Month: December 2024

How the independent examination helps in the acceptance of housing from the developer in Cyprus

For investors in overseas real estate projects in Cyprus are of particular interest. They have a quick payback due to the consistently high demand from tenants, they are also popular among those who plan to move or want to regularly vacation abroad in their own homes. However, not everyone understands how serious should be the preparation for the purchase and sale, in particular, hoping for the integrity of developers. But defects happen to everyone (both intentional and accidental), so the task of the future owner – to make sure of the appropriateness of the investment, which will help independent expertise. 

Is it necessary to conduct an independent expert examination of housing at the time of acceptance?

It is a common opinion that foreign construction companies adhere exactly to all norms and laws, so they can be 100% trusted. In reality, there are hundreds of reviews of dissatisfied investors who signed the acceptance certificate, and then only noticed that there was something wrong with the apartment in the new building. Attempts to get a refund or eliminate defects at the expense of the builder do not lead to anything, because legally the buyer has confirmed his satisfaction with the quality of repair and construction.

To avoid such a situation, it is necessary to initiate an independent examination during the acceptance. Legally, this is not necessary – it is enough to inspect and fix shortcomings with the subsequent transfer of the list to the builder. But not always the seller meets the requirements, accordingly, the conflict has to be resolved in court, and this is where an expert opinion will come in handy.

What does an independent appraisal provide?

Performing an independent inspection of the property prior to purchase provides:

1. Optimization of relations with the developer. When the buyer has an official conclusion of the expert, the construction company is more willing to meet and eliminate deficiencies at its own expense, because it is more profitable than the start of legal proceedings.
2. Elimination of legal problems, because the experts check and confirm the compliance of the property with the requirements of the legal framework of Cyprus. This means that in the future you will not have to spend additional time and money.
3. Signing the acceptance certificate only after all the defects have been resolved.
4. Overall satisfaction with the purchase, because you know exactly what object you are investing in, and you can be sure that the cost and characteristics of the housing.

Real estate inspection is possible in the presence of the client and without it if the client is abroad.

Choosing a reliable company to conduct the examination

Despite the obvious need for an independent examination before buying real estate abroad and the desire of the buyer as soon as possible to get the results, you can not at random to choose an executor. Trust deserves an organization that:

• Has a representative office in Cyprus;
• Has education and experience in the construction industry;
• Provides a range of services for buyers of real estate from abroad;
• Has experts who have obtained the necessary licenses and permits;
• Works with clients on the basis of a contract;
• Has a large number of positive references.

When cooperating with a reliable company, the buyer can count on the promptness of the inspection, identification of all existing deficiencies and receipt of an expert report executed in accordance with all rules.

Who is an independent condo inspector and why do I need one?

When investing money in a new building, buyers expect that the housing will fully comply with the project and the developer’s promises. But in practice there are only a few such cases – everywhere something has to be finalized and corrected. To find these or those defects helps acceptance – the process of checking the property before signing the transfer certificate. After receiving the keys, any corrections will be made at the expense of the new owner, so it is rash to sign a document without identifying defects. At the same time, it is problematic to assess the condition of the apartment on your own, and in such a situation an independent receiver comes to the rescue. Let’s find out who this person is and why they are hired.

What does an independent surveyor do?

A receiver is a person who carries out a set of works aimed at determining the developer’s deficiencies at different stages of construction and finishing. An independent specialist works impartially and assesses the condition of the apartment, taking into account the documentation received from the buyer and building regulations. His task – in the presence of shortcomings, which are almost always present, but in varying quantities, to identify them and record them, so that then to achieve the earliest possible elimination. Most often professionals identify the following shortcomings:

• Low quality of installation of window systems, the presence of various kinds of defects in the structures – cracks, chips, scratches, grits and scale on the glass panes. Because of them it is not possible to achieve optimal tightness, respectively, microclimatic parameters deteriorate;
• Unevenness of walls of different degrees of severity;
• Voids and other problems with the screed;
• Absence of level difference between the corridor and bathroom/toilet, which is necessary for leak prevention;

Unlike an expert examination, which costs a lot of money and requires special authorizations from the executor, acceptance can be carried out by a person without special education, but with thorough knowledge of the subtleties of the evaluation of new buildings in a particular country.

Why you need a real estate screening professional

Hiring a real estate receiver is relevant for real estate investors, both at home and abroad. The main thing is why you need one:

1. To save your nerves and time. The process of studying an apartment is not fast and involves the need to delve into a lot of technical details, which most buyers do not have the strength and desire. Under certain circumstances it is possible to invite a specialist without personal presence, you will need to make a power of attorney in advance. 
2. To detect discrepancies between construction norms and actual parameters.
3. To fix the defects and submit them to the developer for elimination at his expense and within the legally prescribed terms. If you identify problems before signing the acceptance certificate, you do not need to pay extra for corrections. 
4. To invest in housing that will be safe and of high quality. Some defects in the performance of construction and finishing works threaten not only additional costs, but also the deterioration of human health. Finding them early will allow you to move into the apartment or settle tenants without fear.
5. To receive compensation in case of failure to fulfill the developer’s obligations to eliminate defects.

In fact, the receiver is necessary for the rational use of resources by the buyer and successful investment. His services will definitely cost less than the money that would have to be spent on eliminating defects on your own in the event of a hasty signing of the acceptance certificate.