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Government Bilateral Agreements
Bilateral agreements between Cyprus Government and Iranian Government have been recently signed in order to open the horizons of new ...
Foreign companies can be active in Cyprus
New legislation has been recently enacted providing that a foreign registered company can move their registered offices and the place of ...
Legislations
Recommendation A
Based on the endeavors of the Cyprus Government to offer correct and high standards services to the investors, they have prepare and they ...
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Property Purchase
Choosing the right property
A prospective buyer visiting Cyprus intending to purchase property has to make sure that he has choose the right property for him in order to suit his needs and budget. Information on deciding which one is the right property for each buyer can be found on the various websites for Cyprus Developers detailing the projects, the prices ect. Further, a prospective buyer can request advice from Expert ...
Reservation of the property
As soon as you find the perfect property for you, you need to visit the developers office to reserve the property that you have found and intent to purchase. Usually the reservation fee payable to the developers is of the amount of EUROS 5.000= and sometimes is exciting that depending always on the property and the purchase price. If you are abroad on an exhibition and you are keen to reserve a ...
Finalising the transaction of the property purchase
After reserving the property with the one way or the other, you need o visit a solicitors office to proceed with the paperwork. At the solicitors office, the lawyer in charge shall explain you in your own language the procedure of the purchase, prepare the contract of sale detailing the information of the property and the purchase price, the mode of payment and the delivery date. Copies of all ...
After signing the contracts
After signing the contracts, the lawyer shall explain to you when you need to send your deposit for the property and in which account. Usually all the money transactions are effected through the lawyers offices and through their clients account for more security since the lawyer prior of handing any moneys to any developer shall make sure that everything is fine with your property and mortgage in ...
Registration of the contract of sale to the land registry as a specific performance
As soon as you pay your deposit and your mortgage is in place your lawyer must register the property in your name with the Land Registry as a Specific Performance. This has to be done in the period of 60 days from the date you sign the contract of sale. At this stage when this procedure is effected, the Land Registry shall provide to your lawyer a certificate with a registration number indicating ...
Important clauses in the contract
Please note that the following clauses need always to be included in your contract depending always on the type of property that you purchases i.e off – plan or ready for habitation. The Specific Performance clause – please see above. Penalty clause for late delivery – This is applicable for off – plan properties where the delivery is an ...
Other usefull information on the purchase
On the contract of sale, always are attached the following documents: Title deeds of the plot where the project is constructed or to be constructed The Land Registry topographical plan indicating the plot. The master plan of the project The architectural plans of the property that you are purchasing The technical specifications that they provide of the ...
Delivery Process
When the delivery of the property is near at least 3 months prior to the delivery date, you shall be notified by the developer and your lawyer about the delivery process. Your lawyer shall notify you and give you information about your final payment and also about connecting the utilities, insurance and if you want to make a will for your property in Cyprus. Information about snagging and handing ...
