| The ideal property to own may be found in Cyprus | | | | to the buyer. The purchaser will pay for all the utilities |
| because every apartment, villa or plot of land can be | | | | to be connected; he will also have to establish his |
| found at reasonable prices. However, the purchase | | | | own right in this country and all the legal aspects |
| process needs to be understood by every potential | | | | need to be fulfilled in order to establish things such as |
| buyer, and guides ought to be considered, in order to | | | | duty-free, residence, driving, tax and domicile rights. |
| buy property in this particular country. For instance, if | | | | The transfer of the title deeds is mainly related to |
| you are interested in buying a property in Southern | | | | the existence of this title; both parties will proceed in |
| Cyprus, you might consider signing the so-called | | | | order to transfer the property rights. During the |
| Reservation Deposit Agreement because this | | | | entire process, the purchaser will be provided with |
| agreement will take the chosen property off the real | | | | legal security because the contract will be valid as |
| estate market to make it a reserved one. The | | | | soon as it is signed, registered and stamped with the |
| reservation will last for a month and the buyer will | | | | country's land registry. |
| have to purchase the property within this particular | | | | There are some taxes to be paid as well; the taxes |
| period of time in order not to lose it. | | | | will be related to the real estate transfer and they |
| Within the specified reservation period, a lawyer will | | | | will be paid to the country's land registry. They are |
| carry out all the required investigations in order to | | | | highly necessary to ensure that the freehold |
| make sure that the property is owned by its vendor. | | | | ownership is transferred to the purchaser's name. |
| The lawyer has to make sure that the Cyprus | | | | The transferee will be the one to be considered |
| property and its purchase will provide the buyer with | | | | responsible for the entire tax payment. Another piece |
| the necessary good title to the purchased property. | | | | of important information resides in the fact that non |
| The reservation amount will reach almost 1% of the | | | | Cypriot citizens are likely to need permission to buy a |
| entire property price; the reservation deposit is likely | | | | property in this country. The Council of Ministers will |
| to be subject to the main contract ant it will be | | | | give this permission, normally taking at least 8 |
| non-refundable. But this reservation deposit is | | | | months. In the meantime, every potential buyer who |
| returnable if the searches are not profitable and | | | | is interested in a Cyprus property can buy that |
| successful enough to satisfy the potential buyer's | | | | property and he can also live in the apartment, villa or |
| needs for a particular apartment, villa or plot of land. | | | | other property he has bought while waiting for the |
| The required searches must be made before | | | | necessary permission. The application must be |
| exchanging the real estate contracts; the department | | | | approved in order for the buyer to stay in the |
| search must be planned because this process will | | | | country. |
| ensure the building permit. This permit has to exist in | | | | Every potential purchaser should keep in mind that |
| order to allow the buyer to build or even sell the | | | | the properties that are to be found in this country |
| property on a legal basis. The company search has to | | | | are secured by a legal system that is largely based |
| be detailed enough to demonstrate all the legal | | | | on Britain's legal system. For instance, the Cypriot |
| aspects; the developer must have the legal capacity | | | | system will provide many safeguards when it comes |
| to enter all the contracts for sale. Signing the | | | | to the rights of every person who is interested in |
| transaction contract involves both the vendor and | | | | purchasing an apartment, villa or land in this country. |
| the purchaser and the buyer will have to pay an | | | | Therefore, all properties are likely to be sold freehold |
| installment to the Cyprus property vendor within a | | | | but the buyer has to pay attention to the fact that |
| period of 6 weeks. If the purchaser does not make | | | | many properties are likely to be grossly overpriced. |
| this payment, the contract will become void and null. | | | | So, a personal budget needs to be established in |
| The possession of every apartment, villa or plot of | | | | order to decide whether you afford to own a |
| land will be completed when the property is delivered | | | | property in this country or not. |