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Buy Private Villas |
By:
William Marind |
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Buy Private Villas
William Marind
The legal fees usually charged by a lawyer are approximately CY500 and cover the review and alteration if required of the Sale Agreement, revision of the General Agreement (which regulates the use of common areas, where applicable) and submission to the land registry for specific performance.Stamp duty is due at the time of signing the contract. This is levied at the rate of CY1.50 per CY1,000 up to CY100,000 and thereafter at the rate of CY2 per CY1,000. The purchase contract must be stamped within 30 days of its dated signature or a fine will be imposed.
Non-Cypriot citizens requires permission from the Council of Ministers to purchase property in Cyprus. If this has not been yet obtained then the purchaser should now apply to the council for the permission. This normally takes between 8 and 14 months to be granted, and without this the Title Deeds of the property cannot be made available to the purchaser.
Try to check whether there is any road or other scheme which affects your property or the locality in general. It is advisable that you buy a recent Lands' and Surveys' plan (a whole sheet) for the property you intend to buy, since on these plans many proposed public projects such as roads etc are shown. It is best, if you suspect any schemes in the area you wish to invest, to see the District Inspector (at the District Officer's Office) and/or pay a visit to the local Planning Office.
Property owners in Cyprus are advised to make a will in Cyprus to cover their Cypriot estate. A Cypriot will speed up the process of obtaining probate in Cyprus.Inheritance Tax is payable on a Cypriot estate and rates are on a sliding scale depending upon the value of the estate. Full professional advice should be obtained with regard to making a Cypriot Will and Inheritance Tax planning.
Accommodation: Avoid purchasing an one bedroom or studio type of accommodation (unless you are in a resort area) since you will have problems on resale. Prefer to get hired accommodation rather than think that you will sell your one bedroom unit and buy a larger one in the future.You may well find that selling the one bedroom flat is problematic. Flats most in demand are the three bedroom (around 120-130 sq.m.) and two bedroom (70-100 sq.m.) ones. This state of affairs is fluid however and changes from time to time and from location to location. In resort areas the most marketable accommodation are the compact one and two bedroom flats.
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Article Source: http://www.statssheet.com/articles/article67032.html |
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