7. The transfer of title deed.
1. The choice of the property.
Property Art has details of large amount of properties across the Limassol city, all of which are updated on a daily basis. Before you begin your property search it is vital to establish a list of constraints and priorities. Firstly list all of the features you consider to be essential, for example:
- property location
- number of bedrooms, bathrooms and reception rooms
- local area amenities
- school catchment areas
- age of property
Once you have established these key credentials you can begin to perform a detailed property search on the Property Art web site.
Once you have an idea of the type of property you are interested, it’s advisable to contact us, our agency have a long-history of success and is renowned for our exceptional quality service and unsurpassed expertise.
It is important for all our customers abroad to book a short trip to Cyprus to inspect the property and to get to know our company, visit us in person and discuss your requirements face to face. This will ensure that when you call or email us we will remember you and be familiar with your requirements.
Tips to help you when you deciding on buying a property:
- be clear about your requirements – tell us which of your property requirements are fixed, and which are more flexible.
- be clear about the locations you will and won’t consider.
- after viewings give as much feedback to us as possible – this will give a better idea of what you like and dislike.
2. Preliminary agreement.
From the moment buyer decide to purchase particular property a buyer should sign ”Preliminary agreement” and leave deposit (approx 1% – 2% of the sale price) in order to reserve already chosen property.
Therefore the selected property will be removed from the market for a specific period while all documents for purchasing a property will be checked and completed by the buyer’s appointed lawyer.
3. Opening A bank account.
Whether you are resident or non-resident you are entitled to open a bank account with a local bank branch in Cyprus in order to make many of the usual payments that are part and parcel of buying and owing property.
4. Contract of sale.
All contracts of sale are private agreements between the vendor and purchaser and must by law, be in writing. As soon as you have signed your contract of sale, it should be filed to the Land Registry. It ensures you that beneficial rights to property and the ownership are legally protected.
5. Registration of the contract.
Once your contract of sale has been filed to the Land Registry it cannot be withdrawn by anyone other than yourself, meaning that your property cannot be leased, sold, transferred or mortgaged without your consent.
6. Settlement of accounts.
Financing options include:
- outright payments
- mortgages or loans
- internal financing
7. The transfer of the title deed.
In Cyprus, title deeds, which are also known as “Certificates of Registration of Immovable Property”, are formal documents that serve as evidence of property ownership. Each piece of immovable property has an associated Title Deed which contains information such as its registered owner, its size, its location and the Lands’ Office reference.
The following documents should be submitted in order for property to be transferred to your name as a purchaser:
1. Written confirmation by the Central Bank that the purchase was with foreign funds, which was imported into Cyprus or other.
2. Contract of sale.
3. The Ministerial Council’s permission for the purchased property.
4. The property’s title deeds, if available.
5. Confirmation that all taxes for the purchased property (sewerage, immovable property, town taxes etc) have been paid.
Transfer fees are paid on the value that the Land Registry department determines that it is the Open Market Value of the property on the day of the original transaction /sales contract.
A Power of Attorney can be issued to a third party in order to attend and conclude the transfer on the buyer’s behalf.