1. The selection of the property
If You liked the real estate from our catalog, we will arrange a viewing of these objects, and our experts will provide you full and complete information on each property.
2. The preliminary contract
After selecting real estate, you must sign a preliminary contract (the contract of booking and pay a Deposit (usually between 1-10%, depending on total project cost) to reserve the selected property. When signing the reservation contract, the object is removed from sale, to conduct an audit of the legal "purity" of the property and to negotiate the terms of the transaction. For this purpose, the buyer shall appoint an attorney to act on his behalf and examine the property from a legal perspective, and will make the text of the contract of sale for the maximum protection of the interests of the buyer.
3. Opening a Bank account
On the same day the buyer is advised to open a Bank account in Cyprus Bank to make payments to the seller of real estate. Your lawyer will help you with this.
4. The conclusion of the contract of sale
After performing all the above actions, the buyer and the seller enter into a contract of sale. When signing the contract, the lawyer submits an application to the Council of Ministers, to obtain permission to purchase real estate (it's a simple but necessary formality for citizens of other countries).
5. Registration of the contract at the Land Department
Next step, filing an advocate of all transaction documents to the district Land Department to register the purchase. The land Department will stamp the contract and register it at the Land Registry. This ensures the security of property rights until such time as you will not receive individual title to the property .
6. The completion of settlements with the seller of real estate
Payment for the property can be made directly to the seller.
7. Transfer of title
If the seller already has a Title (certificate of ownership) to the property, transferring Title to the new buyer can be implemented immediately. Usually this is possible when buying a resale property. If you buy a new object, in most cases, the seller (developer) does not have a separate Title to the object and the buyer, in the end, will have to wait a few months before it will be issued. Up to this point, the buyer's ownership rights guaranteed by the registration of the contract of sale at the Land Department. The statement on the Title to the property is served at the Land Department by counsel on behalf of the client.