Get a good Cyprus property contract with the right Cyprus lawyer
After months of searching for the perfect plot, all you need to do is sign your Cyprus property contract. Quick and easy, right?
Get a good Cyprus lawyer
NB: Some developers will have a standard contract
that your solicitor will amend to suit your particular circumstances. Others prefer to let your
lawyer draw up the contract for you. Either way, make sure your building contract has the following:
Must-Haves for Cyprus property buyers
- Staged payments. There are usually at least 6 payments from deposit through to final completion. A payment is made after each
stage is completed to your satisfaction.
WARNING: Believe it or not, some developers will ask you to make a large payment up front or, worse still, even the
entire amount in advance.
If this happens to you and your solicitor does not question it, WALK AWAY!
- A detailed house specification to include prices per metre/fixture for all internal finishings eg. £8/metre for tiles.
Tip 1: Many small developers will give you a very basic "spec" that may not have any prices for internal fittings.
This will lead to a long "extras" list as you invariably choose tiles/door handles etc that are more expensive.
Tip 2: Ensure you include detail about external finishings in your house "spec".
Landscaping, for example, can amount
to simply clearing rubbish from the site if you don't specify otherwise!
- A clause to say that all extras must be agreed with you, the purchaser, beforehand.
- A penalty clause for late completion.
Your developer may ask for part payment in cash in return for a reduction in the purchase price.
A good solicitor will advise you accordingly and many actually condone the practice.
Our advice is to only agree to a small
cash payment, if any, and to ensure that a side contract is drawn up alongside your main Cyprus property contract as proof of the payment agreed.
if you would like us to introduce you to a good Cyprus lawyer.
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