Once you have found your ideal property in Cyprus, it is essential that you fully understand the purchase process. Below is a guide to buying a property in Cyprus.
Within this reservation period, the appointed lawyer will carry out required investigations at the District Land Registry to ensure that the vendor of the property is indeed the owner and ensures that the purchaser obtains good title to the property.
In Cyprus the reservation amount is usually at 1% of the property price. The reservation deposit will be “subject to contract” i.e. it is non-refundable, but it is returnable if the searches are not successful.
To purchase a property in northern Cyprus, the process is similar to that of southern Cyprus. However, there are a number of checks carried out by the Ministry of Interior and this will inevitably mean the sale will take approximately 4-8 months to be completed.
Solicitors cost, including; drawing up of contract, power of attorney, purchase permit application and seeing sale through to completion = approx. £1,000.
Propertyshowrooms.com will gladly put you into contact with a reputable English speaking lawyer or other professional to assist you with your property purchase in Cyprus.
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