Cyprus-Forum.com

[simonwjones]

After reading the information on http://www.cyprus-property-buyers.com I am now thinking it is alot safer to purchase a ready made apartment. This way you will know what you are getting, you should receive the title deeds as soon as you sign the contract AND should be able to negotiate a much better price.

There sounds like there are plenty of cowboys in Cyprus.

[cyprusgrump]

I don’t think there is a definitive answer to this!

Firstly, buying a resale doesn’t guarantee the title deeds will be available any more quickly than buying off plan. There are many factors that relate to the issue of the title deeds.

Secondly, there are plenty of horror stories of people that have bought re-sale properties only to find ‘issues’ – water leaks, access problems, etc. Things that the present owner um forgot to mention.

Thirdly, the big advantage of buying off plan is that you really can see what you are getting! if you are living here (as we were) you can watch the property at every stage of construction and have a say in the choice of tiles, location of electrical sockets, etc.

There are arguments for both – I’m not sure that one or the other is significantly better.

[nhowarth]

Hi Simon

> There sounds like there are plenty of cowboys in Cyprus.

There are more cowboys in the property industry here than all the John Wayne movies put together!

I get emails from people about their developer using chain-saws to put windows in timber houses, getting their water pressure turned down so the developer can sell them a pressurising system, being threatened with violence because they complain, damp, cold properties, etc, etc, etc.

Personally, I wouldn't touch any one of the property developers that target the expatriate market (has anyone ever wondered why so few Cypriots buy property from these people?).

There are some excellent building contractors & property developers around - the problem is that most Cypriot businesses don't have the same concept of 'marketing' as we do, so expatriates never get to hear about them.

As cyprusgrump has pointed out, there are pros & cons regardless of which approach you take to buying your property. But as long as you do your research, take independent legal advice before you start looking for property and don't lose your head, you'll be OK.

Regards,

[Agios Amvrosios]

For Sure get a good lawyer though and she'll be apples mate

[macwomble]

my understanding also is: with off-plan
1) Specific Performance Guarantee.....once you have paid a third of the total your builder will have to finish by when he states or he is liable to penalties...roughly equivalent to potential renatl
2) If a builder goes bust...providing he is part of the scheme, then the "insurance" is with the government where a builder of equal or same standing will finish the build
3) Once you have paid 30% or more...you have access to the title deeds

MOst important of all......as in any country..get a reputable lawyer to do all the above for you

[nhowarth]

Hi Macwomble,

> once you have paid a third of the total your builder will have to finish by when he states

Only if your solicitor has included the appropriate clauses in your contract of sale.

> providing he is part of the scheme

What scheme?

> Once you have paid 30% or more...you have access to the title deeds

??

Regards,

[dolmadis]

Hi Macwomble,

> once you have paid a third of the total your builder will have to finish by when he states

Only if your solicitor has included the appropriate clauses in your contract of sale.

AND THE DEVELOPER DECIDES HE WILL HONOUR THE CLAUSE AND NOT CITE ONE OF THE GET OUT CLAUSES ABOUT WEATHER AND LABOUR

> providing he is part of the scheme

What scheme?

> Once you have paid 30% or more...you have access to the title deeds

??

THIS MEANS THAT THE DEVELOPER WILL LET YOU HAVE A COPY OF THE CONTRACT SO THAT YOU CAN REGISTER THIS AT THE DISTRICT LANDS OFFICE. BUT NO DEEDS.

[nhowarth]

Hi dolmadis,

Your first point reminded me of a horrendous contract that someone had been duped into signing. It gave the developer an unlimited amount of time to build the property if he is unable to get the labour to build it. The same contract stated that the buyer must make payments on specified dates, regardless of any progress made. So this unfortunate person may well find themselves in a position where they’ve paid for the property in full but the developers been unable to build it because he hasn’t got the labour. What comeback does the buyer have - absolutely none!

On your second point - it's not up to the developer to give YOU a copy of YOUR contract. It's essential that YOU instruct YOUR solicitor to lodge YOUR copy of the contract of sale with the District Lands' Office within 60 days of it being signed & witnessed.

Regards,

[dolmadis]

I can explain to you my second point in more detail so that this can be part of our pooled experience.

A purchaser is asked to sign 3 copies of the contract first and the lawyer sends it to the developer to be signed. The developer will sign (may be) but until 30% has been paid, and often this is required within 60 days, the signed contract is not released for deposit by your solicitor at the District Land's Office.

This is far more common than you think and quite an eye opener into how some developers, and more often the larger ones, act.

Regards

[macwomble]

and ALL o the above serves to reinforce my main point...no matter what country you are in....GET A LAWYER