Category: Uncategorized

Buying a property in Cyprus is a pleasant and at the same time responsible step that requires a balanced approach. One of the key questions that often arises before the buyer is whether to choose a property with rough finish or with ready-made renovation. Regardless of the choice, it is important to properly assess the quality of the property to avoid additional costs and possible risks. But this question is very interesting and relevant, so let’s consider it in detail.

Draft finishing: pros, cons and what to pay attention to

“Draft” finishing implies that the internal design of housing is not completed. This option is usually attractive to buyers who want to create a unique interior, exclusively to their own taste, but it also requires careful inspection.

Pros of rough finishing:

• the opportunity to realize your own ideas and develop an exceptionally customized interior design;
• most often lower cost compared to ready-made housing.

Minuses of this option:

• the need for additional investments for repairs;
• difficulties in finding qualified contractors who will be able to do exactly what you want, and will perform everything exactly as you dream.

Before making a purchase of real estate with a rough finish, you should check the following points:

• the quality of the building materials used (make sure that the walls, flooring and insulation are done securely);
• communications (pay attention to whether pipes, electrical wires and other engineering systems are correctly laid);
• consistency with the project (make sure that the object complies with the architectural plan and safety requirements).

Ready repair: pros, cons and what to check when buying

Ready real estate with repair (in other words – “clean” version) assumes that the housing is fully ready for living or renting, and there is nothing to finish – bring things in and live! However, the finished repair should also be carefully checked.

The advantages of the room with a clean finish:

• there is no need to spend time and money on repairs;
• you can immediately move in or start using the apartment or house.

A significant disadvantage of buying real estate with a finished repair called hidden defects, which are difficult to detect without a detailed inspection.

Taking the property with a fully completed repair, you need to check the following points:

• quality of finishing of walls, ceilings, floors;
• functionality of engineering systems (heating, water supply, electricity);
• documentation (quality certificates) for the materials used and the work done.

General recommendations for both options

To make the purchase of real estate in Cyprus you are happy and did not bring the slightest disappointment, use a few more of our tips.

1. Use independent professionals. To avoid mistakes and hidden risks, use the services of professionals who specialize in real estate inspection. Experts will conduct a professional assessment and provide a report on the condition of the property.
2. Check the legal cleanliness of the property. Consult a lawyer to make sure the property is free of encumbrances and complies with legal requirements.
3. Evaluate the investment prospects. Make sure that the chosen property is located in a convenient neighborhood and meets your goals – whether for residential or commercial use.

The choice between rough or finished renovation depends on your preferences and capabilities. However, in any case, a thorough inspection of a property in Cyprus before purchase is a necessary step to avoid unnecessary costs and problems. Hiring an independent inspection company will be a reliable solution to protect your interests.

The acceptance of a commercial property in Cyprus is an important stage that requires a thorough inspection to ensure that the buyer is satisfied that the property is safe, legally sound and in accordance with the contractual terms. To avoid mistakes and problems in the future, it is important to pay attention to both the technical and legal aspects of the process. This is important, so let’s take a look at the key points to look out for when inspecting non-residential properties in Cyprus.

Document verification

In the purchase of a non-residential property, the most important point becomes the completeness of the documentation package and the correctness of each document placed in it from a legal point of view. In this part it is necessary to check:

• Title Deed to make sure that the property is registered to the current owner and has no encumbrances;
• Authorizations to use the property for commercial purposes;
• Draft of the proposed sales contract and compliance of the terms of the transaction with legal requirements;
• Utility documents to make sure there are no debts for electricity, water and other services.

To be sure that the documents are correct, it is recommended to engage an experienced lawyer who specializes in real estate. He will also carefully proofread the contract to ensure that the interests of his client (buyer of commercial real estate in Cyprus) are protected.

Technical audit

The technical assessment of the condition of the premises plays an equally important role, and should include:

• construction expertise (it is necessary to check the quality of building materials, the absence of hidden defects such as cracks, leaks or insulation problems, etc.);
• assessment of the functionality and suitability of engineering systems (before buying, it is necessary to make sure that the existing systems (water supply, heating, air conditioning, electricity) work properly);
• checking whether the layout of the premises complies with the stated characteristics and safety requirements.

To perform such an audit, it is best to contact the experts of a company specializing in independent inspection of real estate. The experts will conduct a detailed inspection and provide a report on the condition of the premises.

Legal nuances

Some peculiarities of Cypriot law require special attention and knowledge of these nuances. For example, for a foreign buyer there is a requirement that the transaction must be registered with the Land Registry Department.

You also need to make sure that all documents are completed in accordance with local regulations and signed by both parties. Be sure to check the insurance for the property and the terms and conditions stipulated therein. In general, there are a lot of nuances, but the involvement of an experienced lawyer will help you avoid possible legal complications and protect your interests.

Useful recommendations

When deciding to buy non-residential premises in Cyprus, for the purpose of quality acceptance and inspection, we recommend you:

• engage the assistance of professionals, as independent inspectors and lawyers will help minimize risks;
• do not make final payment for the property until all inspections have been completed;
• document the results of the inspections accordingly (draw up an inspection report in which all defects identified and agreements to rectify them are specified).

Safe acceptance of non-residential property in Cyprus requires careful attention and professional support. Involvement of specialists from an independent inspection company will allow you to avoid mistakes and be confident in the quality and legal cleanliness of the object. This approach will ensure the success of the transaction and give you peace of mind in the future operation of commercial real estate.

The construction of a house requires careful supervision wherever you are, even if too far away. To ensure that all stages are completed in a timely manner and to gain confidence that the quality of the work is being adhered to, it is important to establish effective communication with professionals. They will be able to provide you with the appropriate services, and follow the proven steps we will discuss next.

Selection of a developer

Everyone who plans to invest their money in a new building in another country wants to be sure of their future home. Therefore, he needs to know how to competently organize the control of the construction process in Cyprus while in the UK, as well as minimize the risks.

It all starts with the selection of a reliable and trustworthy developer. Before signing the contract and entering into the deal, you need to:

• check the reviews of the company, its reputation, ie, learn the opinion of other customers;
• make sure that the developer has a license issued by the relevant Cypriot authorities;
• study the completed projects of the developer to assess the quality of their work.

Signing the contract

Selecting a real estate developer is the first part of the task. The next important step is to conclude a comprehensive contract with him. The document should reflect the points that play a key role:

• specific deadlines for the completion of each stage of construction;
• details of the materials to be used;
• payment terms, penalties for delays and quality guarantees.

Important! When drafting the contract, be sure to consult with an independent lawyer who will help make sure your interests are legally protected.

Regular reports and communication

Once the developer and site have been selected, construction has started and the contract has been signed, regular communication will be key to ensuring transparency and confidence in the contractor’s compliance. For this purpose, it is worth requesting the builder to provide regular reports in the form of:

• photos and descriptions of completed stages;
• financial reports on budget utilization;
• status of fulfillment of project obligations.

It is important to make sure that all reports reflect the real situation on the site. In addition, it is absolutely necessary to establish a strict order in financial control and realization of really safe payment. In this part, it is recommended to make payments in stages, after quality control of the completed stages, and to use an escrow account to protect the funds until the construction is completed.

Ensuring independent inspection

To eliminate risks and control the processes, you will need a reliable assistant. Therefore, the most competent step is to engage a company specializing in independent construction inspection. The tasks of specialists are to:

• conducting regular inspections at the construction site;
• control of compliance with the builder’s design and contractual obligations;
• identifying deficiencies and issuing recommendations for their elimination;
• drawing up reports on the current state of construction, identified problems and their solutions.

Reliable consulting and inspection companies include Hinode, which will provide an independent view of the process that will help minimize risks and maintain the quality of work.

Final acceptance of the house

After completion of construction, arrange for a professional inspection of the house before signing the acceptance certificate. It is important to check whether the house is in accordance with the design.

An independent engineer from an inspection company who can professionally assess the quality of construction and the functionality of all systems will help you with this. Cooperation with a reliable inspector will allow you, even if you are far away in the UK, to get a complete picture of the construction of the property and the quality of all stages, and therefore be confident “100 percent” in your home.

Cyprus with its favorable climate, beautiful beaches and low taxes has become a popular place to buy real estate among UK residents. However, the process of buying real estate in another country requires attention to detail and knowledge of legislative, financial nuances. Let’s take a step-by-step look at the process of buying an apartment in Cyprus to minimize risks and make the transaction as comfortable as possible.

Preparation: defining your goals and researching the area

The first step to becoming the owner of real estate in Cyprus is to determine the purpose of the purchase:

• for living or vacationing;
• for renting out and generating income;
• for investment.

Your goals will determine the choice of neighborhood, type of property, and budget. By the way, the correct calculation of the budget is also important, so when planning take into account not only the cost of real estate, but also additional costs (legal services, taxes, relocation).

The second step is to study the real estate market in Cyprus:

• familiarize yourself with the prices in different areas;
• research popular areas (e.g. Limassol, Paphos, Larnaca);
• find information about the reputation of developers and sellers.

Selecting and buying real estate in Cyprus

In order to minimize all the risks and ensure a profitable, safe purchase of real estate in Cyprus, if you are not physically located there, and in the UK, you will definitely need the help of professionals. You need to find professionals before the transaction, who will be actively involved in the process:

• an independent lawyer, to ensure the legal cleanliness of the transaction, checking documents, drafting the sale and purchase agreement;
• a real estate agent to find a suitable object and conduct negotiations;
• an independent inspector for technical evaluation of the property. And in this reliable assistant for you will be a company Hinode.

The next step will be to check the legal cleanliness of the property being considered for purchase. It will make sure that the property is registered to the seller, there are no associated encumbrances, debts and legal disputes.

The next step is the arrangements and contract itself. Discuss with the seller or agent the terms of the transaction, including price, terms, warranty, etc. Next, the lawyer will be able to draw up a contract protecting your interests as a buyer, and after signing it and making a deposit, will submit a purchase application to the Land Registry Department. At this stage, the purity of the transaction is checked, the transfer of ownership rights is formalized. Only after registration you will become a full-fledged owner.

Important! A foreigner must obtain permission to purchase from the Council of Ministers of Cyprus. This is usually a formal procedure that takes several months. Make sure you get the permission well in advance.

Financial aspects

There are a few things you need to consider in advance:

• After signing the preliminary contract, you will need to pay a deposit (usually 10% of the value of the property) to confirm that you are serious about your intentions and to reserve the property for yourself;
• if you plan to finance the purchase through a mortgage, you should contact local or international banks in advance;
• the purchase costs will also include taxes and fees (stamp duty, VAT, notary services, registration costs).

Useful advice for UK buyers

1. Familiarize yourself with the specifics of Cypriot law to avoid unpleasant surprises
2. Always work only with licensed professionals.
3. Conduct financial transactions only through trusted banks.

Following our instructions and recommendations, you will be able, while in the UK, to buy a property in Cyprus without risks and complications. Remember that attention to detail and professional support is the key to a successful transaction.

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.