Cyprus enjoys one of the Mediterranean’s most vibrant real estate markets. Whether you’re searching for luxury villas along the coast, cozy apartments in bustling cities, or rustic stone houses in tranquil villages, the island attracts thousands of real estate deals annually.
The property sector is a cornerstone of Cyprus’s economy, contributing robustly to employment, GDP growth, and enhancing Cyprus’s reputation as a top investment destination. Every day, countless sale and purchase agreements are formalized, involving local and international buyers, with no slowdown in sight.
Real estate transactions in Cyprus are complex and involve numerous parties: buyers, sellers, real estate agents, banks, surveyors, and government entities such as the Land Registry and Tax Office. Among these, the lawyer plays a pivotal role.
A lawyer’s job in a sale or purchase agreement is to ensure the transaction complies with Cyprus law and protect the client’s interests. This includes thorough due diligence on the property, drafting and reviewing contracts, securing deposits, liaising with authorities, and overseeing the title transfer until completion.
When handled professionally, the lawyer safeguards clients against future disputes, debts tied to the property, or contract issues. If neglected, consequences could include delayed title transfers, invalid agreements, or even financial losses.
A common, yet controversial situation arises when the same lawyer represents both parties in a transaction. Cyprus law permits this arrangement if both buyer and seller give informed consent. But can a single lawyer truly serve the best interests of both sides?
Inherently, buyers and sellers have opposing goals: buyers want to pay a fair price, confirm the property is free from encumbrances, and receive strong contractual protection; sellers aim for swift payment under favorable terms, limiting their obligations.
A lawyer representing both must carefully balance these competing interests. Inexperience or ethical lapses can result in one or both parties being disadvantaged or unhappy with the outcome.
This dual representation often occurs when foreign buyers are introduced to “recommended” lawyers by local sellers or agents. Sometimes, buyers are not informed clearly that the lawyer represents both sides or are left with little room to choose.
For those unfamiliar with Cyprus’s legal and real estate nuances, this creates risks. Assuming a recommended lawyer acts solely as their protector can lead to compromised representation. The cost—financially and emotionally—to correct mistakes caused by conflict of interest can far exceed any initial savings.
Buyers should proactively select their legal counsel. Ask direct questions: Who is your lawyer? Will they represent both parties? Is there a conflict of interest? And if so, are you comfortable with that?
An ideal property lawyer should have a strong track record in Cyprus real estate law, especially dealing with foreign investors. They should communicate transparently, explain fees upfront, and demonstrate independence from sellers or agents.
Verify their credentials by checking membership with the Cyprus Bar Association and seek recommendations where possible.
The purchase or sale of property in Cyprus can be rewarding, but due diligence and vigilance are essential. Being informed and cautious helps ensure your interests are protected well beyond the day you receive the keys.
Remember, your lawyer is your legal shield—not just a formal step. Choose one based on trust, expertise, and independence, especially in a dynamic market like Cyprus.
For those exploring affordable options, browse listings like Cheap Apartments for Sale Cyprus or Plots of Land for Sale to find opportunities matched to your needs.
Konstantinos Kaousliades, lawyer at Elias Neocleous & Co LLC (https://neo.law/)
Disclaimer: This article provides general information as of the publication date and does not constitute legal advice. Readers should seek personalized legal counsel for their specific situations. The authors and publisher accept no liability for losses resulting from actions based on this content.
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