New Buyer to Cyprus and requiring help!

[MarkySpangle]

Hello All, i have just bought a property at auction which is in the Thalassa Garden Views, Chlorakas, Nr Paphos. It was sold by a liquidator and i am currently waiting for proof of ownership papers, and transfer authorisations etc and the keys. Although i did as much homework as possible by contacting the chairman of the residents association in the deveolpment who has been most helpful I am still a little bit in the dark in relation to how things are done in Cyprus. I'm told that the title deeds are ready for this apartment, which seems a rarity in itself, and that they await someone to put claim to them. I have contacted two lawyers Ruth Hatfield & Jeanette Truscott and will certainly be using their professional services to some degree. My question however is that in most European countries there is a certain amount of the conveyancing that although time consuming can be done buy the purchaser. I also would prefer to be a little pre-armed with some basic info on what to expect in this transfer. As the previous owner was a company which has now gone bankrupt, i'm assuming that they didn't pay their community charges on the development for the last year and didn't claim the title deeds for all kinds of avoidance reasons and that ill have some bills to pay. Can anyone tell me exactly what debt will be carried onto me the new owner and what if any, will be written off? For example in Spain the Notaire will not let the property transaction through until all state/government taxes are paid up to date by the seller and this usually comes out of the sellers profit etc. I'm assuming based on first few reading of articles that this may not be the case in Cyprus? I hope to hear back from the two lawyers soon and will of choose one to work with however i would feel, like most, a little more comfortable with some basic info up front before i make my trip in September.
Hope someone can shed some light on this dimly lit path!!!!!
Best
M.

[Nigel Howarth]

Hi MarkySpangle and welcome to the forum.

It sounds as if you've jumped in at the deep end with both feet - I hope it works out well for you. For some background reading I suggest you download a copy of my free buyers guide.

Hopefully you lawyer(s) will check that everything is OK and that there are no prior claims and charges lodged against the apartment that will prevent you from owning it.

Do you know what company has gone into liquidation - is it the property developer who built the apartment or the previous buyer?

If a liquidator has been appointed, he should be taking care of repaying all outstanding charges and debts on the property from the money he raises by selling the company's assets, including any tax and mortgage liabilities, so the Title should be 'clean'. (You cannot own the property while there are prior charges lodged against it).

You can check the title to the property when you visit Cyprus by following the guide, information and forms that you'll find at New title search procedures in Cyprus.

Regards,

[MarkySpangle]

Thank you Nigel, you could say that yes, but for the price it was worth a punt! Eyes wide open and I fully expect that there will be unpaid bills so will see when i make the trip in September. I've been told today by the previous letting agent that it is a high spec apt and fully furnished so at least a glimmer of hope emerging! A UK company bought it from the developer back in 2007/8 i think, and it is they who have gone belly up. I was going to download your guide but after looking into it your book seems to carry a lot more detail along with more comprehensive subject matter. Well from the reviews I have read at least. Do you have a downloadable PDF format of your book or is it only paperback? can i buy it in bookstores or is it solely online? I will no doubt keep posting as the proverbial approaches the fan and i find out more about what i've gotten myself into into, so watch this space and keep your fingers crossed for me.
Thanks again and look forward to more chat as and when.
Best
Mark

[Nigel Howarth]

Do you have a downloadable PDF format of your book or is it only paperback? can i buy it in bookstores or is it solely online?

I have two books - both of which are only downloadable as ebooks in PDF format. The link I gave you in my previous post is to the free 30-page book which will be OK for you.

(I'm working on the next edition of my paid book - but that's still a few months off completion).

Regards,