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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 Euros 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 around Eur
3,420 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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