Due diligence involves undergoing a careful and detailed investigation before buying an immovable property or even before signing a contract in order to purchase a property.
Some of the stages include firstly for the property to be examined by the buyer to decide whether he or she wants to buy the said property but also by a civil engineer for the stability of the particular property. Any offers for the purchasing of a property should be made after the due diligence is completed and taken that the due diligence supports such conveyance. If the property has a separate title deed then other aspects are to be taken into consideration.
What is vital to note is that the due diligence professional should always consider that the seller will need to issue a Tax Clearance Certificate by the Inland Revenue Office irrespective if there is or there is not a title deed to the property. In the event that a transfer of title deed will take place, the seller should pay all municipality taxes and sewerage fees and should provide the certificates of same to the Land Registry.
For further information on this topic please contact Ms. Nada Starovlah (firstname.lastname@example.org) at SOTERIS PITTAS & CO LLC, by telephone (+357 25 028460) or by fax (+357 25 028461)