Cyprus Property Purchase Checklist
Before you buy any property in Cyprus you should always seek the
advice of an expert real estate agent and lawyer. In this
regard, the following is a quick checklist of some of the basic
things they should be checking: 1. Doing a land title search at
the relevant District Land Office - this is done to make sure
that the seller has a valid land title deed, which should also
tell you whether there are any mortgages or other claims over
the property; 2. If the property you are buying is still under
construction, which many are, then your lawyer should be
checking to see whether the project has the proper planning and
building permits. Also, make sure the land title deed for the
project has been split into individual deeds and not one deed
for the whole project; 3. If you buy land to develop yourself,
make sure your real estate agent checks that the land can be
developed: for example, that it has easy access to a road;
telephone, electricity and water facilities, etc. 4. If you are
buying leasehold property, where the lease term will exceed 33
years, you'll need to make an application to the Council of
Ministers in much the same way as if you were buying freehold
property - so make sure your lawyer does this; 5. Insofar as the
contract is concerned, make sure that the contract contains
provisions that: a. the sale/purchase is subject to you
obtaining all the required permissions; b. possession is taken
upon execution of the contract, or completion of the project,
whichever is the earlier; c. for the purchase of a flat, general
use and maintenance rules are included in the contract; d. the
contract contains an unwind/refund provision, in case you need
to get out of the contract before you take possession of the
property; e. where the property being purchased is a new
development, the contract contain a warranty period for the
construction; f. where the seller is a company, that the person
signing the contract is authorized to do so; and g. whether the
seller is a person or company, the contract has been witnessed
by at least two witnesses of legal age.