One of the latest achievements of Chambersfield Economides Kranos is to receive the award of the Leading Adviser for Cyprus for 2021.

Acquisition International has been a monthly digital business magazine for more than 11 years.

Professionals in more than 170 countries rely on AI’s vital updates on business knowledge.

Each year AI nominates the leading business in different fields, such as Finance, Legal, NPO’s, Audit & Tax, CFO, Businesswoman and others.

For Chambersfield Economides & Kranos is the second time receiving a distinction from Acquisition International.

The first time was in 2019, for its Corporate Excellence and this year is appointed as the Leading Adviser for Cyprus.

More precisely, Chambersfield Economides Kranos is the leading Full-Service Cross-Border Law Firm of the year in Cyprus.

Chambersfield Economides Kranos is an international law firm with a physical presence in more than 9 countries and having offices in Limassol, London, and Singapore.

The legal firm provides a variety of services to international individuals and institutions.

A highly experienced team of professionals undertakes with ethos, professionalism, respect and personal approach, legal and business cases on all legal and corporate services.

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Interview of Mr Michalis Economides, CEO and Founder of Chambersfield Economides Kranos, Advocates & Legal Consultants

Published at ILOVEPEOPLE Live Show by Nadia Themis

“A young lawyer and entrepreneur who followed his dream in creating a law firm that meets all the International Standards of customer satisfaction. He began his career as an Advocate and Legal Consultant in one of the Top 5 Law Firms of the world, based in London, and then continued as a partner in other reputable Law Firm in Cyprus prior to creating his own Law Firm, Chambersfield Economides Kranos and moving forward he proceeded with founding GFA Trust, an international corporate and fiduciary provider. In both his firms he established an innovative business comprehensive way of thinking that successfully delivers the best outcome for his selective clientele. Michalis definitely does not match what many people might say that Lawyers can be boring!! He is amazing full of energy, passion and knowledge.” Nadia Themis, Life Success Coach

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An Article by Mr Michalis Economides, CEO and Founder of Chambersfield Economides Kranos, Advocates & Legal Consultants

Article Publication: GOLD Magazine June 2017.

The purchase of a property is generally considered to be a long-term investment so individuals and corporate buyers alike should take proper action before, during and at the closing of a deal, in order to safeguard their interests.

On the other side of the arrangement, sellers also need to preserve their rights, in order to avoid any possible negative consequences that may occur during the closing of the deal, such as cancellation, financing problems or other tax and legal implications.

When deciding to acquire a property, the best investment that any individual or corporation can make is in the appointment of a professional law firm with experience in the real estate market. This is of the utmost importance, in order to ensure that the correct and complete due diligence procedures will be carried out.

Furthermore, the appointment of a professional law firm reduces risks and the time spent with the authorities, while safeguarding the buyer’s rights by ensuring that all the required procedures are correctly followed at the land registry and any relevant financial institutions.

Due diligence includes an official land registry search for all possible mortgages, charges or other encumbrances. Further procedures entail a review of the issued permits, title deeds, zoning regulations and other important legal aspects, in order to ensure that the purchaser is safeguarded at every stage of the process. Law firms are needed during these types of transaction (acquisition and transfer of real estate) in order to ascertain that both the purchaser and the seller are equally protected.

Our experience in numerous and daily real estate transactions has taught us that not all cases are simple and straightforward. For example, a property acquisition might involve an assignment of rights or the purchase could be via a contract with pending title deeds and other parameters and conditions governing the sale and transfer of the property. Consequently, the contract of sale should always be drafted by a professional law firm.

As an international law firm regularly dealing with multiple and complicated real estate transactions, we have – unfortunately and on many occasions –come across cases where the importance of correct due diligence procedures and the execution of a correct and clear agreement, so as to cover all possible eventualities before, during and after the transfer of the immovable property, were ignored. This has led to major and unpleasant consequences that could only be resolved by the court. After the signing of the sales contract, another equally important stage is the the execution of the purchase and transfer at the Land Registry. Naturally, all the necessary tax certificates and other documentation must be properly prepared, checked and verified in order to avoid complications at the time of the transfer execution.

It is worth noting that the land registry procedures can be very lengthy and involve significant paperwork. However, an experienced team of lawyers can perform the procedures via power of attorney, thus making the client’s life easier and saving time. In most cases, this procedure means that the purchaser does not even need to attend the land registry.

In summary, by appointing an experienced law firm, individuals and corporations can avoid any unpleasant circumstances that may arise before, during and after the transaction. The law firm will safeguard the investment by carrying out the correct due diligence procedures, preventing any vague and unclear terms from being included in the contract, assisting the financing process through consultation, negotiating the terms of sale on the behalf of the parties, as well as by providing advice with regard to property taxes an any other applicable taxes.

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