Thanks in no small part to an influx of foreign investment, in recent years Limassol has emerged as the financial hub of Cyprus. As a corollary of this development, the demand for immovable property in Limassol, both for commercial and residential purposes has skyrocketed. It should therefore come as no surprise that real estate prices have been on an upward trajectory for quite some time.
Boasting a wealth of experience and expertise in the field of immovable property, our Law Firm offers the following legal and ancillary services in relation to any transaction involving the sale, disposition, acquisition, use, exploitation, and development of immovable property in the Republic of Cyprus, either for commercial or private purposes:
- Comprehensive due diligence on the parties to the intended transaction as well as the property comprising the subject-matter of the transaction to ensure conformity with applicable legislative and regulatory requirements and for the purpose of identifying any legal risks the Client should be mindful of.
- Drafting, Review and Amendment of agreements, including without limitation:
- Option Agreements
- Reservation Agreements
- Sale and Purchase Agreements
- Barter Exchange Agreements
- Lease Agreements
- Partition Agreements
- Division Agreements
- Construction Agreements
- Escrow Services Agreements
To facilitate the swift and uneventful completion of the intended transaction, we also offer a wide range of ancillary services, including:
- Liaising with any financial, credit or banking institutions involved in the transaction.
- Review of loan / credit facility agreements and of ancillary documentation at the request of the Client's bank (where the Client is the Purchaser).
- Calculation and Payment of Applicable Stamp Duty on behalf of the Client (where the Client is the Purchaser);
- Acting as Escrow Agents, on the basis of an Escrow Services Agreement, with a mandate to undertake or perform specific tasks on the Client's behalf.
- Representation of the Client (on the basis of a Power of Attorney) before competent governmental, semi-governmental and other authorities and departments in the Republic of Cyprus. These services include, without limitation:
- Deposit of Sale Agreements at the Land Registry for specific performance purposes and payment of applicable land registry deposit fees (where the Client is the Purchaser).
- Accepting the transfer and registration of title in immovable property in the name of the Client and procuring the issuance of new title deed in Client's name and payment of applicable land registry transfer fees (where the Client is the Purchaser) OR submitting all necessary documentation before the Land Registry for the purpose of arranging an appointment for the transfer of the property and attending the closing of the transaction at the Land Registry on behalf of the Client (where the Client is the Vendor).
- Application for the Imposition of Reduced V.A.T. Rate on behalf of the Client (where the Client is the Purchaser and if applicable).
- Procuring the issuance of all requisite tax and other clearances necessary to give effect to the transfer of immovable property (where the Client is the Vendor).
- Transfer of utilities in the Client's name (where the Client is the Purchaser);
- Application for the issuance of a Council of Ministers Permit for the acquisition of immovable property in the Republic of Cyprus (where the Client is the Purchaser if applicable).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.