One of the most attractive countries for buying real estate of any type is Cyprus. It has a beautiful, comfortable sea coast for recreation, a wonderful mild climate, the legislation is favorable for owners, all the rights of owners are strictly protected. MySpace real estate agency offers its services for choosing and buying any property.
Features of the purchase
When purchasing real estate, you must immediately decide on the budget. Any feature, for example, residential real estate, can affect the cost of the property. This applies not only to the proximity to the sea or the city center, but also to the view from the window, the characteristics of the neighbors and many other factors. An important indicator will be the prestige of the area, which immediately includes several parameters affecting the property.
It is imperative to take into account the following feature of local legislation – a family, that is, both spouses, cannot register more than two properties with an area of 4014 square meters each. This applies to residential and commercial real estate. To bypass this point, you can register a company in Cyprus and purchase the property for it.
A title is issued for each type of real estate. If it is available, the property has full ownership and can be disposed of at your own discretion. If there is no title, then the only limitation for any property will be the impossibility of providing it as collateral when receiving a loan from a bank, but you can live in it, rent it out, or sell it.
This information must be taken into account when considering properties for sale in Cyprus.
Purchase procedure
After finding the desired property, you need to check all its parameters. This includes studying the technical condition, compliance of the specified parameters with what is actually there, determining the absence of any encumbrances and obstacles to the transaction.
Next, negotiations are held with the owner, he is given a deposit in the amount of 1-5% of the market value and an agreement is drawn up. It is worth considering that this payment is non-refundable, so all the features of the property must be checked before making a payment.
Next, the main agreement is signed in the presence of the owner and the buyer. The procedure can be carried out on the island or abroad, the buyer can send a representative in his place, who has the authority and a document confirming this.
The agreement includes all the parameters of the property, the rights and obligations of the parties, the amount of funds, including the deposit paid and the payment procedure. Usually 30% of the total price of the property is paid immediately, and money is also required as a state fee. The agreement is registered with the Cyprus Land Department and must be approved by the Council of Ministers of the country.