Buying a House in Cyprus: A Guide to the Process

If you are planning a move abroad to Cyprus that includes buying your self a new home instead of renting a place to live you should not make the assumption that buying procedures are the same in Cyprus as they are in your home country. Property laws and the associated regulations and procedures are not the same as they are in the United States or United Kingdom or most other places. It is a good idea to familiarize your self with the home buying procedures in Cyprus before you set out to do your property hunting.

Some of the regulations and procedures you may encounter when preparing to buy property in Cyprus include the restrictions on purchasing property for any non resident foreigners or the need for permission to purchase a property from the Council of Ministers. Since you may not be aware of these types of regulations or may not be prepared for them it is a good idea to start your home buying process with the employment of a knowledgeable local lawyer that is experienced in dealing with property purchase by foreigners.

If you have found a home that you would like to purchase it is very likely that the seller will ask for a deposit. Typically this happens if you are purchasing a new property and if you are purchasing a resale property then you would pay the deposit upon signing the sale contract. The purpose of the deposit is to reserve your property and it is paid directly to the seller. While this is standard practice, you should still consult with your lawyer before parting with your money. Usually your lawyer can advise you on the standard deposit amount, which is around $2,000, and can draw up a legal document to serve as a receipt that you gave money to the seller. Generally the only way you lose your deposit is when you withdraw from the sale for an unsatisfactory reason, such as changing your mind about the property.

Once you have agreed upon a sale price with the seller and paid a deposit your lawyer will draw up the sale contract. The lawyer will also have to make some checks before the process can complete. The checks usually take around a month. Some of the things that are to be checked is that the seller can legally sell the property, that all planning permits were obtained, that the exact boundaries of the property. Sometimes estate agents do the checks and pass the information to the lawyer.

When you sign the sale contract you agree to accept the property in the condition that it is in. If you are not satisfied with something do not sign the contract until you are as it is almost impossible to get redress later. If you find that you cannot complete the sale your lawyer can advise you of your rights and the return of any money you have paid.