The economy of Cyprus is doing pretty fantastic right now and things are expected to get much better in the near future. Jobs are slowly increasing and more and more business opportunities are rising with each passing month. If you haven’t settled into your own dreamy home yet then now is the best time to start shopping for your first home. The value of residential properties is expected to boom all over Cyprus and especially in popular regions like Limassol. The chances are pretty good that you can expect to pay up to 30% more for property in Cyprus in just a few short years which means that you should probably spring into action.
The one thing you don’t want, when buying a home for the first time, is to get on the wrong side of the law. Here are a few property law tips for first time home buyers to help you stay legal and out of trouble.
Cyprus property law
Cyprus property law is quite complex, especially when you consider all the different property tax rules that will apply to you when you buy a home. The easiest way to ensure that you stay 100% legal and safe when buying your first home is by using the help of Meshitis real estate lawyers. We can help you with all of the legal and law aspects of buying your first home and can also assist with other tasks such as deed investigations, property disputes, negotiations and more.
Different tax rates might apply to you
If you are a foreign investor then different tax rates might apply to you. For example; those who reside in the country less than 186 days a year pay less property tax. Those who qualify for the Cyprus investment programme also pay fewer property taxes.
Always conduct various property searches
It is always best to have your Cyprus property lawyer investigate the property deeds and titles to ensure ownership before you buy.
A property sales contract should be signed
Your lawyer should draw up a property sales contract which you and the seller are to sign. This contract will then be stamped and registered at the Lands Office. Ensure your contract is signed and approved so the seller cannot sell to another person while the property transfer is ongoing.
Personal background check
The property lawyer will then request a property acquisition permit (if you are a non EU citizen) from the Council of Ministers of Cyprus where your personal background will be checked.
Deeds transfer
In presence of both seller and buyer (and of course your real estate lawyer) the title deed will be transferred to your name at the Land Registry Office
It is important to follow the right steps and to use professional assistance when you are buying property. This way first time home buyers can avoid pitfalls, stay legal and buy property without risks.
