Cyprus is a beautiful country island in the Mediterranean Sea with blue flag beaches, wonderful forests with scenic waterfalls, and countless breathtaking natural landscapes.
It is an island that redefines the definition of “ideal relocation destination” and is one of the best choices for individuals looking to buy a home.
Specific characteristics heavily influence the decision to relocate to a new location in a city or country.
Initially, location is definitely the most important factor to consider when purchasing a property in a new city or country.
Buyers usually prefer to buy beachfront properties, especially if their budget allows for it. Typically, these properties are relatively more expensive than a property in the city or even a mountain property.
However, selecting a preferred location is closely related to the property purchase’s objectives for specific individuals. A property located in the mountains is more likely to be considered a private resort, whereas a seashore property seems to be more likely to be chosen as a summer home.
It is also important to mention that the people looking to buy a property for investment (rent or resale) typically prefer properties in the city center that are close to amenities, easy to rent or resell.
In any case, obtaining a property, whether for your permanent residence or a vacation home, is a delicate process that may lead to conflicts and misunderstandings between the involved parties, given the complex procedure and agreements that follow.
First and foremost, because purchasing the right property is critical, buyers should begin the decision-making process by appointing an experienced and well-informed real estate advisory firm like Folkstones to be their trusted partner throughout the entire process.
Browsing and selecting the best property options available will enable your advisors to perform proper research on the developer’s financial situation, ability to complete and deliver the property on time.
Following your decision on which property to purchase, the bargaining phase starts. Buyers and sellers attempt to agree on the property’s selling price, terms, and conditions of the agreement.
Advisors are highly skilled negotiators who will do the necessary legal work to obtain the best possible price, terms, and property conditions.
After the reach of agreement on the selling price, the advisor will proceed with the mandatory due diligence to determine whether the property is legitimate and has no burdens. Then the advisors will estimate the future value of the property’s location and potentials before drafting the contracts.
Once the contracts are complete, the buyers and sellers should thoroughly check them to ensure that all agreed contract terms are included. Also, involved parties should verify that all-important clauses are mentioned in the contract, such as the agreed price, payment terms, delivery date, dispute resolution, and settlement payments clauses that will be in immediate effect in the event of delays or cancellations, and so on.
At this point, it is important to note that, before getting to the Land Registry, all the amount should be paid upfront (loan, cash payment, etc.). Also, the designated advisor should provide escrow services to protect and preserve both parties’ best interests.
Additionally, the advisors involved will arrange and administer the payment process during the transfer of the Title Deed or the lodging of the Contract of Sale at the Land Registry. The customer will also be required to pay the conversion fees.
Investing in real estate is a complicated and time-consuming process requiring the interaction of multiple parties before its completion. Therefore, a real estate advisory firm like Folkstones is needed because the advisory firm will simplify the process and follow all the rules and procedures requested by the property’s country’s legislative framework.
- Posted by Folkstones
- On March 31, 2021
- 0 Comment