Ever since Cyprus joined the EU, there’s been a surge of interest among people, especially Britons
looking to own property in sunshine country. An estimated 1.3 million Brits travel to the country every year, and some 60,000 have invested in real estate in the country. However, there’s been an
increase in cases of foreigners being duped by property sharks. Fotos Pittadjis of the Pittadjis Law Firm explains about the
important rules that a user has to be aware of before buying property in Cyprus.
“Life in Cyprus is different from what it is in other countries of the world. While the blue Mediterranean waters are tempting enough to make people own property, it is strongly advised that they rent a place for at least six months before finally deciding to buy. Once the decision to buy a place is made, the next step is to do extensive research. While there are plenty of sites that showcase properties in the country, the information provided need not be unbiased and accurate. Consumer forums are the best place to look for information. This too is likely to be rigged and hence it’s very important to be discerning,” says Fotos. He has been at the helm of affairs at the Pittadjis Law Firm and has taken up some of the most serious cases in Cyprus with success.
The next step is to hire a professional lawyer who works independently and is not obligated to any of the property developer, agent or vendor. It isn’t uncommon for lawyers in the country to act on behalf of the seller and hence protect his interest in the property. Most countries release lists of independent lawyers who can speak English and safeguard your rights.
“Once you’ve searched for a competent independent lawyer, the job’s half done. The next step is to choose from a good developer. The famous Cypriot hospitality is played to the hilt by sellers to convince buyers about their genuinity. It’s best to keep your senses wide open when looking for a property. If buying property through cash, make sure that the developer agrees to deposit an irrevocable exclusion of the property and the developer does not have any mortgage on the property. And if buying property through mortgage, make sure to include a clause that removes any mortgage that the developer may have on the property,” adds Pittadjis.
About Fotos Pittadjis: A leading lawyer in Cyprus, Fotos joined the Cyprus Bar Association in 2002 and has successfully fought several high profile cases. The property and conveyance department in his firm was started in 2003.
To know more, visit, http://www.pittadjislawfirm.com