Cyprus-Forum.com

[davidp]

Hi Guys,
I am hoping to buy a property in southern Cyprus within the next few weeks, as i am currently resident in the UK my solicitor wants me to assign power of attorney and transfer a large sum of money into his 'clients account'.

Is this to be safe?

Yammas

Davidp

[Svetlana]

Dear David

It should be quite safe to sign a POA, the wording tends to be fairly standard. It should state that the solicitor cannot sign any document or spend any of you money, without faxed approval from you.

If you have a Bank Account here (recommended) you could send the money there and sign a separate POA for him/her to take money from your account. If it is done from a CY account, there will be clearer records of the transaction. There is internet banking of course.

Who is your solicitor?

Lana

[devil]

It is usually sufficient to transfer the money to an external bank account to prove your good faith. When the time comes, you can then get a banker's draft made over to the vendors and delivered to your solicitor. This ensures much better traceability, if anything goes wrong. Of course, most solicitors are trustworthy, but, as everywhere, there is always a rotten egg in the basket. Better to be safe than sorry.