SEARCH
Choosing a real estate agency
- Make sure the agency you choose has a real estate license
- Check the reliability of the company (i.e. availability of a website, a physical office in Cyprus, maintenance of pages across social networks, etc.)
! Keep in mind that in Cyprus, a buyer does not pay for real estate agency’s services !
Search and selection of real estate
- Inform your agent of the purpose of your purchase (whether for investment or for own use), what stage of construction you are interested in (ready-to-ship or off-plan), and your planned budget.
- Define your preferred property options: number of bedrooms, infrastructure, location, and year of construction.
Preparing to view properties
- Examine your options before making your selection
- Verify that the details of your options (infrastructure / location) satisfy your requirements.
Viewing properties
New housing. Make sure that the developer:
- Has sufficient experience and a good reputation
- Construction deadlines and title deeds were consistently handed over on time
- Property specification and construction quality meets your requirements
Resellers. Refine:
- Title Deed
- Year of construction of the property and description of renovation works carried out in the last 15-20 years
! Remember to assess the required potential investment in your renovation works.
PAPERWORK
Selection of real estate
- Inform the agent of your choice
- Request a draft booking agreement for review
! If you plan to take out a mortgage, you must obtain prior approval from the bank before signing a booking agreement
Contracts and property verification
- Order a review of the booking agreement and property title with your lawyer
- After signing the booking agreement and making an advance payment, agree on the terms of the sales agreement
! Check the extract from the Land Registry property search certificate. This document displays information about the presence or absence of encumbrances on the property you have chosen
- Signing the sales contract in triplicate and making payment in accordance with the previously agreed payment schedule
Registration of the transaction in public services
- Submit the sales contract to the tax office for Stamp Duty certification
- Submit a signed and certified copy of the sales contract to the Land Registry. The submission of the contract outlays the transfer of ownership to the name of the new owner
! Keep in mind Non-EU buyers purchasing property in Cyprus must apply for a Council of Ministers approval, to be undertaken by your legal representative. This is an administrative procedure that takes an average of 4-8 weeks and is required for the transfer of ownership.
- If there is a Title Deed at the time of the transaction, it must be transferred to the name of the new owner of the property
! The state duty for the translation of the Title Deed is paid by the buyer to the Land Registry. State duty is not charged if VAT is applied to the purchase of real estate
