Once you have chosen your property in Cyprus, it is essential that correct due diligence is performed. It is vital that a Lawyer in Cyprus performs the due diligence and reviews this on your behalf to ensure your rights are protected. It is of the essence to state that employing a lawyer for due diligence, that lawyer is liable for any issues not identified.
A search report from the appropriate district land registry must be obtained in order to see the current status of the property. The search report will show if your Cyprus Property is burdened by any mortgages, memos and / or other encumbrances or restrictions. If your Cyprus Property is burdened by any bank related issues it is vital that a bank waiver is obtained by your Cyprus Lawyer in order for the property to be exempted. The search report will also show if the property is affected by tax liabilities and or lawsuits, of which your Cyprus Lawyer must obtain exemptions and / or releases for to ensure your property is free from any encumbrances which prevent you from being the beneficial owner.
Contact must be made to the Town Planning and Building Authorities in order to confirm that the property has all permits needed and the property is built accord to them. If not this will affect the issuance of the individual title deeds (if the property doesn’t already have them).
Further due diligence will also be made on the vendors and developers to check if any grants have been granted to the vendor if the property has any debts by the vendor towards the developer and/ or to any other authority that may affect the property.
Finally your Cyprus lawyer will ensure that all utility, communal and or other bills relating to your Cyprus Property are paid until the date of transfer of your Cyprus property into your name, by the previous owner/developer and you are responsible from the date of deposition of the contract/assignment agreement at the appropriate land registry office.
By employing a qualified Cyprus lawyer, to perform the correct due diligence you are ensuring that your property purchase is safe and that you will not receive any surprise ‘ bills’ further down the line.