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CMCY | 7 Common mistakes to avoid when Buying a Property in Cyprus
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7 Common mistakes to avoid when Buying a Property in Cyprus

26 Jun 7 Common mistakes to avoid when Buying a Property in Cyprus

Posted at 08:06h in Uncategorized by

Buying a property is a major financial decision, and avoiding common mistakes can save you money, stress, and legal trouble. Here are key mistakes to avoid:

  1. Failing to Get a Home Inspection
  • You could miss costly structural or system problems.
  • Always get a professional inspection and review the report provided.
  1. Overlooking Legal and Title Issues
  • Not checking carefully the title deed, who is the owner and whether he has the right to sell his property.
  • Ensure the property has a clean title and get a legal advise by a real estate lawyer on how to finalize the transaction successfully.
  1. Not Checking Developer Reputation
  • Projects may be delayed or poorly constructed.
  • Investigate the Developers current or previous projects and delivery history.

4.Not Requesting a Valuation of the Property.

  • Not knowing the market or not requesting a valuation of the property before purchasing it, can make you overpay a property.
  • Request a valuation before purchasing a property to know the true value of the property you are interested in.
  1. Not making a Due dilligence on the property
  • You need to be checking or requesting the right documents and a search of the property to see whether the property is clean from any mortgages, charges, memo, encoumbrance or third party rights.
  1. Ignoring Future Resale Value
  • You may face difficulty selling the property later.
  • Buy in areas with growth potential, good infrastructure, and high demand.
  1. Poor Negotiation
  • A Real estate transaction can be complex, and mistakes can be costly.
  • You might overpay or accept unfavorable terms.
  • Use a qualified real estate lawyer to advise you and represent you thought the whole process and negotiate favorable terms on your behalf.

 

For any legal assistance in purchasing a property in Cyprus you may contact us at info@cmcylaw.com or call us directly on +35725255059