Property in Cyprus 
недвижимость на кипре

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Essential Step by Step Guide to Buying

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Essential Step by Step Guide to Buying

Step by Step Guide to Selling your Property In Cyprus

Step 1: Register your Interest at Cyprus Resales

Use our award winning website to register your interest and discuss your requirements. Provide us with all the necessary information that will be relevant to your purchase. On top of the list of essential information are finance of the purchase, location and size of the property. Once we have an idea of what you are looking for we will recommend a short list of potential properties for you to consider. If we do not currently have a suitable property, please register on our website and set up an "alert" for a specific search. That way not only will you get automatic notification when a new property meeting your requirements is listed with us, you will also receive our newsletter with latest offers and listings. All our listings are handpicked and you can rest assured that we’ll only show you the best.

Step 2: Visit our Cyprus Office

A week before your arrival, please contact us and arrange for a meeting at our Paphos office where we will have an informal chat. Here we will discuss in detail every chosen property which is still for sale as well as any new listings that fulfill your criteria.

Step 3: View your Shortlist

With our help you will be able find quickly the properties that may suit you. Buying a property is a big decision and you should be in the correct relaxed frame of mind when going to view properties. We will accompany you every step of the way and we will be ready to fully answer any questions. With Cyprus Resales you will never be left with inexperienced staff.

Step 4: Making an Offer

Once you have found a property you love, you will put forward a verbal offer to the vendor of the property. When a price, terms and conditions have been agreed - it’s time to reserve.

Step 5: Reservation

In order to ensure the property is reserved for you and you alone a reservation deposit must be paid. This will ensure that you can rest easy while your lawyer draws up the contract of sale. The reservation agreement usually lasts for one month. During this time the main contract of sale will be signed and necessary mortgage arrangements made, if needed.

Step 6: Meet with a lawyer

For a smooth purchase of your property in Cyprus you will need to meet a lawyer that you can rely on 100%; one who is experienced and efficient as well as offering good value for money.

We have a council of select lawyers who are tried and tested and who specialize in conveyancing of property. The process of property conveyance includes drafting the contract of sale, negotiating the clauses with the lawyer of the seller, doing the appropriate search of the documentation on the property you are buying, lodging the signed contract at the Land Registry and payment of the Stamp Duty, payment of the installments of the contract using the business client’s account, securing the Council of Ministers approval for non-EU citizens, transferring the title deeds in the name of the buyer, payment of transfer fee to the Land Registry, transferring of the utility accounts in the buyer’s name. Majority of our buyers are working and living abroad, for this reason your lawyer will arrange a power of attorney that will allow your legal representative to act on your behalf throughout the whole process.

Step 7: Arrange a Mortgage

If you need a mortgage we will help you arrange one. Almost all of our properties have Title Deeds, meaning loans of up to 50-60% are available (subject to your financial status). Contact our office in Cyprus for the most recent information on mortgages .Use our financial section to view your repayments and financial options. Once the full list of your documents has been submitted, the bank will arrange for an independent valuation of the property. Normally it takes up to 3 weeks for the bank to approve your application.

Step 8: Signing of the Sales Agreement

Prior to expiry of the reservation period and after all the appropriate investigations are completed the contract of sale is signed. On signing 30%-50%, minus the reservation deposit, of the total purchase price is usually paid by your lawyer to the lawyer of the vendor, either by bank transfer or bankers draft. A copy of the sale's contract is then lodged to the Land Registry department and the Stamp Duty is paid to the tax office.

Step 9: Completion

Completion date is usually set within one month from the signing of the contracts of sale. If you are a non-EU citizen your lawyer will arrange a Council of Ministers approval for the right to own a property in Cyprus. On the day of completion all the parties are meeting at the Land Registry department where the balance of any money due is paid by your lawyer to the lawyer of the seller. If there is a mortgage arranged, the bank will be present to provide the loaned monies. If the property has title deeds the transfer fee is assessed and paid to the Land Registry on the day of completion. If the property does not yet have deeds, the transfer fee is not immediately paid on completion, but will be due as soon as the separate title deed is issued. You will normally be able to pick up the keys to your new home from our office.

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