How do I go about purchasing a home or apartment in Cyprus?
After you’ve found the property you want to buy, you’ll need to hire a lawyer to help you with due diligence and contracts. The lawyer will handle the transaction for you and ensure that everything goes smoothly.
Is it necessary for me to travel to Cyprus to buy or sell a property?
During the conveyancing process, you are not need to travel to Cyprus. We can take care of nearly anything for you.
Is it possible to buy a property in Cyprus without a title deed?
It depends on the reason for the lack of title deeds on the property. For more information on why property in Cyprus could not have a title deed and how to assess if it’s safe to proceed, read our article.
How do I sell which estate agent to give with the property of my home?
There are a few things to think about here. In Cyprus, the profession of estate agent is regulated. The fees of a licensed estate agent are deducted as a recognized expense from capital gains tax computations (on the profits from the sale). Aside from that, search for someone who has previously sold properties in the area where your home or apartment is located and with whom you enjoy working.
How long does it take to buy a property in Cyprus?
Most conveyancing transactions in Cyprus take between 2 and 6 months to complete. The majority of our simple transactions take 35-50 days to complete. We can complete the conveyancing in 12-18 days, or even fewer in some cases, thanks to our revolutionary Fast Conveyancing Initiative. The availability of finances, the cooperation of the parties involved (buyer, seller, and their lawyers), and the date on which the seller desires to evacuate the property all influence the timeline.
What are the fees charged by estate agents in Cyprus, and who pays them?
The costs charged by estate agents are typically 5% + VAT, and are paid by the property seller. It may not matter whether the person you use is a registered estate agent or not if you are a property buyer. If you are a property seller, you should be aware that any commission paid to a registered estate agent is exempt from any Capital Gains Tax you may pay on the sale if you make a profit. A commission paid to an unregistered real estate agent is not deductible.
When a reservation deposit is made, how long does it take for the property to be taken off the market?
The reservation deposit often pulls the property off the market for roughly 30 days (or as otherwise agreed) to enable for the completion of searches and the transfer of additional cash for contract signing.
What happens if I change my mind after paying a property’s reservation deposit?
When a property buyer backs out after paying a deposit, the deposit is usually forfeited. The Seller, on the other hand, may agree to restore the deposit, but this is unlikely in most cases.
What fees do I have to pay if I’m selling a property in Cyprus?
The items listed below are only a sample of what you might have to pay when selling your property in Cyprus:
- Legal fees, VAT, and other expenses (e.g. for the certification of documents)
- Any current mortgage
- Balances to utility authorities, local government taxes (e.g., trash and sewage), and management committees (if in a building block or project with communal areas)
- Commission paid to the agent
- Immovable Property Tax (IPT) if you owned the property for more than a year
Furthermore, the law requires all property sellers to produce an Energy Efficiency Certificate, however some buyers do not require this.
What fees do I have to pay if I buy a home in Cyprus?
The following is a list of things you may have to pay in addition to the purchase price when buying property in Cyprus:
- The cost of the purchase
- Fees for Transfers (unless the property is new which has VAT instead of Transfer Fees)
- Legal Fees, VAT, and Other Expenses (for example stamp duty)
- It costs money to connect utilities.
Why would I give my lawyer in Cyprus a power of attorney?
Because buyers and sellers do not have to be in Cyprus for the duration of the transaction, it is considerably easier and faster.
Is it possible to give a power of attorney while not in Cyprus?
Yes, you certainly can. We’ll show you how to accomplish it at the start of the transaction.
How do I show that my funds came from Cyprus banks?
We have a list of paperwork that we will give you and assist you with according on the unique bank’s criteria.
Is it possible for me to pay in Euro for the property I’m buying in Cyprus?
Yes, if the seller and buyer of the property are in agreement.
Is it possible for the seller to pay the purchase money straight to the buyer in CYPRUS?
Yes, but suitable protections must be in place to ensure that money payments and related actions are carried out properly and concurrently.
What happens if the property I wish to buy in Cyprus is encumbered by a mortgage?
If the mortgage amount is less than the purchase price, we will find out for you and ensure that the mortgage is lifted. If it’s for more, the bank will have to agree to let the mortgage be paid off for less. We will make certain that your property is secure. This means that when you take over the property, the deed will be clear. In some cases, the mortgage on the property may be an insurmountable barrier, and we will let you know if this is the case.
What is the best way for me to locate a property for sale in Cyprus?
Typically, through real estate agents, developers, or your personal contacts.
When people say “blocked title deed process,” what exactly do they mean?
The Cypriot Parliament passed a law allowing property buyers to apply directly to the Land Registry to have their title deed transferred into their names, bypassing any obstacles or challenges that the developer may have had and which were obstructing the transfer of the deed to the buyers. Check out our guide on blocked title deeds for more information.
Is it possible for me to hire the lawyer for the Cyprus developer?
This is dangerous since your and the developer’s goals are at odds: you want to buy for less and on better terms, while the developer wants to sell for more and on better terms.
Is it necessary for me to hire my own lawyer in Cyprus?
You ought to. Legal vocabulary and drafting are frequently difficult for non-professionals to comprehend. Aside from what is specified in a contract, it is crucial to remember that missing important information can be quite costly.
What is the procedure for obtaining a title deed in Cyprus?
Property development begins with a request for land division in order to create a construction site. Prior to beginning construction, planning and a building application must be secured. As soon as the construction is completed, the authorities will inspect it to ensure that it was built in accordance with the licenses and that all license requirements were followed, and if everything is in order, they will issue the final approval certificate. After the final approval certificate, separate title deeds for each property are issued. See our guide for more information, as well as the reasons why difficulties may occur.