Cyprus is registered on a land registry, similar to that on the United Kingdom. Therefore, the purchase process generally follows that of the United Kingdom but with differences. Use a Solicitor !!! It cannot be emphasised too strongly that anyone planning to buy land or property in Cyprus must take expert, independent legal advice.
There is an increasing tendency by the local and the foreign market (in particular the British market) to acquire old village houses which are subsequently improved/converted into modern residences.Before the "craze" of village cottages started, there were some real bargains for this nature of property. Nowadays cottages of character and colour are relatively expensive and they may amount, together with the repair improvement bills, in excess of what a new villa of the same size would cost.
Check whether your neighbours keep any animals in their yard since if they do the smell may be unbearable. Check also the distance from the town, the access, whether there is a telephone service, the nearest doctor, the frequency of the local post etc. Bear in mind that the cottage may be eligible for an improvement grant from the Government, if it is of historic interest. Your architect can advise you on this.
It is usual for developers to give credit terms of payment when selling these flats. Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement - 1/3 of the total value; during construction - 1/3 of the total value; the balance over a period of 2 to 3 years. In most cases interest is charged at the rate of 9 per cent per annum as from the date the purchaser takes delivery of the apartment. (i.e. completion)
When the building permit is issued works may begin. Try to avoid variations/changes as these will give rise to claims on the part of the contractor which will mean a financial loss to you. Upon completion of the work your architect must submit drawings (as built) to the Appropriate Authority, if changes have been introduced, for the issue of a covering building permit.
There is an increasing tendency by the local and the foreign market (in particular the British market) to acquire old village houses which are subsequently improved/converted into modern residences.Before the "craze" of village cottages started, there were some real bargains for this nature of property. Nowadays cottages of character and colour are relatively expensive and they may amount, together with the repair improvement bills, in excess of what a new villa of the same size would cost.
Check whether your neighbours keep any animals in their yard since if they do the smell may be unbearable. Check also the distance from the town, the access, whether there is a telephone service, the nearest doctor, the frequency of the local post etc. Bear in mind that the cottage may be eligible for an improvement grant from the Government, if it is of historic interest. Your architect can advise you on this.
It is usual for developers to give credit terms of payment when selling these flats. Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement - 1/3 of the total value; during construction - 1/3 of the total value; the balance over a period of 2 to 3 years. In most cases interest is charged at the rate of 9 per cent per annum as from the date the purchaser takes delivery of the apartment. (i.e. completion)
When the building permit is issued works may begin. Try to avoid variations/changes as these will give rise to claims on the part of the contractor which will mean a financial loss to you. Upon completion of the work your architect must submit drawings (as built) to the Appropriate Authority, if changes have been introduced, for the issue of a covering building permit.
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