Sale and purchase of immovable properties is a key point and a very important aspect of every person’s life. A mistake or oversight during the process of buying or selling a property can be fatal and catastrophic for a person’s life, because such a mistake can lead to financial collapse, since the sale and purchase of immovable properties often involves large financial transactions and such a mistake or oversight can lead the person involved to endless legal proceedings and disputes with unpredictable and uncertain results. This is exactly why, in order to handle and complete the process of selling and buying a property, we must trust a specialist who has the experience for such procedures and who ensures the interests of the person who appointed him/her to represent him/her for the sale and purchase.
The first and quite important advantage in case a person chooses to be represented by a lawyer for the purchase of immovable property is the fact that the lawyer who will undertake to handle the purchase and sale of the property, has insurance coverage, whereby in case of negligence or error during the process on his part, resulting in damage for his client, the insurance is obliged to cover the damage.
When instructed by his client to proceed with the sale and purchase, an experienced lawyer will make all the appropriate and necessary inquiries in order to fully safeguard his client’s interests.
In case of purchase of a property by his client, he will make inquiries at the Land Registry in order to verify whether there are any encumbrances or mortgages on the property that his client intends to purchase. This procedure must be done before the client pays any amount to the seller of the property, because in case there are encumbrances or mortgages, there is a risk that the buyer will lose the money paid. Further, the lawyer will check whether there is a title deed for the property or not, and if there is a title deed, he will check whether the title deed is clear or whether it has any remarks written thereon. If the title deed has remarks, there is a serious possibility that the title to the property may not be transferable to the buyer. The transfer of the title in the name of the buyer client of the lawyer is the highest priority for the lawyer. The possibility of non-transfer of the title is equivalent to a wreck of the sale. Without a title deed the value of the property being purchased is greatly reduced or eliminated. If there is no title deed for the property now, the lawyer will check why the title deed was not issued, and whether it can be issued in the future. If there is a serious impediment to the issuance of the title deed, then the lawyer will advise the client not to proceed with the purchase of the property. Now, of course, there is also the procedure for stranded buyers, where the buyer can apply to the Land Registry to claim the issuance of the title deed, if and when he falls within the cases where he is entitled to the issuance of a title deed.
In order to safeguard the interests of the buyer’s client, the lawyer prepares a purchase and sale document, so as to formulate in writing the agreement made by the parties to the purchase and sale. This deed of sale may be filed with the Land Registry for the purpose of special performance. The filing of the purchase and sale deed with the Land Registry safeguards the interests of the buyer, since in the event of the filing of a lien on the title to the property, which will follow the filing of the deed of sale, it does not prevent the transfer of the title to the buyer, free of liens.
The lawyer must also check, in case the object of the sale is a house or a building, whether the building located within the property is built according to the architectural plans filed with the competent authorities, and whether the property sold has the necessary permits required by law, i.e. building permit, planning permit, and certificate of final approval. The non-existence of permits exposes the buyer to criminal proceedings against him by the competent authority, during which a demolition ruling may be issued against the illegal and unauthorized buildings and/or structures.
The lawyer must also check whether the square metres of the property are indicated on the title and whether they reflect the actual condition of the property on the spot. In addition, the lawyer must check whether there is a boundary dispute with another neighbouring property, and if there is, he must prevent the buyer from proceeding with the purchase of the property.
Furthermore, after consulting an expert, the lawyer must ascertain if there is a building on the property, whether it was built with appropriate materials, according to the required specifications, and that there are no defects in the building.
Finally, the lawyer must check that all water, telephone, electricity bills, taxes, charges, fees, and utilities, if any, are paid by the seller up to the date of delivery of possession of the property to the Buyer.
If the lawyer represents the Seller of the property, he then must obtain all necessary exemptions from the Municipality or Community where the property is located, from the Sewerage Board, and from the Department of Taxation, so that he can transfer the title to the Buyer.
As you understand from those mentioned above, the purchase or sale of property in Cyprus involves many risks and the assignment of representation to a professional lawyer is imperative. If you want to buy or sell a property, and do not want to get involved in any adventures, please contact us to arrange a meeting and representation, so that you can be confident in the purchase or sale you are making. We have the experience and knowledge to protect and safeguard your interests.
Author : Merkouris Telonis
The content of this article is intended to provide a general guide to the subject matter and does not constitute at any way legal advice. We recommend that if you are interested for professional legal advice in the specific matter please contact Merkouris Telonis, partner of our firm via tel 26911701 or email at [email protected]
