If you are looking for an international property for sale in Cyprus, you need to know what is involved in the buying process.
Buying property in Cyprus is quite easy, it can be done through an agent or developer, or a partnership of both. The agent charges buyers a 5% commission, although an additional 3% can be charged if the developer is also involved.
Buying Cyprus property
Here are the steps you follow when buying a property:
- The authenticity of the Title Deed is checked and ratified by a lawyer
- The Sales Contract along with other special conditions are made, requiring you to pay a 10% cash deposit to the vendor
- if you return home it is a good idea to provide your attorney with a Power of Attorney who can then act in your absence if needed
- your attorney applied for a Purchase Permit to the Council of Ministers
- Land Registry assesses property for evaluation of 6% Stamp Duty and 1% City Tax
- on the settlement day, the attorney pays the remaining selling price to the vendor
- the vendor signs the deed of ownership on behalf of the buyer
- the name of the buyer is recorded in the records of the Land Office and a new title deed is issued.
So, seriously consider Cyprus as an overseas property proposition. There is a large selection of villas, townhouses, country houses or apartments on offer in beautiful Cyprus.
Note that when your property is signed and legalized, you must submit it to the Land Registry Office within 2 months along with the payment of stamp duty. This ensures that the property is not sold to another party before approval is given.
