Steps in Buying Property in Cyprus
Finding the right property
Our property consultants can assist you finding the right property according to your requirements. We will search the market and email you details with our property proposals, based on your criteria and allocated budget.
We will then arrange appointments to view the properties of your choice without any pressure and help you make a short-list of the best properties available.
Negotiating the sale of the property
Next, we will assist in negotiating the best terms and price with the property owners, aiming to achieve the best deal for you. Our property consultants will ensure you have all information available so that you can make an informed decision regarding your purchase.
Reservation of property
You have made the decision to proceed with the chosen property. Next you have to pay a reservation deposit to the owner or the owner’s lawyer. This deposit may range between 2000 – 10,000 euros or maybe more, depending on the value of the property and the particular request of the property owner. The payment of the reservation deposit ensures the property is removed from the market. A receipt is provided for the payment of the reservation deposit.
Preparation & signing of the sales contract
Next, the sales contract is prepared by the owner or developer (usually by their lawyer), based on the terms agreed between the two parties. The sales contract states all necessary terms such as reservation deposit paid, final price agreed, payment terms, delivery date, the date of transfer of title deeds and other useful terms pertinent to the agreement.
On signing of the sales contract, the buyer usually will have to pay another substantial installment that will amount to 20-30% of the agreed price. In some cases where the property is a resale or ready for delivery, the owner may agree to get payment in full on the day of the finalization of the sale and the transfer of the title deeds. Our experienced consultant will assist you all the way.
Cash purchase or Need for finance
If you have all money to purchase the chosen property in cash this is great. If not, then you will have to apply for a loan by a financial institution/bank. Banks usually need at least 30% own cash contribution in order to grant a loan. For example if the purchase price is 100,000 euros, the purchaser will have to contribute at least 30,000 euros own money and get the rest as a loan, subject to bank terms and approval. Local Cypriot banks have various financial/income criteria to assess the ability of a buyer/loan-taker to repay their loan.
We recommend you speak with your financial advisor at your bank and check your ability to be granted a loan, prior to proceeding with reservation of a property (unless all money is available in cash hence no need for a loan).
Appointment of a legal consultant/ property lawyer
We always recommend you appoint a local legal consultant/ property lawyer to act on your behalf during the purchase procedure. The lawyer can negotiate the sales contract terms to ensure they are reasonable and acceptable as well as make any necessary checks on the Title deeds to be available for the transfer and free from any encumbrances (for example the property maybe mortgaged etc).
Our commitment to you
We appreciate that buying a property is one of the biggest decisions in life. We will be there to help you at every step of the purchase procedure. We will act with honestly, integrity and professionalism to ensure the purchase of your property materialises as smoothly as possible, without unnecessary hassle.