Kouzalis LLC – Cyprus Lawyers advise on Buying a property in Cyprus
When buying a property in Cyprus, there are many factors which you the owner need to consider.
You need to engage a trustworthy Cypriot Lawyer, registered with the Cypriot Bar Association and ensure that he has the necessary Insurance cover – indemnity insurance – but mostly that your lawyer is independent.
Do not use your estate agent to draft your purchase agreement. This is a huge risk for you. Your agent has NO LEGAL training. They do not know the law. Only your trained Cypriot Lawyer has the appropriate legal training to prepare a contract for YOU, to protect your rights and interest.
Your Cyprus qualified lawyer will perform their due diligence, upon instruction from you according to your agreement with them. A specific power of attorney will be made whereby you, the purchaser, will appoint your Cypriot Lawyer to represent you.
Your lawyer in Cyprus will ensure all the appropriate checks are performed and that the property meets the legal requirements so that you, the purchaser have full rights and can enjoy your Cypriot Property.
Furthermore, in order to safeguard your finances, all financial transactions should be made through your Cypriot Lawyer and not the agent whom you are purchasing from. Your Cypriot Lawyer will open a specific client account for your case. This ensures that payments are only made according to the contract between yourself and the vendors and according to the specific terms.