Planning to buy a Nissi-3 appt in Ayia Napa

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Vlad
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Joined: 14 May 2019 17:38

Planning to buy a Nissi-3 appt in Ayia Napa

Post by Vlad » 14 May 2019 17:53

Hello everyone!

Any experience with this complex Nissi-3, Ayia Napa? Title deeds are not available, however I have got (a scan) of a bank waiver from 2007 for the appt in question.

Developer was A. Chacholis Developers Ltd. Anyone owns any apt(s) in that complex?

I am planning to buy from a person, who bought in 2007 directly from Chacholis; the lawyer drafted an assignment agreement.
Any important issues/points to consider/focus on?

Thank you in advance!



Nigel Howarth
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Re: Planning to buy a Nissi-3 appt in Ayia Napa

Post by Nigel Howarth » 16 May 2019 19:26

Hello Vlad and welcome to the forum.

Two important issues:

1. You need to instruct an independent lawyer to represent your interests. The UK Foreign & Commonwealth Office publishes a list of English-speaking lawyers that you can find at List of lawyers in Cyprus. But I suspect from your name that you may not be British? Your Embassy or High Commission may also publish a list.

2. I published a buyers' check list a few years ago, which is still valid. You can download that check list at Cyprus Property Purchase – Check list.

One thing your lawyer needs to do that isn't on the list is check that the seller has paid any taxes, etc. he owes to Chacholis and that he's paid his communal fees. (You'll find more about communal fees in my article - Calculating Communal Fees.

I'm not sure if the bank waiver is transferable - if it was issued to the person from whom you're buying, you will need to get one from the bank in your name. (This is something your lawyer can do for you.)

There may be forum members who have apartments on the development. But I suggest you join the Cyprus Eastern Forum and ask there. I know that many of the members there have properties built by Chacholis.

Regards,


Nigel Howarth
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