How to buy property in Cyprus

 

Step 1. Choice of property

  • Arrangement of an inspection tour with duration of at least 3 - 5 days
  • View potential properties personalized according to the client’s preference
  • Experience the benefits of Cyprus lifestyle.

During the tour, the buyer will be accompanied by a representative of the company who speaks his language. The conditions of the unique inspection tours may be seen here.

 

Step 2. Preliminary agreement

  • After selecting a property the buyer should sign a preliminary agreement (reservation agreement)
  • Pay a deposit to reserve the chosen property.
  • Upon signing the reservation agreement, the property is taken off the market for conducting a legal check and agreeing about the terms of the deal. For this purpose, the buyer has to appoint a certified lawyer who will act on his behalf and will study the property from the legal point of view as well as recommend an appropriate version of the sales contract protecting the interests of the buyer to a maximum.
  • Reservation deposits vary depending on the price of the property and are normally 1-2% of the purchasing price.

 

Step 3. Opening bank account

  • The buyer is recommended to open an account in a Cypriot bank for making the payments to the seller. The lawyer would normally assist the buyer in this matter.

 

Step 4. Contract of sale

  • Once all the preliminary steps above are made, the buyer and the seller sign a contract of sale.
  • Upon signing the contract, the lawyer applies to the so-called Council of Ministers to obtain a permit to purchase the property (it’s required for non-Cypriot buyers and normally is a simple formality).

 

Step 5. Registration of Contract of Sale in the Land Registry

  • The lawyer submits the contract to the District Lands Office to register the purchase.
  • The Lands Office stamps the contract and records it in the Land Registry. This secures the buyer’s ownership rights until a separate title deed is issued.

 

Step 6. Settlement with the Seller

  • The payment for the property can be conducted directly to the Seller’s account but for off-plan properties the company strongly recommends to use so-called ESCROW accounts which offer a more secured way of payment at which the seller gets payments by tranches, as and only if the construction progresses. Most lawyers in Cyprus offer ESCROW account services.

 

Step 7. Transfer of title deed

  • If the seller has got a title deed (ownership certificate) for the property, the transfer of the title deed on the name of the new owner can be done immediately. Typically, this is the case when buying a resale.
  • If the property is brand new, in most cases the seller (developer) doesn’t have a separate title deed for the property and the buyer may end up having to wait some months before it’s issued. Until that time, the ownership rights of the buyer are guaranteed by the registration of the sales contract at the Lands Office
  • The application to the Lands Office to obtain the title deed is also done by the lawyer.

 

Important Notes:
  • When doing the legal check of the property you purchase, your lawyer has to investigate if there are any mortgages on the property and if there are it’s a must that your lawyer arranges for the so-called waiver which is a very important document that makes your sales contract prevail any existing liabilities of the seller to the bank with regards to the property. This document is crucial to guarantee that your property wouldn’t be seized by the bank should the seller go insolvent.
  • In case your case qualifies for a VAT refund, your lawyer can deal with it.
  • In case you want to get a permanent residency, Quality Group is able to assist you with this procedure as well. For more information, visit our page.

 

In case of any questions please contact us using one of the options:

  • contact form
  • e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
  • tel.: (+357) 24821855

We will be glad to assist you!

 

CONTACT US

sales@qualitydevelopments.com
TEL: +357 24 821855
FAX: +357 24 662922
FREE PHONE IN CYPRUS: 80007766
Constantinou Paleologou 41,
6036  Larnaca, Cyprus

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