BPP BROKERS PROCEDURE FOR BUYING PROPERTY IN CYPRUS
Buying real estate in Cyprus is a straightforward procedure, briefly described in 6 steps below.
Property Consultation by BPP BROKERS
Our experienced property consultants are just a phone call away, ready to answer any of your questions and to arrange a convenient time to meet at our office in Limassol or we can come to you. The consultant will discuss your requirements, show you plans and photos of various properties in order for you to choose the properties that fit your requirements and in order to arrange a viewing.
Viewing a Property
The BPP BROKERS’ property consultants will arrange for you to view the properties of your choice at a suitable time, pointing out all the aspects of the property and lifestyle in the specific area. It is clearly the client’s decision to make after listening to the pros and cons mentioned by our property consultants.
Reserving a property in Cyprus
Once you have decided on your dream property, a reservation fee will be paid to the owner of the property, in order to take the property off the market and secure it at its current price. You will then need to provide details for the preparation of the purchase contract.
A draft copy of the contract of sale, along with the plans & specific details of the property will then be drawn up and forwarded to you for examination and comment. You may request advice from an independent property solicitor at this time. When you are happy with the content of the contract, three complete sets will be prepared and an appointment with the property owners will be booked for the purpose of signing. As a guide the legal fees range from approx. €1,000 to €2,500, payable to the advocate, upon signing of the contract.
Contract will consist of the following:
Taking Delivery of your property
Once contracts are signed and property is paid in full, we will coordinate with you and the property owner on the time and date of delivery. At which time you will inspect the property, detail any snags will be noted and specified in writing. Details will be given to enable you to arrange for the transfer of utilities into your name, and to take out property insurance.
Foreign investors will need to make arrangements to travel to Cyprus to take delivery or appoint a legal representative to take possession on your behalf. You will need to come out to Cyprus for a minimum of 2-3 days to take delivery of your property.
Acquiring the Title Deed (in case it is not issued yet)
Once the villa or apartment block is completed, it is the responsibility of the owner / developer to apply for the individual title deeds. Such an application can only be made once certain certificates and documents have been collected and deposited to the Land Registry Office. Then, it is a matter of bureaucracy and time for the title deeds to be issued.