You have made the decision to buy property in Cyprus. For many
You have found the right property - you have made an offer on a property, and it has been accepted by the sellers, you will need to appoint a lawyer who will represent you in Cyprus and assist you with the legal, technical and financial matters in purchasing a property in Cyprus.
In the Cypriot system, there are 2 main categories of properties. The first are properties that have their own individual title deeds at the time of purchase. The second are properties that do not have their own individual deeds at this stage of the purchase. The issue of the individual deeds is dependent on the completion of the project, and the subdivision by the Lands Office. The properties with title
The legal formalities to purchase immovable property in Cyprus are as follows:
1. To buy the property which is completed when the purchasers sign the contracts. At this
€2.56 per €1.708.60 euro for the first €170.860.00 and €3.417 per €1.708.60 euro for any amount above the €170.860.00.
You need also to allow for lawyer's fees, which are usually around 1% of the purchase price.
2. To take possession of the property. At this
3. To transfer the deeds of the property, which will be completed when firstly, a permit from the Council of Ministers is secured for the purchasers to transfer the deeds in their names (such a permit is not required if the property, is a plot of land or a field). Secondly, the Vendors complete through the Lands Office the Subdivision of the project. If the property has its own title deed, then the transfer takes place immediately after the permit is granted. At this
Transfer the title deed into your name(s). The formula for working out the fees based on a property being in two names is as follows:
For the first 170,000 euros - 3%
For the next 170,000 euros - 5%
Over 340,000 euros - 8%
As an example for a property valued at 200,000
Property buyer's in Cyprus should use a solicitor to legally secure the sale who will do:
a. Sign a valid contract of sale for an existing property from the owners, free of any legal and financial impediments.
b. A valid contract will be signed, stamped and registered with the Lands Office. This procedure stops the vendors from the possibility of reselling it, or mortgaging it, in the meantime,
c. The purchasers will be entitled to secure possession of the property prior, and
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