Are you ready for the big Move?
Selling Your Home
When making the decision to sell your home its advisable to appoint a real estate agent that is registered and licensed in the Republic of Cyprus. Upon deciding on a selling price consider contacting a qualified valuer or speaking with your chosen real estate agent.
It is also suggested that you instruct a lawyer and inform him/her of your decision to market your home and to request to carry out all legal checks on any documents that the real estate agent needs signing, for the listing and marketing of your property. In addition, if you leave abroad and cannot fly out , or if you foresee that, for any reason, you will not be available to progress with the sale when a prospective purchaser is found, you can arrange for a power of attorney to be granted to your lawyer or legal representative to act on your behalf in the sale.
Selling a property with tittle deeds is a straightforward procedure. If no title deeds are available then the sale can progress through an assignment agreement.
Certain procedures such:
- All outstanding taxes and bills need to be paid up to the date that the new purchaser undertakes possession and the transaction is completed
- All relevant tax clearances need to be obtained from the relevant local and government authorities.
- Transferring the utilities into the new owner’s name, upon the completion of the transaction
These procedures can be undertaken and facilitated the transaction by the Lawyer assisting in the sale.
Provided that the full purchase price of the property has been paid and all relevant conditions of sale as per agreement has been completed, the necessary registrations should be made with Cyprus Land Registry Department for the transfer of the ownership and the issue of the updated title deed in the name of the purchaser.
Buying a Property
We will accompany you every step of the way!
Buying a property is a big decision, but it can be stressful free if you Register your interest in our Real estate Agency. We will appoint a meeting at our office for an informal chat, where we will discuss in detail your criteria of your Dream Home.
Upon finding the right property and when a price, terms and conditions have been agreed after putting forward a verbal offer to the Owner of the property – The buyer puts down a deposit of about 10% of the sale price In order to ensure the property is reserved . The reservation agreement usually lasts for approximately one month. During this time your lawyer will draw up the contract of sale to be signed and also carry out checks to ensure the property is free from other debts. Will also carry out a Tittle search to check the seller is the legal owner of the property with the right to sell. Boundary searches will be made and all planning consent verified.
If no issues have been brought up and you are happy to proceed following the surveys, you will move to the contract of Sale.
Upon signing 30%-50%, minus the reservation deposit, of the total purchase price is usually paid by your lawyer to the lawyer of the vendor, either by bank transfer or bankers draft. A copy of the sale’s contract is then lodged to the Land Registry department and the Stamp Duty is paid to the tax office.
Bank and character references will need to be submitted along with your registration. Your assigned lawyer can also assist on the matter .As a non-Cypriot, you will also need to apply for a permit from the Council of Ministers. A procedure that can take a few months to come through.
At this point the necessary registrations should be made with Cyprus Land Registry Department for the transfer of the ownership and the issue of the updated title deed in the name of the Buyer.
Real Estate Agent´s Fee:
Real estate agents typically charge 5% of the purchase price as their commission. By law, minimum agent´s fee is 3%.
Property management
Please visit our Property Management section for more information
