If you are interested in buying any properties in Cyprus, you have reached the right article since I will tell you about what pitfalls you need to avoid if you are thinking of purchasing a property in Cyprus; because it is important to be careful, as it is about investing your hard-earned money.
The pitfalls you need to avoid while buying a property in Cyprus
In recent times, improvements have been made to the laws related to the purchase of properties in Cyprus. Still, there are some pitfalls that one should avoid to make a smooth and secure purchase.
1. Sometimes, Sellers have not registered the property, which they are selling, in their name. This hurts the buyer a lot because once they purchase such property from the seller, they cannot sell this property to any other person legally.
2. Another pitfall that people fall into is that some relators guide a buyer to purchase a property at a price that is not worth the money. Due to this, the purchaser gets into a difficult position when they are selling such a property. You can avoid such a situation by dealing with reputed firms, as these would provide you with a realtor that would get you a property at the right price.
3. Many purchasers think that they do not need a lawyer and can purchase a piece of land in Cyprus by themselves. This is the biggest mistake that they can make because these people cannot decrypt the true meaning of each of the clause that has been mentioned in the documents of a property, due to which they get themselves into a difficult position. By appointing a professional lawyer from a reputed firm, one does not need to worry about such pitfalls as these lawyers properly understand the correct meaning of these documents and can tell you that if a certain property is worth purchasing or not.
4. Sometimes a buyer is asked to give a certain fee for the reserving of a property to the seller. Do not do this without taking the receipt of payment from the seller. This is a big mistake that buyers should avoid because the seller could blackmail the buyer and ask for more money from them as the buyer does not have any proof of payment that they could show to in the court to prove themselves as innocent.
5. Sometimes what some realtors do is that they have a secret meeting in which they discuss how much the realtor should charge the buyer. The percentage of commissions can go to a significant amount of the total purchase that the buyer has made. You can tackle such a situation by hiring a professional realtor as they would only charge the fee that they told the buyer before the deal is sealed.
It is considered safe to invest in real estate if you buy properties from renowned brokers or companies, such as Scala Properties in Cyprus.
It will be not wrong to say that due to its various beneficial factors, Cyprus can be considered as an ideal place for real estate investment, and you can avoid all of the pitfalls if you purchase a property from someone you can trust.