For most people, buying their own real estate is one of the most important, long—awaited and major purchases in life. So it is necessary to approach the task seriously, thoughtfully and responsibly.
Have you chosen your dream property on the island? Congratulations! The first step is done. Now you need to arrange everything.
The main document protecting the rights of the seller and the buyer is the real estate purchase agreement.
Sometimes they also sign a preliminary purchase agreement in order to reserve an property they like and make a deposit. This applies to both the new and second real estate market.
Then the main contract for the sale of real estate is drawn up, according to all the agreements of the parties and taking into account the recommendations of market professionals. At the time of signing the document, a local notary is invited.
Today, more and more investors prefer to notarize their transactions.
There are many reasons for this, but one of the most basic is that notarization is a kind of shield from fraudsters, in addition, a notary is the only person in the real estate market who is responsible for their actions, and in case of his guilt or oversight compensates the injured party for damage.
The notary ensures the legal purity of the transaction, frees its participants from the need to delve into complex legal subtleties, explaining in detail all aspects of the transaction and drafting a legally competent document.
The notary explains to the parties the meaning and significance of the transaction, verifies the powers of the parties to make the transaction. In addition, if there are doubts about the authenticity of documents, the notary has the right to verify them by sending official requests.
By entrusting your real estate transaction to a notary, you get rid of running around, queues and the need to painstakingly fill out and recheck a mountain of documents. The notary office will make a draft transaction — a list of all actions that should be carried out, such as: drafting a contract; fixing the will of the parties on issues such as the sale price, form, payment procedure and the possibility of installment payments; obtaining the consent of spouses, owners, and so on. Then you will have to draw up and sign a contract, which will take into account all the terms of the transaction.
Where to find a notary in Cyprus
There are many notary offices on the island (Πιστοποιούντες Υπάλληλοι) and law offices with excellent service. Nevertheless, local residents are accustomed to address almost all issues to the district head — moukhtaris (κοινοτάρχης), who also performs the functions of a notary.
Usually people prefer to sign a contract of sale directly at the premises of the Land Department. They also register there purchase agreement for further receipt real estate titles.
It should be noted that the notary is not responsible for the content of the contract of sale of real estate. They only evaluate the legal capacity of the participants in the transaction, explains the consequences, certifies the signatures of the buyer and seller with their signature and seal. In this case, we are not talking about a detailed consultation of a lawyer who understands all aspects of the Cyprus real estate market.
According to the Law on Certifying Persons of 2012 N(165(I)/2012), authentication of signatures and seals on documents is carried out by official certifying persons. Notaries are called in Cyprus Πιστοποιούντες Υπάλληλοι.
How much do notary services cost
A standard fee of 2 euros is paid for each signature or seal at the notary. If the notary certifies the signature or seal not in the main office, the amount of the fee rises to 5 euros. At moukhtaris, the service will cost 10-20 euros, but, as a rule, moukhtaris are elderly people and they are entrusted with simpler tasks.
Ideally, choose a notary whom you understand well. Among them there are those who speak English and even other languages, such as Russian or Arabic. The sale contract is executed in English, but if desired, it can be duplicated in your native language.
When buying real estate with a proxy, you will also need a notary at the stage of signing the contract. If the purchase is made from abroad, then only through a Cyprus company.
After full payment of the purchase, they proceed to the registration the title. In the next article, we will tell you in more detail how to independently obtain title deeds — the main document of the owner of real estate in Cyprus.
Interested in housing in Cyprus? Visit the DOM. The website presents the largest database of real estate in the country – from residential to commercial. Choose and contact professionals who will help you make the right choice!