Going through a company like Headlands has several advantages: you will get to see a wide range of properties in Cyprus that suit your requirements;you have the benefit of our many years experience, as well as a fully staffed office to support you in the UK; it will eliminate any possible misunderstandings ;it helps takes away the stress and strain associated with house purchasing in Cyprus.
The banking system in Cyprus closely follows the British pattern. The banks have many branches throughout the island which are efficient, modern and well equipped with the latest technology. Non-Cypriot citizens may open foreign currency and local deposit accounts without difficulty, although you will also find branches of many international banks at your disposal. Major credit cards, such as those within the Visa and Mastercard networks, are widely accepted in Cyprus.
A survey on any resale property is strongly recommended, just as it would be in the UK or elsewhere. Our Cypriot team or your lawyer will be able to recommend a surveyor to you. He will inspect the property and prepare a report, eventually showing any defects, which would not be visible to everyone's eyes. It will save you unpleasant surprises at a later stage, and depending on the type of defects stated (if any), you may get a reduction on the price or you maybe in a position to request the vendor to repair them, or insist additional guarantees be inserted in the contracts. One thing is for sure; you will know what you are buying. A surveyor will not allow his love for a property to cloud his judgement as you may have done.
With the increasing complexity of the property market and the constant introduction of new concepts and measures new for the island (although not so in the European countries) it is advisable that the potential purchaser seeks professional advice prior to concluding a deal in order for hardships and disappointments to be avoided. This advice is specially useful to the foreign purchaser who has to encounter the problem of different laws and local attitudes. For this reason this firm has prepared the following tips which may be useful to the local property purchaser.
In addition a 1.5%-2% is payable for the structural design and 0.3% for structural supervision. If you are at a loss as to the choice of a suitable consultant, seek the advice of the Registrar of the Association of Architects & Engineers (all licenced architects must be registered). Please bear in mind that in case of large buildings you may be able to negotiate a lower fee (as also in the case of repetitive work).
Property Commercial For Sale
Make sure the condition of the property you want to buy will survive market conditions before seeking a commercial real estate mortgage. When you go to purchase a new residence, a good lender does a thorough financial background check on the individual seeking to borrow money. On the other hand, when you go to apply for a commercial real estate mortgage, the lender's greatest concern is the property. Some of the most important issues include your credit score. But that's not enough. The lender wants to make sure the property is in pristine condition and will survive tumultuous market conditions.
Research the commercial market
Before deciding to seek a commercial real estate mortgage, scout the city or town and get a sense of the market conditions. Are there many ?for rent? or ?for sale? signs for multi-family units such as offices or apartments? Is the commercial property in a part of town that receives enough traffic flow or is it difficult to locate? Talk to professionals in the area to find out where you can find the best deals before obtaining a commercial real estate mortgage.
Prepare to put money down
Just as you would put money down on the purchase your dream house, you will need to come up with money for a commercial mortgage. Most lenders want between 15 and 20 percent down. Next, you are ready to see if you can pre-qualify for a property. A loan officer will put together a loan package before giving you a letter of interest. Then, the lender will review the file and create a loan document.
Gathering documents for mortgage
You can begin getting together the documents you need in order to move along the commercial mortgage process. Put together your employment history for the past two years as well as with salary, employment dates, pay stubs and the contact information of your employers. You should also figure out your net worth and list all other assets.
Make sure you have all of your tax records organized. Bring along your social security card, the last three statements from savings and checking accounts, stocks and certificate of deposits. You should make a copy of your 401K or IRA plans, the title of your automobiles or loan information. Finally, write down the names, addresses and account numbers for all credit cards, loans and mortgages so those facts and figures will be handy for your loan officer.
Both William Marind & Joseph Hanoa are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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