If you are planning on investing in Cyprus property then the one thing you need to understand is what real estate law or property law is.
Ownership of property and buildings on a property is serious business and you need to be incredibly careful when buying to ensure that your property is transferred to your name safely, securely and completely legal. The last thing you want is to cross swords with real estate laws because this could leave you with terrible financial disadvantages and might just cost you your property.
Defining real estate law or property law
Real estate or property is basically land and properties on it. There are different legal disciplines that apply to property in Cyprus. Property can be agricultural, commercial or residential. The property can be used and occupied by the owner or can be used by others through rental agreements. You can also buy and sell land and the right legal steps and documentation are critical to ensuring that your property is secure.
A few terms you need to know
Deed title – This is the legal term that describes the owner of the land
Mortgage – A mortgage is a loan on the property and the owner hands over partial ownership of the property as collateral
Foreclosure – The lender or mortgage company takes back the property if the owner fails to pay the mortgage
Closing – The meeting in which ownership of property or real estate is transferred to the new owner
Real estate agent – A licensed professional who negotiates and conducts real estate sales and purchases
Real estate lawyer – A licensed professional who assists with all legal aspects of property including disputes, documentation, property transfers, agreements and more
Do you really need a Cyprus real estate lawyer?
Many buyers are tempted to avoid getting the help of a Cyprus property lawyer and yes, this is completely legal but it is not the best choice you can make by far. Cyprus real estate has plenty of pitfalls that you need to be aware off before you invest and the transaction and agreements need to be completed perfectly or you could end up losing your property due to foreclosure, to the previous owner of the property. It is also advisable to use legal assistance when you buy because real estate attorneys also give advice with regards to mortgage options, assists with binding sales agreements and contracts, ensures that the deeds are transferred safely and much more.
Real estate lawyers are responsible for a wide range of practice areas
Real estate law is quite complex and covers a wide range of areas. Real estate lawyers are also proficient to assist in all of these different areas including the following;
Tax law – Property has a huge effect on your personal taxes and you need to ensure that both purchase and personal taxes are in check.
Landlord and tenant laws – Landlord and tenant agreements are very important and landlord-tenant laws apply to different divisions such as leases, rent, evictions and more.
Property accidents and injuries – Homeowners might be held liable for injuries obtained on their property
Estate planning law– Real estate lawyers also assist with estate planning so your property will be passed down to family members upon your death.
Real estate law is very complex and there are plenty of pitfalls to watch out for when you buy property in Cyprus. When you use our real estate lawyers we can assist you with all of the legal criteria of property law so you can be in full control of your property at all times.