Buying Procedure
a. View a Property
The first step is to arrange an appoint to view the property of your interest. Our experienced sales team is just a phone call away, ready to answer any of your questions and to arrange a convenient time to meet and show you around.
b. Reserve a property
Once you have decided on your dream property, a non-refundable reservation fee of EUR 3,500 is paid, which takes the property off the market and secures it at today's price. You will then need to provide your address, contact details and copy of I.D. card or passport.
c. Purchase Contract
A draft copy of the contract of sale, along with the technical specifications of the property will then be drawn up and forwarded to you for examination and comment. You may request advice from an independent property solicitor at this time. Once you are happy with the content of the contract of sale, three complete sets will be prepared and forwarded to you for signing. As a guide the lawyer's fees range from €1000 and €2500, payable to the solicitor, upon signing of the contract.
Contract will consist of the following:
- Core Contract
- Architectural Drawings of the property
- Technical specifications
- Title Deed of the land
From the date of signing the contract of sale, you have 30 days in which to pay the stamp duty and 60 days to deposit it at the Land Registry Office. For stamp duty charges please see Useful Information below.
Overseas investors should settle their stamp duty charges consecutively with their first deposit payment.
d. Payment Terms
The initial deposit is payable at the time of signing of the contract of sale. As each stage of construction is completed, you will be informed by either post or email, with the presentation of a civil engineers certificate verify works done. At this time the relevant payment will be requested.
Stages of payment are as follows: (Note, in cases where a mortgage is taken, the relevant payments will be provided for by the bank)
30% of the purchase price as deposit on signing of contract
20% on completion of skeleton
20% on completion of brickwork & plastering
20% on completion of tiling & flooring
10% on completion and delivery of property
e. Choosing Finishes, tiles, colors, bathrooms, kitchen, etc.
Either before or on completion of brickwork & plastering of the property, you will be requested to choose the finishes for your property. Our Customer Services Team will accompany you to the various show rooms, this can take up a full day. All selections, extras or upgrades will be noted on a "Selections Sheet" and any difference in the value of choices will be agreed upon at this time.
f. Taking Delivery of your property
On completion of your property, you will be notified and the relevant Completion Certificate issued. Depending on the terms of your contract of sale, you will be given 15 to 30 days notice, and invited to the Hand Over of your property. Our Customer Services Team will coordinate with you on the time and date of delivery. At which time you will:
• Inspect the property accompanied by our Customer Services person.
• Any snags will be noted and specified in writing on a "Snag List document".
• Details will be given to enable you to arrange for the transfer of utilities, etc into your name, and to take out property insurance.
Foreign investors will need to make arrangements to travel to Cyprus to take delivery or appoint a legal representative to take possession on their behalf. You will need to come out to Cyprus for a minimum of 2-3 days to take delivery of your property.
g. Acquiring the Title Deed
Once the villa or apartment block is completed, it is the responsibility of the developer to apply for the individual title deeds. Such an application can only be made once certain certificates and documents have been issued by the Land Registry Office.