Solicitors
The legal and land registry system in Cyprus is based on the UK system, however please be aware that most of the paper work and process will be in Greek.
For this reason it is advantageous to use the services of an independent solicitor to help you with your purchase.
You will pay a fee for their services which on average are 1 % of the sale price of the property you are purchasing, but it is always advisable to agree a price with your solicitor at the outset.
In addition to the fee the solicitor will cover other expenses which will then be passed onto you for payment.
The solicitor will:
Oversee and draw up the sale agreement on your behalf – this will be in English.
File the sales agreement within the legislative timescales for the letter of specific performance.
Will check and ensure that the title deeds held by the developer on the land is clear and that the developer is legally entitled to build on the land.
Advise on tax applicable and answer any other legislative questions you may have.
You can also give your solicitor, general power of attorney so they can act and sign any paperwork on your behalf if you are not living in Cyprus.
Many solicitors can also provide a client account where your funds can be held and then issue any payment due to the developer on your behalf – if you require this service.
Your file account will remain open with the solicitor who will continue to act on your behalf in attaining the title deeds and transfer them into your name.
If you require your solicitor to sign any paperwork with the bank for your mortgage you will need a separate power of attorney sign and witnessed at the bank.
The forms can be sign in UK but they will then need to be witnessed by a Notary and then sent to the Cypriot Embassy in London to be stamped. This can take several weeks and as such, can delay the purchase of your property.
Note. This information is a guide only and may change at any time so always check with your solicitor.
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