Buying or selling immovable property in Cyprus requires careful legal due diligence and properly prepared documentation. Before a purchaser becomes legally committed, it is important to establish the ownership and legal status of the property and identify any matters which may affect the transaction.
George S. Theocharous LLC assists purchasers with Land Registry searches and legal due diligence, including examination of the title deed or registration details, mortgages, memos, other encumbrances, deposited sale contracts, prohibitions and other restrictions affecting the property or its registered owner.
Where the property includes a building, apartment or development, we also advise on matters relating to planning and building permits, certificates of approval, the existence or status of separate title deeds, common areas and other issues which may affect the purchaser’s rights or the future transfer of the property.
Our firm prepares, reviews and negotiates reservation agreements and contracts of sale, with particular attention to the purchase price and payment structure, completion conditions, delivery of possession, title transfer, existing mortgages or other encumbrances, contractual deadlines and the remedies available in the event of breach.
Where ownership cannot be transferred immediately and the transaction proceeds by way of a Contract of Sale, we assist with the deposit of the contract at the Department of Lands and Surveys in accordance with the Sale of Immovable Property (Specific Performance) Law. Deposit of the contract provides important statutory protection to the purchaser where the seller does not fulfil the contractual obligations.
For purchasers who are not citizens of an EU Member State, we can also assist with applications for permission to acquire immovable property in Cyprus where such permission is required under the applicable legislation.
We also represent sellers in property transactions, including preparation and negotiation of sale agreements, coordination of contractual requirements and completion of the sale.
Our property practice further includes lease agreements, assignments of contractual rights, property-related disputes and advice on issues arising from ownership, development, construction or the use of immovable property.
International clients can instruct our firm from abroad. Where appropriate, we can coordinate the transaction remotely and liaise with developers, estate agents, banks, accountants, engineers and other professionals involved in the transaction.
Our objective is to ensure that clients understand the legal position before becoming committed to a transaction and that their interests remain protected from the initial due diligence stage through to completion and transfer.