On finding your ideal property and the payment terms are agreed on, the property may be reserved. This procedure takes the property of the market, fixes the price and allows for the sales procedure, mortgage application etc. to begin and avoids the property from being resold.
The reservation deposit is usually from 4 000 euros upwards depending on the purchase price. Credit cards are most often used for the reservation but a bank transfer, cash or local cheque are also acceptable. This may be effected via your solicitor or by the developer if the property is new or off plan. Should you not have your own solicitor, we may recommend one for you and arrange an appointment for you to visit them. We only recommend reputable solicitors with a good track record. On visiting the solicitor the finer points of the contract are discussed. The time scale for the signing of the contracts depends on the type of property purchased (ie resale/offplan/new).Following the signing of the contract, permission to purchase immovable property must be sought from the Council of Ministers by written application. This typical procedure is a formality as long as the applicants have no criminal record in their own country or in Cyprus. Your solicitor will take care of the application. The first payment usualy occurs approximately a month from signing contracts. It is highly recommended that this payment is made to your solicitor as opposed to the sellers of the property. The use of a reputable currency exchange company in transfering your funds into Cyprus will save you on the transfer costs usually encountered with banks. Your funds may be directed to your solicitor via the exchange company. We are able to recommend a reputable currency exchange company. The remaining payments are then made as per contract via your solicitor. You may again make use of the currency exchange company unless of course you are financing by Cyprus mortgage. Depending on the terms agreed, or what type of property is purchased (resale/existing), the contract of sale is deposited into the Land Registry Office (title Deeds office). This is a very important stage of the buying process and the buyer is provided with a Specific Performance number. The arranging of finance from banks or institutions begins at this stage. (if required of course) In general, solicitors will offer you a free consultation meeting, give you information about their services and the process of house buying in Cyprus. They will charge a fixed rate for your property purchase, agreed in advance. Fees are approximately 1 -1.2% of the purchase price of your property.
Solicitors will keep records of any payments in your file, make all the relevant applications for your property acquisition and transfer all utility bills to your name. In many cases clients are looking at a 30% Deposit for purchasing there first property in Cyprus. However there are companies offering special Conditions for the investor. Please complete our enquiy to discuss your best option for purchasing property in Cyprus as we are here to help. | 
