Once you have selected your Cyprus Property, you need to engage an INDEPENDANT Cypriot Lawyer in order to prepare the appropriate legal documentation to enable you to become the legal owner.
There are generally 2 options available to purchasers of Cyprus Property:
- A contract of sale. This is either made with the ‘developer’ / ‘construction company’ and the purchaser OR if the current owner has title deeds then between the current owner and yourself.
- Assignment agreement. This is typically when the property is a resale. The current owner (who is 99% of all cases originally bought the property from the developer) assigns their rights obligations and benefits of their original contract of sale with the developer to you, the new purchaser.
Regardless of which option you take when purchasing your Cyprus Property, it is imperative that you choose a Cypriot Lawyer to prepare your contract.
Often we hear of horror stories regarding people who have used; a developer’s contract or an estate agents contract, neither of which are prepared/executed and most importantly which don’t provide the appropriate protection needed.
Your Cypriot Lawyer will prepare your purchase agreement in accordance with terms which are
- According to the law
- Protect you and your investment during the purchase AND AFTER!
If you are looking to purchase a property and want independent legal advise please do not hesitate to contact us.
The above article was prepared by G KOUZALIS LLC.