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Process of buying your home.
Compared to many countries, Cyprus is easy and has a familiar home purchase
framework to work within. Much of it is based on the British style of
home ownership and EU Nationals can purchase as much property as they
wish (although there are some restrictions on non EU Nationals). Your
Home must be purchased in Cyprus Pounds (CYP) although personal cheques
can be used.
Once you have seen a property you want and decide to purchase, you must first make an offer to buy, and at this point a reservation amount of 3,400 Euros is paid through your solicitor to secure the property and to ensure it cannot be sold from beneath you. This can be paid in Local Currency or even by Credit Card. At this point a contract is drawn up between yourselves and the sellers (by your solicitors). This will stipulate the terms and conditions for the purchase, the amounts of any deposits to be paid and the schedule for payments of the balance. At this time the contract is sent to the Land Registry for ratification and your solicitor makes an application to the Council of Ministers for approval of a non-Cypriot Citizen to purchase property – This is mere formality for EU Nationals. This contract (amongst other items) ensures that the vendor has the right to pass title to you and establishes your rights in association with this. If buying a resale property, the full agreed purchase price is paid and title is transferred after your solicitor has concluded his searches and conveyance, (notwithstanding any forms of security your mortgage provider – if any – may have). If purchasing an “Off plan” or property under construction, the contract will stipulate the amount and frequency of payments due. This is normally done at each stage of completion of the property. On completion, builders are liable for a period of 12 months for faults
and guarantee, and will often act as a management team in the case of
a New Complex. |
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