Updated Information for foreigners wishing to purchase property in Cyprus:
What you should know
The legal system in Cyprus is designed to protect the buyer, however,
in order for this to work, the buyer must not rely on the seller's legal
team for advice, but must seek independent legal advice before signing any
contracts.
A lawyer will check with Land Registry to make sure that the property
is free to be sold without encumbrance, e.g. no outstanding mortgages, no
right of way restrictions, and no outstanding court decisions pending.
Using a land valuer, your lawyer will establish the correct market
value of the property you wish to buy, and he or she will negotiate the
terms of sale, i.e. when payments are to be made in the case of stage
payments, and the date of final completion, including any penalties for
late delivery.
Your lawyer will also draft the contract, making sure that the seller
has no unfair advantages, such as insisting that you pay stage payments
before a particular stage of building work has been completed. Most
land developers use their own legal advisors who are heavily biased in the
developers favour. The small print of the contracts they draft can
contain clauses that force you to pay for work well before its due, and
can excuse them from any liability to complete the build on time.
Your lawyer will make sure the contract is fairly worded in your
favour, and he will arrange for the contract of sale to be registered with
Land Registry. This procedure ensures that the seller cannot sell
the property to someone else behind your back. This is one of the
things that your lawyer will be checking for when contacting Land Registry
in the early stage of investigation into the property.
