A brief overview of the procedure of buying a property follows . I hope you find it useful
The Buying Process
Step One
Once you have chosen the property and your offer has been accepted, you may pay a Reservation Deposit so as to take the property off the Market. The deposit payable can range from #€1000 or upto 10% of negotiated purchase price This should always be accompanied by a Reservation Agreement so that it is clear what has been agreed. This will reserve the property and take it off the market.
Step Two
During this period you will have appointed and engaged a lawyer who will will be liaising with the sellers lawyers and collecting all necessary information and making all necessary searches
Provided no issues arise from the legal searches, your lawyer will proceed with drafting the Contract of Sale which must be approved by both sides.
Step Three
Provided no issues arise from the legal searches, we will draft a property sales contract which must be approved by all parties in the transaction.
This will need to be stamped and registered a the Land Registry at the same time that about 20%-30% of the purchase price is paid.
Step Four
Your lawyer will submit an application to the Council of Ministers to obtain their consent for the purchase of the property. Consent is always granted provided you do not purchase more than two residences in Cyprus.
Step Five
The final stage involves having the Title Deeds transferred in your name at the Land Registry, simultaneously with the balance payment of the Purchase Price.
During this final stage, the Title Deeds transfer fee and stamp duty will have to be paid.
Immediately thereafter, your lawyer will apply to the water and electricity authorities to transfer the utilities into your name.
Finished properties are usually purchased as seen. Should you wish to have the property surveyed, before you proceed then you will need to appoint a Surveyor. This usually happens after you have paid your reservation deposit which you make subject to and on the basis of satisfactory survey.
