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Buying a Home in Cyprus
10
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

Buying unobstructed views
Many people are prepared to pay extra for views overlooking the blue,
glistening Mediterranean sea. But you need to consider what your
unobstructed view will look like when the area has been fully developed
and you’re surrounded by other properties.
What may appear to be unobstructed views of the sea, mountains, etc. could
be gone by the time your property’s been built.
Unless you’re on the edge of a precipice, someone will build in front of you.
Maybe not next week, maybe not next month, but sometime in the not too
distant future.
Buying mortgaged property
Property developers often mortgage the land on which they are building to
help finance their projects. But there is no requirement for them to pay off
that mortgage when they sell the properties they have built on that land.
Buyers are generally unaware of this problem and often end up buying
property that is mortgaged. In this situation they face the very real threat of
losing their home and their money if the developer goes bust or the bank
forecloses.
Furthermore, when they come to sell their homes on the resale market,
they soon find that the banks will not give their prospective buyers a
mortgage; needless to say potential buyers will look elsewhere for a less
risky purchase.
Before entering into a contract to purchase, you must instruct your lawyer to
conduct a search at the Land Registry to make sure that the property is free
from charges or burdens (such as a mortgage).
If the Title is not ‘clean’ and your lawyer is unable to obtain a ‘release’ from
any charges or burdens, do not buy it; potentially you could end up with
nothing.
© Nigel Howarth
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