We can make the process of buying or selling a New or Resale Cypriot property easier, more enjoyable, less time-consuming and less expensive than it would be if you performed it alone.
Our first priority in our relationship with you, the buyer, & that your home buying experience is pleasant, cost-efficient, and successful.
We have full-time expert sales executives who are completely dedicated to your special needs. Let’s take a look at each step of the buying process in more detail.
With our assistance you will identify the property you wish to purchase. We will strive to offer the best personal
services, assisting you to find the right property.
We will conduct due diligence checks for you to verify the property’s status, whether it has title deeds, building and planning permit, mortgages or any other encumbrances etc.
We can Bring you in contact with our Team of Lawyers if is satisfactory the results from due diligence. They will proceed to drafting, negotiating contractual issues and signing an agreement.
The contract of sale or assignment agreement is then stamped at the tax office. This must be stamped within 30 days of the signing otherwise an additional penalty is charged. The stamp duty fees are as follows:
0% up to Euro 500
1.5% upto 170,000
2%- on the balance above Euro 170,000
The contract of sale must be lodged within 6 months from the date of signing at the District Land Registry Department. An assignment agreement must be lodged within 2 months from the date of signing, at the District Land Registry Department. The payment of the balance of the purchase price is made simultaneously with the lodgment of the Assignment. Failure to do so results in the loss of right to lodge the contract i.e. the property is blocked and cannot be sold or transferred to anyone else.
The parties must appear at the land registry and transfer the separate title deeds onto the name of the new owner of the property. Consequently the buyers must pay transfer fees to the Government. This fee is the largest expense, above the sale price that the buyer bears.
3% – on the €0 – €85.000 of the value of the property
5% – on the €85.000 – €170.000 of the value of the property
8%- on any amount above €170.000 of the value of the property
At the same time with the transfer of the title deeds, you must pay the balance of the purchase price after which the property belongs to you.
Once you own a property in Cyprus it is important to know the associated expenses. These costs include: electricity, water, municipality taxes, Sewerage Board fees, Refuse collection, immovable property tax and common expenses (not always applicable).
Providing the necessary information to the purchaser or their representative.
Drafting and signing a contract of sale.
Making an application to the tax office in order to secure tax clearance for capital gains taxes.
Securing certification from the local municipality and the sewerage board (if applicable).
Appearing at the land registry for the transfer of the title deed to the purchaser and collecting the balance of the purchase price.
Sending the funds to our clients locally or abroad.
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How to safeguard your rights arising from the purchase of immovable property in Cyprus under a Sale Contract. The Sale of Land (Specific Performance Law)