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Lawyers in Cyprus – Review – Contract of  Sale – completed on 6^th June 2010 – Cyprus Lawyers

Buying a property is a dream come true for many! It can also turn in to your biggest nightmare should you not follow the correct procedure.

Some developers and agents have a knack for charming potential investors, especially those who are new to the overseas property markets. Which is why, we are publishing this article in the hope that many investors who are interested in investing in our beautiful island of Cyprus will read this and keep it firmly in mind.

The most important aspect when buying any property is the Contract of Sale.

The contract of sale is a legally binding document that states the prices, procedures, agreements and expected requirements to be under taken by the vendor and purchaser when buying a property.

A purchaser must appoint an independent solicitor to

• Conduct a search on the land/development – to make sure there are no loans used against the potential investment by the developer.
• Prepare a Contract of Sale- protecting the rights of the purchaser and go through every detail with the purchaser to make sure they are happy and secure in their purchase. The solicitors’ job is to make sure the contract of sale protects you against any breaches that may occur from the developer and does not favour the developer in any way.
• Guide you through every step of the procedure according to the contract of sale until delivery of the property has taken place.

If you should not appoint a solicitor and you sign a contract that has been prepared by the developer or agent, this can have disastrous results.   You may find the contract of sale does not protect your rights but the developers’ rights, in which you could lose your life savings or end up with an unfinished property or a totally different property than to the one you thought you had purchased.

This is the law in Cyprus and if you sign a contract of sale not prepared and checked by a solicitor, it may be deemed you do not have a leg to stand on should any breaches occur. It is very important for the solicitor to conduct all necessary due diligence with regards to your purchase.

We plead to all potential investors, to let a solicitor do all the work for you in accordance with the Cyprus law this is your only means of protection. What seems like a perfect agreement may be your worse ever nightmare.

For your own safety be protected and appoint an independent Cyprus lawyer for your dream property purchase.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 6^TH JUNE 2010 http://www.lawcyprus.org/