Purchasing a Property in Cyprus Checklist

Before purchasing a property in Cyprus ensure you...

• Always obtain reliable advice and arrange a local lawyer.
  Have a search carried out on the property in the local District
  Lands Office.
• See if there is a title deed in the name of the seller of the property. If not, check that the issue of this is legally feasible and whether there are any encumbrances on the property.
• If you are purchasing land, check access by road, any zonal
  building restrictions, whether there are any road widening
  schemes applicable to the property and whether there is, or will
  be water and electricity supply available and at what expense.
  
• If the property is a house or apartment, whether there is a
  building permit and if completed whether a certificate of approval has been issued.
  
• Check availability of telephone connection.
  
• Seek assurance from your lawyer that all the relevant
  permissions from the authorities will be granted.

On the contract check that ...

• Transfer of the property and title deeds will be free of any encumbrances.
• That the contract is subject to obtaining the relevant permissions from the authorities.
  
• That possession is given to the purchaser on completion of the contract
  
• In the case of an apartment there are general conditions governing all other purchasers.
• Ensure that the contract is signed by the seller in front of two competent Witnesses.
• If the seller is a company, that corporate actions have been taken to ensure the valid execution of the contract.
• If the seller is a person under legal disability or if a person signs in a representative capacity, check the proper authority and legal ability of the person signing on behalf of the Seller.

As soon as possible after signing the contract check that...

• An application has been made in the proper form for obtaining the
  permission of the Council of Ministers.
• An application is made to the Central Bank of Cyprus for an exchange control permit, unless the purchaser, though an alien, is a resident for exchange control purposes and the seller is also a resident.
• A copy of the contract is deposited with theDistrict Lands Office within two months of its Execution, thus ensuring that the contract becomes a charge on the property and that it may specifically be performed.
• As soon as possible after the permission has been obtained, ensure the earliest possible transfer of the title deed through the District Lands Office, and if a separate title deed has not yet been issued ensure with the seller that this is done.

In the case of any breach in the contract ensure that legal action is brought within six months from the date of the breach after written notice.

Inspection Visit to Cyprus

If you wish, we will be delighted to arrange an inspection visit for you. You will be collected from the airport and taken to your hotel. At your leisure you will be taken around all of the properties you would like to see.

Your tour will be with our representative who will give you any information you require. Should you decide to purchase you will be required to make a reservation deposit of 5% and then 25% within a month so that 30% of the purchase price will be completed.

The remaining balance is divided equally in quarterly instalments up to the completion date. A mortgage can be arranged for the balance if you wish.

Although the inspection visits are not subsidised in Cyprus, should you purchase, normally the developer will give a rebate of up to 500 U.K. Pounds on the price of the property.

IMPORTANT. The foregoing details will be dealt with by your
lawyer. This information is to serve you as a guide only to the mechanics of purchasing a property in Cyprus, and for you to check the progress.