The Home-Buying Process In Cyprus In 6 Steps
Buying real estate in Cyprus is a straightforward procedure, briefly described in 6 steps below..
1. Property Consultation by RE/MAX
Our experienced Sales Associates are just a phone call away, ready to answer any of your questions and to arrange a convenient time to meet at any of the RE/MAX offices in Cyprus. The Sales Associate will discuss your requirements, show you plans and photos of various properties in order for you to chose the properties that fit your requirements and in order to arrange a viewing.
2. Viewing a Property
The RE/MAX Sales Associate will arrange for you to view the properties of your choice at a suitable time, pointing out all the aspects of the property and lifestyle in the specific area. It is clearly the client’s decision to make after listening to the pros and cons mentioned by our property consultants.
3. Reserving a property in Cyprus
Once you have decided on your dream property, an ‘Offer to Purchase’ agreement is prepared by RE/MAX with the amount you are offering for the property along with the payment terms. Upon acceptance and signing by the Seller, a reservation fee is paid by you to take the property off the market and secure it at its current price. At this moment, the Seller needs to supply you with a ‘Search Certificate’ from the Land Registry, showing all mortgages and encumbrances on the property, to start the preparation of the Sale / Purchase Agreement. In cases where you need to apply for a loan, a ‘Reservation Agreement’ is also signed before the Sale / Purchase Agreement, so that the Seller will wait for your loan approval. Afterwards, all details are collected for the preparation of the Sale / Purchase Agreement.
4. Purchase Contract
A draft copy of the contract of sale, along with the plans & specific details of the property will then be drawn up and forwarded to you for examination and comments. You may request advice from an independent property solicitor at this time. Once you are happy with the content of the contract, 3 complete sets will be prepared and an appointment with the property owners will be booked for signing.
Contract will consist of the following:
- Core Contract
- Architectural Drawings of the property
- Technical specifications (if off plan)
- Planning & Building Permits (if off plan)
- Title Deed of the land, apartment or villa.
From the date of signing the contract of sale, you have 30 days in which to pay the stamp duty and 60 days to deposit it at the Land Registry Office. For stamp duty charges please see Useful Information below.
5. Taking Delivery of your property
Once contracts are signed and property is paid in full, we will coordinate with you and the property owner on the time and date of delivery. At which time you will:
- Inspect the property.
- Any snags will be noted and specified in writing.
- Details will be given to enable you to arrange for the transfer of utilities into your name, and to take out property insurance.
Foreign investors will need to make arrangements to travel to Cyprus to take delivery or appoint a legal representative to take possession on their behalf. You will need to come out to Cyprus for a minimum of 2-3 days to take delivery of your property.
6. Transfering the Title Deed
Once the Sale/ Purchase Agreement is signed, RE/MAX will coordinate all the paperwork that needs to be prepared for the Land Registry transfer. In order to arrange an appointment for the transfer, the seller needs to obtain clearances from the Municipality, Water Board, Sewerage Board, and Tax Department. In case there is a mortgage on the property, the seller will inform his bank to prepare all the paperwork to remove it at the time of the transfer at least 1 week beforehand. The bank will remove the mortgage upon receiving payment of the mortgage amount simultaneously with the transfer. You as the buyer need to issue Bankers’ Drafts that will be given at the Land Registry, at the time of the transfer. Also, you are responsible to pay for the transfer fees to transfer the title deed in your name.