Pitfalls to Avoid When Finding a Property for Sale in Paphos

When finding a property for sale in Paphos, you’re paving the way to your new home with gorgeous surroundings. Nevertheless, don’t let your desire for speed blind you during the purchasing process. There are a few points you should be cautious about, as explained below.

Pitfalls to Avoid when Choosing a Property for Sale in Paphos

The following list details the key themes you need to be comfortable with when buying a property in Paphos, and Cyprus in general. You should take some time to understand your needs and what you’re looking for. Otherwise, you might find yourself spoilt for choice. Most property developers have exceptional portfolios for your choice.

● Get a good property developer and lawyer

● Check ownership disputes

● Confirm commission rates and overall costs

● Pay reservation fee when you get the terms

● Conduct due diligence

● Land Registry contract registration

● Property management agreements

● Write your will

Property Developer and Lawyer

Around 10 years ago, many unlicensed property agents were dealing in illegal activities. This has now changed, but it’s still worth making sure that your agent is registered and licensed. You’ll be able to find these numbers on their website.

Regardless of the license, though, some property agents are better than others. Therefore, make sure you ask them questions about the market and their track record. Also, talk to a few so that you can compare their answers and approach. At the end of the day, you also need to feel comfortable with their style.

Certainly, you’ll need a lawyer to help you through the process and paperwork. A great property agent, though, has a strong network of connections. Again, you can ask them about this and who they tend to partner with. This also will give you a good idea of their techniques. There is no legal obligation to use a lawyer, and your property agent can cover everything. However, assuming that you’re a foreigner trying to make sense of a new culture, then it’s worth paying the extra legal fees.

Ownership Disputes

Sadly, there have been several cases when a property is being sold but with an ownership dispute. For instance, this can happen during a divorce. With the market on the rise, some over-enthusiastic developers and people have found themselves in the middle of a court case. Therefore, you should do your verifications at the Land Registry office and confirm the property’s ownership. Of course, your lawyer can also support you with this.

Commission Rates and Costs

It might sound obvious, but many people forget to look at the details of the contracts they’re signing. Any purchasing process has several fees due to different parties, and it’s important to avoid any surprises, so check everything upfront.

When buying Cyprus property, there are some instances when there are intermediary parties who will also ask for commission. All this should be detailed in your agent’s contract, so make sure you read everything correctly and check for hidden costs. Again, the advantage of having a lawyer is that they can also guide you and make sure you don’t miss anything.

Reservation Terms and Fees

Some sellers will want a reservation fee, especially if their property is high in demand. If this is the case, it’s important to agree and sign some terms before any fees are paid. In addition, these terms can include details of payment structure and what happens if the sale doesn’t go forwards. Can you expect a refund, for example?

Due Diligence

This doesn’t just apply to Cyprus property because due diligence is important wherever you are. Again though, a lawyer or a property agent can help you through this step, although it is sometimes wise to check for yourself.

When conducting due diligence, though, you want to check for any mortgages that still exist on the property. You don’t want to find yourself in the middle of a bank reclamation. Furthermore, you’ll want to check the details of ownership, as already mentioned earlier.

Land Registry

Just like many other countries, the Land Registry office holds all property deeds and titles. You also have to register yourself as an owner as a part of your Cyprus property’s purchasing process. Indeed, there is a specific time frame during which you have to deposit your contract of sale at the Land Registry. You also have to make sure that your agreement is stamped within that time frame. Otherwise, you risk losing the property.

Preparing Will

Last but not least, it’s worth making sure that your will is up to date. Like many EU countries, Cyprus has laws about how assets are passed on to family members. You might disagree with the approach, but you can write your will accordingly.

Final Recommendations for Buying a property in Paphos

Every country has its specifics when it comes to buying property. Don’t let this overwhelm you because as long as you get a good lawyer and the right property agent, you’ll be in good hands. Of course, make sure you cover the points listed above such that you feel comfortable. After that, you’ll find that investing in a property for sale in Paphos is a safe and exciting experience.

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