Real Estate Due Diligence in CyprusUpdated on Tuesday 22nd September 2015
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The Cypriot real estate market
A country’s real estate market represents a strong indicator of that country’s economy. Cyprus has a developed real estate market mostly due to its geographical position and all-year warm climate. Even if until recently certain restrictions were imposed to foreigners buying properties in Cyprus, the government has facilitated the terms and conditions for foreigners and the real estate market is now on a high trend. Many foreign investors but also simple citizens are interested in buying properties in Cyprus and real estate due diligence is required in all cases. Our lawyers in Cyprus will provide real estate due diligence services to all those interested in purchasing a property.
Why is real estate due diligence necessary in Cyprus?
As in all countries real estate due diligence is necessary in order to make sure the Cypriot property one is about to buy meets certain requirements, has no encumbrances but most of all meets all the buyer’s demands. Also, real estate due diligence is an important part in the property purchase process and many enterprisers request the professional services of lawyers especially when the property represents an investment. A Cypriot law firm will be able to verify both seller and property before the sale takes place so customers face no difficulties.
What are the steps of real estate due diligence in Cyprus?
The most important steps when conducting real estate due diligence is to verify the property with the Cypriot Land Register. One will find all relevant information about the property title, if any lease contracts, mortgages or other debts exist. Another key factor when purchasing a real estate property in Cyprus is to verify if the building respects all construction regulations and has obtained all construction permits.
A law firm in Cyprus will also be able to provide all information about the taxation of real estate properties and will also arrange for the payment of the stamp duty and any other transfer fees. Lastly, the Cypriot lawyers will help clients with the sale-purchase contract and property registration with the Land Register.
For detailed information about real estate purchases in Cyprus you can contact our law firm.