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Cyprus Golf Villas Secrets

Jan 12, 2008
The Town Planning Act. This law (expected to be fully enforced very soon) regulates development and it will supersede the liberal town planning zoning which exists at present. It requires the preparation of local plans for development and prior to any acquisition/development of property, the inspection of these plans is a must. Any development in the future will require a Planning Permission as well as a Building Permit.

In addition a 1.5%-2% is payable for the structural design and 0.3% for structural supervision. If you are at a loss as to the choice of a suitable consultant, seek the advice of the Registrar of the Association of Architects & Engineers (all licenced architects must be registered). Please bear in mind that in case of large buildings you may be able to negotiate a lower fee (as also in the case of repetitive work).

Never sign anything or pay any money until you have sought legal advice in a language in which you are fluent from an experienced solicitor (ideally, someone who has been recommended).Under no circumstances should you use a solicitor who has been introduced or recommended to you by a vendor, agent or developer.

It is usual for developers to give credit terms of payment when selling these flats. Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement - 1/3 of the total value; during construction - 1/3 of the total value; the balance over a period of 2 to 3 years. In most cases interest is charged at the rate of 9 per cent per annum as from the date the purchaser takes delivery of the apartment. (i.e. completion)

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. The final contract is only entered into when the searches have proved satisfactory.
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