Cyprus Property Buyers Guide
Delivery of the Property
Payments for new and resale properties are normally made in stages. Depending on the delivery date, the payment period normally lasts from between 6 to 24 months. Final property payment is made once the property (in new-build cases) is fully completed, including all interior, exterior and landscaping work.
Receiving the Title Deeds
Acquiring title deeds varies quite significantly from the UK system - when you have signed the sales agreement and paid for first installment, the contract must be in writing and registered at the District Land Registry Office within 60 days from the contract date. This is standard practice. After this point in the proceedings, you now legally own the property and cannot be penalised, as the property has now been taken off the market. The title deeds, when issued, should now be registered in the buyer’s name and will be recorded in the government archives. Be aware that receiving the deeds for new build properties can take from two to five years. This is largely due to the land Registry System which traces the history and ownership of individual pieces of land. It is always advisable to get seek legal support before signing any documentation and Blue Smile will, of course, be able to pt you directly in contact with a selection of specialist solicitors when the time comes to sign your property deeds.
Paying Transfer Fees
Once the title deeds have been prepared and agreed by both parties, the buyer must pay transfer fees. This is normally calculated by the land Registry Valuer and is based on the property price at the time of the original transaction). For joint ownership mortgages you will find that fees are normally significantly reduced.
The Costs of Buying a Property in Cyprus
Resale:
- Reservation fee
- Solicitor’s fees
- Full payment within 30 days
- Stamp duty
- Transfer fees / title deeds
New:
- Reservation fee
- Solicitor’s fees
- Full installation (usually 30% within 30 days)
- Further installments (usually 3 or 4 upon completion of each stage)
- Stamp duty
- Transfer fees / title deeds (usually 2 – 5 years after completion)
Breakdown of fees:
- Reservation fee - min CY£1,000
- Solicitor’s fees - approx CY£750
- Stamp duty - 0.15% up to CT £100,000. £0.2% over CY £100,000
- After Sales Expenses - A/C, white goods, communal pools
*Transfer fees / title deeds - dependant upon the value of the property.From 3%.
If property is bought in joint names both partners can take advantage of the banding.
