Legal Process
Important information when buying property in Cyprus
Buying Cyprus property requires legal assistance
Instruct an independent lawyer for your Cyprus property purchase
Here at Cyprus Property For Sale we highly recommend you instruct an independent lawyer for your Cyprus property purchase. We can help you with your search, viewing and negotiation, but once an offer is made and accepted on a property, the conveyancing process begins, and the details of your lawyer and the vendor’s lawyer are exchanged. A typical conveyancing process is as follows:
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Property Title Search
After an offer has been accepted, a property title search is completed at the district land registry office which will establish the property is actually owned by the vendor and whether there is a mortgage, lien or other legal encumbrance. -
Plan Search
A plan search is generally applicable for the purchase of land, and is conducted at the local town planning office to provide information on the zoning of the area as well as the building capacity and density. -
Planning Permission and Building Permit
A check with the relevant authorities will verify that a planning and building permit exists for the development of new property. -
Contract Completion
Once your contract of sale is fully executed, then it's stamped.
The buyer must pay stamp duty within 30 days of signing the contract, as follows:- € 1.50 per thousand euros for values between €5,000- € 170,000
- € 2.00 per thousand euros for amounts over and above €170,000
- No stamp duty is payable on the first €5,000 and a maximum stamp duty of €20,000 applies.
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Title Transfer
When the asset title deed is available for transfer and your lawyer will inform you accordingly. Lawyers can effect the asset transfer on your behalf pursuant to a power of attorney.
To transfer the deeds of the property into your name a permit from the Council of Ministers is required (applicable only to non-Europeans).
The buyer must pay transfer fees to the land registry in order for the title deed to be transferred. The fees are calculated on the declared sale price as follows:- 3% - on €0 - € 85,000
- 5% - on € 85,001 - €170,000
- 8% - on €170,000 and over
Note: For all those property sales for which VAT was paid, no transfer fees are applied. For all other cases, a 50% reduction is applied on the amount shown above.
Houses for sale in Cyprus
Cyprus Property for Sale - we help you buy Cyprus property
Finding the perfect property in Cyprus to enjoy the scenery and culture, to relax and unwind, and to escape from the world has got a whole lot easier. Here at Cyprus Property For Sale, we have access to a wide selection of properties from suburban and coastal apartments to mountain and sea-view villas. Whatever your requirement our team of highly experienced property consultants can help you with the search, viewing and shortlisting of your dream property through to negotiating the purchase price.
