Denis Fedosov
Expert in technical supervision and real estate acceptance
Do you live in the EU, the UK, or the US, and are you renovating a property in Cyprus? Learn from a practicing consulting engineer how to protect your investment and get a high-quality result.
Independent due diligence when buying a home: importance and benefits
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:
- 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.
- 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.
- Signing the acceptance certificate only after all the defects have been resolved.
- 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.
Independent examination of real estate in Cyprus: how it helps to avoid risks and get quality housing.
Denis Fedosov
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