Buying property from a bank.

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oystein_tandberg
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Joined: 01 Jan 2020 12:58

Buying property from a bank.

Post by oystein_tandberg » 04 Jan 2020 12:32

I am planning to buy a property and the seller is a Cyprus bank. How can I make sure that there are no encumbrance on the property?

Apart for being denied access, water, electricity, building permits - what else can go wrong? I am buying the plot to grow vegetables, so the above mentioned issues are not so relevant, and the price is not high, so it is not a big risk - but I don't want to buy debt.

I will go to the bank and sign the papers there so I will have the time to ask questions - what should I ask them?


Best regards



Nigel Howarth
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Re: Buying property from a bank.

Post by Nigel Howarth » 04 Jan 2020 13:04

Dear Oystein

Please see my reply to your earlier message at https://www.cyprus-property-buyers.com/ ... 7828#p7829 - you will need to instruct the lawyer you engage to check that there are no encumbrances on the property.

If you are planning to grow vegetables, you will definitely need water!

Regards,


Nigel Howarth
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oystein_tandberg
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Joined: 01 Jan 2020 12:58

Re: Buying property from a bank.

Post by oystein_tandberg » 04 Jan 2020 13:32

Thank you for your help Nigel.

It is my understanding that a surveyor would be very helpful to evaluate if the property is suitable for our needs.

However, is there no way we can check for ourselves if the property has any encumberance? We are paying the full amount up front, and we are not going to build or connect to anything. The only thing I am worried about is any hidden liabilities.

If the only way is to hire a lawyer to check if there are any encumburance - how much would we expect to pay? Will a surveyor be able to do this job, or does it have to be a registered lawyer?

Best regards



Nigel Howarth
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Re: Buying property from a bank.

Post by Nigel Howarth » 04 Jan 2020 16:51

oystein_tandberg wrote:
04 Jan 2020 13:32
However, is there no way we can check for ourselves if the property has any encumberance? We are paying the full amount up front, and we are not going to build or connect to anything. The only thing I am worried about is any hidden liabilities.
Yes, you can check yourselves. I published an article nearly 10 years ago on how you can do this - New title search procedures in Cyprus.

I believe the charge is €20.00 and it was take the Land Registry a few days to produce report.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
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Pantheman
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Location: Famagusta District
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Re: Buying property from a bank.

Post by Pantheman » 04 Jan 2020 19:33

Nigel Howarth wrote:
04 Jan 2020 16:51
oystein_tandberg wrote:
04 Jan 2020 13:32
However, is there no way we can check for ourselves if the property has any encumberance? We are paying the full amount up front, and we are not going to build or connect to anything. The only thing I am worried about is any hidden liabilities.
Yes, you can check yourselves. I published an article nearly 10 years ago on how you can do this - New title search procedures in Cyprus.

I believe the charge is €20.00 and it was take the Land Registry a few days to produce report.

Regards,
Hello,

just 2 things to add here. If you are just buying a plot, it would not be possible to transfer the plot to you if there were any encumbrances and at the land registry you can ask the clerk this very question. So you should buy it subject to ' No Encumbrances'.

Secondly, you can ask the bank to provide you with an N.50 search (as they are the owners and only they can get this) from the land registry and that will list any encumbrances. Failing that, they can give you permission to get it yourself.

Either way, only buy it subject to 'No Encumbrances.

Good luck.


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