out the financial status of a selling company or use a credit reference company
- Obtain the planning and building permits and the final certificate if such exists.
Negotiation and Signing of the Contract
Property in Cyprus is often purchased in the first instance by a Contract of Sale, the terms of which should be negotiated by a lawyer who is experienced in such transactions. A developer may want to use his own sale agreement but this can be modified. Often it is better to start over in order to achieve a contract that will protect the buyer's interests. Probably the biggest mistake made by buyers in Cyprus, is to sign the developers standard contract without taking legal advice.
The contract will be signed by the buyer first. Then the developer will sign when the first payment due under the terms of the contact is made. This is equivalent to the "exchange of contracts" stage that UK buyers will be familiar with.
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