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How to Buy Property in Cyprus

01.01.1970 03:00

Choosing an object/objects from our property list which the buyer can view with company’s representative together.

On finding a property, a reservation contract is signed and a deposit paid to reserve it. The deposit depends on sale price and comprises about 1–2% of property value.

After that a reputable solicitor appointed by the buyer requests the information on encumbrances on the property for the buyer and insures that the property isn’t the subject of an ownership dispute. When doing the legal check of the property, the lawyer has to investigate if there are any mortgages on the property and if there are he arranges a document that makes your sales contract prevail any existing liabilities of the seller to the bank with regards to the property.

The lawyer would also assist the buyer to open an account in a Cypriot bank for making the payments to the seller.

A formal contract should be drawn up in writing. Non-Cypriot buyers must make an application to the Council of Ministers to acquire immovable property.

The sale contract can be deposited with the Lands Office to protect interests of the buyer until he receives his title deeds.

After that money transfer to the Seller’s account should be made. As for off-plan properties ESCROW account services are highly recommended.

If the seller has got a title deed (ownership certificate) for the property (in case of resale), its transfer on the name of the new owner can be done immediately. If the property is new, the buyer may end up having to wait some months before it’s issued. The application to the Lands Office to obtain the title deed is done by the lawyer.

If the case qualifies for a VAT refund, the lawyer can deal with it. He also can help with the Permanent Residence procedure.


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