Buying property in Cyprus is very easy and convenient today. Due to the simplicity of the process of acquiring housing, foreigners who want to bask in the sun and enjoy the sea will be able to become owners of their “nest” on the south island without troublesome paperwork and lines in departments.
If you plan to buy a home in Cyprus, we want to introduce you to the main steps towards achieving your goal.
Check the property title
After the search for housing in Cyprus is completed and the dream house is found, the next step is to check the title of the owner. Simply put, you need to make sure that the housing really belongs to the seller. To easily buy a secondary property in Cyprus in the Land Committee, you must obtain the following information:
– whether the apartment was pledged to the bank, and whether there are other obstacles to its purchase;
– whether the seller is its actual owner;
– whether these apartments in Cyprus participate in other real estate purchase and sale transactions. The waiting period for a response from the Land Committee is two weeks.
Reservation of real estate
Further, the selected Cyprus property from the developer or the secondary is reserved, otherwise it is reserved. To do this, you need to make a security deposit: at a cost of housing up to 500 thousand euros – 2000 euros, at a cost of more than 500 thousand euros – 4000 euros. After the buyer makes a deposit, housing in Cyprus is reserved for him and withdrawn from sale. Reservation period: 1,5 months.
Conclusion of a contract with a Cypriot lawyer
To go through all stages of the purchase and sale transaction, you need the help of a Cypriot lawyer. Real estate agencies in Cyprus offer comprehensive legal assistance so that the process of purchasing a home for the buyer is as simple as possible. An agreement is concluded with a lawyer; payment for his services usually amounts to 1.5% of the value of the property.
Drawing up and signing a contract of sale and its registration
The lawyer draws up a contract where all the conditions are prescribed on the basis of which the buyer purchases apartments in Cyprus: terms, amount, amount of prepayment, identification of real estate. The signing process can be organized on the island or in any other place, but the main thing is that the seller and the buyer are present in person.
After the sale of real estate in Cyprus is completed in writing and certified by both parties, the contract is registered within 60 days with the Department of Land Registration of Cyprus for making a transaction in the cadastral register. This guarantees the buyer the observance of his rights as the new owner of the property until the receipt of an individual certificate (title).
Also, after completing the purchase of a villa in Cyprus, an application is submitted with a copy of the passport of the future owner to the Council of Ministers (The Council of Ministers) to approve the purchase and sale transaction. This procedure is necessary to state. employees could check whether the buyer is law abiding and whether the property he is acquiring in Cyprus is the first. The response from the department comes on average within a month.
Payment of duties
To buy a house in Cyprus, you must pay stamp duty and title deeds. The first is a one-time payment that is made to the Land Registry Department within 30 days after the contract for the sale of real estate is signed. The second fee is paid upon transfer of all ownership rights to the buyer and registration of the property in his name at the Land Registry Department.
After all fees have been paid and the home sale transaction in Cyprus is registered with the Land Committee, on average a month later the buyer receives a title (a document securing his ownership) and becomes the happy owner of Cyprus property.