Saturday, January 12, 2008

Property Sales Cyprus Secrets

By William Marind

A survey on any resale property is strongly recommended, just as it would be in the UK or elsewhere. Our Cypriot team or your lawyer will be able to recommend a surveyor to you. He will inspect the property and prepare a report, eventually showing any defects, which would not be visible to everyone's eyes. It will save you unpleasant surprises at a later stage, and depending on the type of defects stated (if any), you may get a reduction on the price or you maybe in a position to request the vendor to repair them, or insist additional guarantees be inserted in the contracts. One thing is for sure; you will know what you are buying. A surveyor will not allow his love for a property to cloud his judgement as you may have done.

Firstly, a preliminary contract is signed. This binds both the vendor and the purchase to buy and sell the property on terms and conditions that have been mutually agreed. This is subject to the purchaser being able to receive good title to the property and obtaining the necessary permits from the Cypriot government.At this stage, a deposit is lodged with a Lawyer or a Notary.The purchases lawyer will now carry out the searches at the District Land Registry to ensure that the vendor of the property is indeed, the owner and ensures that the purchaser obtains good title to the property.

Firstly, a preliminary contract is signed. This binds both the vendor and the purchase to buy and sell the property on terms and conditions that have been mutually agreed. This is subject to the purchaser being able to receive good title to the property and obtaining the necessary permits from the Cypriot government.At this stage, a deposit is lodged with a Lawyer or a Notary.The purchases lawyer will now carry out the searches at the District Land Registry to ensure that the vendor of the property is indeed, the owner and ensures that the purchaser obtains good title to the property.

As an indication, one should have in mind that the average construction cost for a house is between C160 to C200 per square metre and the purchase cost of building sites offered for this purpose could range from C1 to C2 per square foot in resort areas, whereas in the towns this can reach C5 per sq. f t.Credit terms on villa/building site/land/cottage acquisitions are normally made and the generally acceptable payment terms are 50% on signing and the rest over a period of 1-2 years (at 9% interest on the reducing balance).

Solar heating is an economic alternative and its adoption is relatively inexpensive, having a payback period of approximately 5 years.If you will have a garden, it is advisable to drill a borehole for watering as the water charges rise more than proportionately with consumption. This will cost around C1,200 for the borehole and the pump, although it will depend on the depth of the borehole. The drilling of a borehole requires a Government permit first.

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