Advice Is Crucial To Buy Real Estate For Sale In Cyprus
It's easy to see why Cyprus is considered the mythical birthplace of Aphrodite, the Greek goddess of love. The ruggedly beautiful island, third largest in the Mediterranean, woos more than 2. 4 million tourists annually to its warm, dry climate. No wonder that when there's property for sale in Cyprus, it's snatched up as quickly as possible.
As the third largest Mediterranean island, Cyprus draws more than 2. 4 million tourists annually, and many of these visitors decide to buy land there. Another segment of potential purchasers are referred from real estate agents in their own nations who are associated with Cyprus developers or realtors. Land advertisements in newspapers and magazines, on television and the Internet also draw potential buyers.
One of the reasons a buyer should hire a real estate 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.
When interested in a particular real estate for sale in Cyprus, a buyer's first step should be to have his or her real estate lawyer check that the seller is the legal owner of the land in question. Next, the property lawyer should check the title deeds to make sure there are no legal impediments to the sale.
A contract of buying 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.
In addition, a contract to buy property for sale in Cyprus creates an encumbrance on the deed to the parcel. This encumbrance legally prevents the seller from mortgaging the property or attempting other sales during the time it takes to transfer the title to the buyer. A contract of buying must be submitted to the District Land Registry 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 real estate. The seller is prohibited from getting a mortgage on the real estate, or from attempting to enter into any other sale.
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 property 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. - 23199
As the third largest Mediterranean island, Cyprus draws more than 2. 4 million tourists annually, and many of these visitors decide to buy land there. Another segment of potential purchasers are referred from real estate agents in their own nations who are associated with Cyprus developers or realtors. Land advertisements in newspapers and magazines, on television and the Internet also draw potential buyers.
One of the reasons a buyer should hire a real estate 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.
When interested in a particular real estate for sale in Cyprus, a buyer's first step should be to have his or her real estate lawyer check that the seller is the legal owner of the land in question. Next, the property lawyer should check the title deeds to make sure there are no legal impediments to the sale.
A contract of buying 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.
In addition, a contract to buy property for sale in Cyprus creates an encumbrance on the deed to the parcel. This encumbrance legally prevents the seller from mortgaging the property or attempting other sales during the time it takes to transfer the title to the buyer. A contract of buying must be submitted to the District Land Registry 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 real estate. The seller is prohibited from getting a mortgage on the real estate, or from attempting to enter into any other sale.
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 property 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. - 23199
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 @ 5:33 AM
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