Cyprus Property Lawyer or Solicitor
A Cyprus property lawyer is the first contact point before you consider purchasing a property in Cyprus. We emphasize this point continuously, throughout our web site, and on all our initial emails to clients our opening statement is:
Cyprus Property Lawyer - Before Purchasing
The first piece of advice we offer all our clients is this: please contact a good lawyer in Cyprus before you do anything else. Why? Would you purchase a house/property in any part of the world without using a good lawyer? We all know the answer but ............... so many clients arrive in Cyprus and have not contacted a lawyer.
Two Types of Cyprus Property Purchasers
There are two types of property purchasers: those who have contacted a Cyprus property lawyer and those who wished they had. Do not be in the latter category.
The Importance of a Cyprus Property Lawyer
Why is it so important to contact a Cyprus property lawyer/solicitor for conveyancing your expected property purchase before you come to Cyprus?
Here are four dictionary definitions for conveyancing so we all understand this not-so-common word, and in case some people are not too sure of its full meaning regarding a property purchase and real estate.
- The branch of law practice consisting of examining titles, giving opinions as to their validity and drawing up of deeds, etc., for the conveyance of property from one person to another.
- The branch of legal practice dealing with the conveyance of property or real estate.
- The act or business of drawing up conveyances (as deeds or leases).
- The act of transferring property title from one person to another
The answer to the above question is ‘conflict of interest' and it does not matter in which country in the world you purchase a property, you need a lawyer whose sole and only interest is you. Only then, will there be no conflict of interest.
When a builder/developer or real estate agent in Cyprus refers you to a lawyer, the lawyer has a conflict of interest through the referral.
We are not saying all Cyprus property lawyers who have clients referred to them cannot take care of you and your interests 100%. We do refer many clients to lawyers, banks, insurance companies, etc, all the time, as it is a part of our everyday work. However, as a result of serving many clients over the years, we only work with the best lawyers in Cyprus.
Points to consider when purchasing Cyprus Property:
- Before engaging a lawyer, check they are a member of the Cyprus Bar Association
Florinis 11, off.101, 1stFloor
1508, Nicosia - Cyprus
TEL: +357 22873300
FAX: +357 22873013
Your contract of purchase must be deposited at the District Land Registry within 60 days of signing, creating a specific performance with the stamp duty paid.
A specific performance creates an encumbrance to be placed on the title deeds so the vendor cannot change his mind, sell, or take out a mortgage on the property during the period it takes to transfer the title to your name.
Your contract of purchase must include time-scales for the title to be transferred to your name and the consequences incurred by the vendor should this not occur.
The legal system in Cyprus is similar to British law but NOT identical.
All legal concerns must be checked thoroughly by your lawyer but you too should have a good understanding of the process.
Never sign any document or hand over any money without your lawyer's approval.
Make sure the vendor (seller) is the legal owner and there are no outstanding debts or memos relating to the property. A memo is a legal claim ‘encumbrance' on the property ordered through the court. A memo can be any debt owed to anyone that has not been paid. The court issues the memo against the property or land until the debt is paid. The property/land cannot be sold unless the debt is cleared. In most cases your lawyer will advise that the memo will be cleared when you purchase the property/land and the debt will be cleared by your lawyer as part of his legal brief. Only your lawyer can advise about each memo and its consequences. Most properties do not have memos placed on them. However, it does occur even though in most instances it is just routine procedure.
When purchasing an off plan, under construction or newly built property, make sure the vendor has the building and planning permits. Delays can occur due to local authorities and other reasons. Your lawyer needs to make provision in your contract for such contingencies.
All co-owners must sign the contracts of sale to avoid subsequent disputes.
The above points are the basics and the only way to protect yourself professionally is to appoint a Cyprus Property Lawyer for all your Cyprus property purchasing considerations.
Specific performance: The performance of a contract as specified in its terms.
Stamp duty: A duty, or tax, imposed on paper and parchment, used for certain writings such as deeds, conveyances, etc., evidence of the payment of the duty or tax being a stamp.
Encumbrance: Law. A burden or claim on property, such as a mortgage.
Title deeds: A deed or document containing or constituting evidence of ownership.
See Also: Cyprus Property Lawyer | Cyprus Estate Agents | Cyprus Transfer Fees | Cyprus Property VAT | Cyprus Stamp Duty | Cyprus Council of Ministers | Cyprus Property Tax | Cyprus Capital Gains Tax | Bank of Cyprus | Mortgages in Cyprus | Purchase Contract | Cyprus Land Registry | Cyprus Chartered Surveyors | Making a Cyprus Will | Cyprus Title Deeds | Cyprus Certificate Final Approval