Greek mythology claims that the goddess of love, Aphrodite, was born on the island of Cyprus. With that history, it's no wonder that real estate for sale in Cyprus is buyingd as promptly as possible.
Of course, like many Mediterranean cultures, "quickly" can be a fluid concept in Cyprus. That's because the property 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.
That's why buyers often are counseled to retain a qualified Cyprus property lawyer when they start to investigate real estate for sale in Cyprus. Having a reputable lawyer looking out for the buyer's interests can protect against unexpected obstacles or even illegal practices.
In Cyprus a legal claim known as a "memo" can be levied against real property for any kind of debt. Issued by a court, the memo sets up a legal impediment to any sale. In other words, the land can't be buyingd until the owners' debt is cleared. Fortunately, most property for sale in Cyprus isn't encumbered by debt memos. However, only a Cyprus property owner can rightly advise a potential buyer about the consequences of any memo against a property.
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 property 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.
In addition, a contract to buy real estate for sale in Cyprus creates an encumbrance on the deed to the parcel. This encumbrance legally prevents the seller from mortgaging the real estate or attempting other sales during the time it takes to transfer the title to the buyer. A contract of purchase must be submitted to the DLR within 60 days of signing in order for this encumbrance to come into force. There's also a stamp tax to be paid on the document.
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 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 real estate 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 buyingd legally and safely.
Of course, like many Mediterranean cultures, "quickly" can be a fluid concept in Cyprus. That's because the property 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.
That's why buyers often are counseled to retain a qualified Cyprus property lawyer when they start to investigate real estate for sale in Cyprus. Having a reputable lawyer looking out for the buyer's interests can protect against unexpected obstacles or even illegal practices.
In Cyprus a legal claim known as a "memo" can be levied against real property for any kind of debt. Issued by a court, the memo sets up a legal impediment to any sale. In other words, the land can't be buyingd until the owners' debt is cleared. Fortunately, most property for sale in Cyprus isn't encumbered by debt memos. However, only a Cyprus property owner can rightly advise a potential buyer about the consequences of any memo against a property.
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 property 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.
In addition, a contract to buy real estate for sale in Cyprus creates an encumbrance on the deed to the parcel. This encumbrance legally prevents the seller from mortgaging the real estate or attempting other sales during the time it takes to transfer the title to the buyer. A contract of purchase must be submitted to the DLR within 60 days of signing in order for this encumbrance to come into force. There's also a stamp tax to be paid on the document.
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 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 real estate 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 buyingd legally and safely.
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.
