The Final Step of Buying Property in Cyprus

The final step of buying a home abroad in Cyprus is finalizing and signing the sale contract for the property. It is important to familiarize your self with this process as something as simple as not filing your sale contract in the correct office within the correct time frame could result in your new home being sold out from under you and leaving you with no recourse.

Typically you should not sign the sale contract until you are satisfied that all checks of the property have come out to your liking and all necessary payments have been made. Most Cypriots do not utilize written sale contracts for the transfer of property as it is legal to do so without one as you can register the property transfer at the Lands Office. As a foreigner it is likely to be in your best interest to insist on a written sale contract. Your sale contract must be taken to the Lands Office within two months of being signed. This protects your interests in the property as it puts a legal claim on the property by you preventing it from being sold to someone else before you receive the title deeds. If also protects you in the event that the seller has a change of heart. If you neglect to do this you will have no recourse in the event one of these things happen.

It can take anywhere from two months to many years to receive your title deeds. If you are buying property off plan then the developer will have all of the title deeds for the entire development, which means it will take a long time to get your paperwork.

Usually your lawyer will deposit the contract for you. However, you should know the requirements. The sale contract must go to the Lands Office in the district of the property. You will need to take the original and a copy to the Lands Office. The original will be checked for validity, both will be stamped and the copy will be kept on file. Form N34 that states the buyer and seller's names must accompany the contract. Any mortgages on the property must be declared at time of filing. And afterwards you must go to the tax office to pay the stamp duty.

Oftentimes sale contracts have conditional clauses that need to be met for the contract to be valid. Anything can be included in these clauses, and at the minimum something is mentioned regarding events out of the buyer and seller's control. The most common clauses are being able to obtain a mortgage, being able to obtain planning permission, being able to sell another property, getting a satisfactory inspection and being able to get permission from the Council of Ministers. If the conditions of the clauses are not met then the contract can be suspended or declared null and void and you should get your deposit returned.

If you have obtained a mortgage for the property then it must be declared at the Lands Office when you take the sale contract. Your lawyer can take care of this for you as well.

If the property you are buying is a completed or already built property then you are entitled to the keys to take possession as soon as you sign the sale contract and have paid all necessary fees. You do not have to have the title deed before you take possession of the property.