If you are looking for international property for sale in Cyprus, you should be aware of what the buying process entails.
It is quite simple to buy property in Cyprus, it can be done through an agent or a developer, or a partnership of both. Agents charge the buyer a 5% commission, although an additional 3% may be charged if a developer is also involved.
Buy a property in Cyprus
These are the steps you follow when buying a property:
- The authenticity of the property title is verified and authorized by a lawyer
- a sales contract is created along with other special conditions that require you to pay a 10% cash deposit to the supplier
- if you return home, it is good to give a power of attorney to your lawyer, who can then act in your absence if necessary
- your lawyer requests a Purchase Permit from the Council of Ministers
- the Property Registry evaluates the property for the appraisal of 6% of Documented Legal Acts and 1% of Municipal Tax
- on the day of completion, the lawyer pays the rest of the sale price to the seller
- the seller signs the deed in the name of the buyer
- the name of the buyer is registered in the records of the Property Registry and the new Title Deed is issued.
So seriously consider Cyprus as an offshore property proposition. There are many options for villas, townhouses, country houses or apartments on sale in beautiful Cyprus.
Please note that when your property is signed and authorized, you must send it to the Land Registry within 2 months together with the stamp duty payment. This ensures that the property is not sold to other parties before approval is given.