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Stages of processing the purchase of real estate in Cyprus

by marusia

Buying property abroad is a process that requires care and careful preparation. Cyprus, with its beautiful nature, warm climate and attractive conditions for investors, is a popular destination for purchasing property.

However, to avoid unpleasant surprises and make the purchasing process as smooth as possible, it is necessary to understand all the stages of registration. MySpace real estate agency will help you quickly and efficiently find property in Cyprus in the desired area. Experienced realtors are well acquainted with the real estate market and will help you complete all stages of the transaction without problems with the law.

Preparatory stage and search for real estate

The first step is to clearly understand the purpose of the purchase – for permanent residence, seasonal holidays or investment. It is also important to determine the budget you are willing to spend on purchasing real estate, including additional registration costs and taxes. Find a reliable realtor with a good reputation who will help you find a suitable property, negotiate with the seller and provide complete information about the property market in Cyprus.

An experienced agent will suggest various properties for sale in Cyprus according to the buyer’s personal requirements and budget. Viewing items on site will help you make your final decision. Before making the final choice, you need to make sure that the property is free of encumbrances and legal problems. The lawyer will carry out all the necessary checks, including the availability of a building permit and the absence of debts.

After selecting an object and carrying out all checks, a preliminary purchase and sale agreement is signed. This agreement specifies all the terms of the transaction, including price, terms and obligations of the parties. To secure the contract, a deposit is usually made, which is 10-30% of the value of the property. This step confirms the seriousness of your intentions and reserves the property for you. To carry out all financial transactions related to the purchase of real estate, you must open a bank account in Cyprus. Foreign citizens must obtain permission to purchase property from the Council of Ministers of Cyprus. This process can take several months, but is usually formal and straightforward. The lawyer prepares the final purchase and sale agreement, which includes all the terms and details of the transaction.

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