The Cyprus property market is actively developing, so buying a house on the island can be viewed as a promising investment. The purchase of houses, apartments or commercial properties with the help of Real Dream Estate’s specialists is a debugged process that includes several stages.
Select an object
In our catalog, there are villas and apartments of different price categories located in Limassol, Paphos, Larnaca and other cities of the island. Before You buy a house in Cyprus, You can go on an inspection trip. The specialists of Prime Property Group will help You to personally inspect all the objects that interest You and make your final choice.
Conclusion of the preliminary contract
This document allows the buyer to reserve the selected option. After signing it, the property is withdrawn from sale. At this stage, the legal purity of the object is checked, and the final terms of the transaction are agreed. The licensed lawyer hired by the buyer carries out all necessary actions. At this stage, You also need to make a reservation deposit. As a rule, it is about 1–2 % of the object cost.
Opening an account in one of the Cyprus banks
All the payments will be made to the seller of the object from this bank. To open an account quickly, your lawyer can assist you.
Preparation of the sale contract
When the preparatory stage is completed, You can proceed to the final stage of the transaction.
When signing a contract of sale, an attorney must file an application to the Cyprus Council of Ministers and obtain a permit. As a rule, this process is a mere formality.
Registration of documents
A purchase must be registered in the district land department. A package of documents is collected and submitted by a lawyer. After registration, information about the purchased property is entered in the land registry. This serves as a confirmation of the ownership right until the title of the owner is obtained (for details, see paragraph 7).
Completion of mutual settlements
Payment can be transferred directly to the seller’s account. If the object has not been completed, it is recommended to use the ESCROW system, which most Cypriot lawyers will offer You. In this case, the amount of payment will be transferred to the seller gradually, as construction progresses.
Obtaining the owner title for the purchased real estate
If the object is bought in the secondary market, it can be done immediately. Sellers of new and under construction real estate usually do not have titles yet, so the buyer will have to wait. At this time, the right to property will be confirmed by the sale contract, registered in the land department. A lawyer files the application for the title on behalf of the client.
If You have any questions about how to buy a house in Cyprus, contact a specialist at Real Dream Estates.
