After signing the contract of sale both the parties want to be sure that in the case any problems occur there will be solutions and legal ways out of the problem. Being largely based on its British equivalent, the Cypriot legal system protects the interests and rights of a buyer in many ways. Once a contract of sale has been signed and a deposit has been made, a legal instrument known as ’Specific Performance’ is put in action. This simple but effective procedure has been designed to protect the purchaser, and more specifically his/hers rights over ownership of the property until title deeds have been issued in their names. As mentioned in previous articles, the contract cannot be withdrawn and the property can neither been sold, leased or transferred, nor can it be mortgaged. The only party that can change this status is the purchasing party.
Lawyers
Choosing the right legal representative is vital to the final outcome of the agreement. It is strongly suggested that the lawyer you appoint is one that is independent of the developer. This ensures that there is no conflict of interest and that your legal representative draws the contract of sale according to your best interest.
Lawyer Fees
One problem that may arise is your legal representative charging you more than what he is supposed to. Although lawyer fees can vary between different practices, they only do so marginally. As a general rule they usually stand at 1% of the property price, so be careful not to be duped.
Wills & Inheritance Law
If you have already drawn a will outside of Cyprus, you should be warned that these should never be relied upon when it comes to dealing with properties purchased in Cyprus. It’s in your best interest to seek legal advice on the matter, or have a separate will dealing with your assets in Cyprus. One common mistake people often make is presuming that upon death, a property held in joint names passes automatically to the joint owner. This is not the case as the estate needs to be administered and property passes according to the will. In the case of an absence of will, distribution of property is overseen by a Cypriot probate court.
Copyright © Cyprusnet
