The Question of the Month
Because when I wonder, it’s worth… asking!
Through the new column of the monthly online magazine of Synergy Real Estate, answers will be provided to various questions related to properties and the real estate market in Cyprus.
Our Sales Manager, Panagiotis Tofas, inaugurates this new column by responding to an initial question that was raised.
Before signing purchase contracts for a resale apartment, what should the interested buyer check and what certificates should they obtain from the owner so as to avoid unpleasant surprises later on?
The interested buyer should request and secure the following:
- Certificate of separate ownership title for the apartment. The interested buyer should ask the seller for a recent title deed which has been registered in the Registry of the Department of Land and Surveys. The title deed contains important information such as the exact location, notes on existing rights or restrictions, names of existing owners, and the exact area of the apartment. If a title deed is not available, it is important for the interested buyer to proceed with further investigation and careful examination of the legal status of the property.
- An important legal check that needs to be conducted before purchasing a pre-owned property relates to encumbrances and restrictions that may exist regarding its ownership or use. The legal check may involve searching documents at the Land and Surveys Department to identify encumbrances such as mortgages, any pending court decisions, or other registrations that affect the ownership or free disposal of the property.
- An important consideration is the inspection – when deemed necessary – of the technical condition of a pre-owned apartment. This inspection includes assessing the physical condition of the property, as well as the various systems and installations within it.
- A detailed breakdown of the communal fees corresponding to the specific apartment should be requested. Among the information to be gathered are the financial contributions for the maintenance of common areas and provided services. It is crucial to ensure the existence of a financial budget for the effective management of the communal fees of the building complex/building.
- The buyer of a pre-owned apartment is obligated to pay the transfer fees before the property is transferred into their name. Therefore, it is necessary to know the payable amount in advance, in order to be prepared and avoid any surprises.
* You can also send us your own questions for resolution at firstname.lastname@example.org