Mortgage Liability when Buying a Property in Cyprus
- Written by: Editor
- Posted: 2017-09-21
Buying a property in Cyprus is recommended to take place with the help of our Cypriot lawyers in order to avoid certain risks which buyers may encounter. For example, you might find that the real estate you intend to purchase has been mortgaged.
Mortgage liability in Cyprus
Often, developers in Cyprus take out mortgages on land or property. In case you are ready to sign a contract with a developer here and the land or property already has a mortgage, claim or loan which was requested by the developer or the owner, then you might become liable for the mortgage if the developer, builder or owner declare themselves bankrupt.
It is important to ask your attorneys in Cyprus to verify if mortgages have been placed on the property or land you will acquire. In case you know about the mortgage before the contract is signed, there is a small chance that you can obtain the deeds on your name until the mortgage has been acquitted.
Lawyers in Cyprus are not obliged to verify for mortgages automatically, even though we do this for our clients, upon request.
In case you have bought a property or land in Cyprus and are encountering issues, it is important to search for qualified legal advice which is independent about your own rights and redress methods.
The Cyprus citizenship by investment
Cyprus is a country which offers the most rapid and secure method of obtaining the European citizenship and a second passport by introducing the Cypriot citizenship by investment program.
In this program, it is required to effectuate an investment of EUR 2 million in real estate in the country. Cyprus offers the citizenship in maximum six months after the investment has been made.
This allows the applicant to obtain the Cypriot citizenship and passport, enabling him or her to work, study and travel, as well as reside, anywhere in the European Union, including in states like the UK, Germany or France. Our Cypriot lawyers can provide assistance in obtaining the citizenship through this program in Cyprus.
If you would like to know more about the property claims in Cyprus, or for legal advice related to any issue in the country, we invite you to get in touch with our law firm in Cyprus.