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Once you have found your ideal property with Cyprus Resales we will aim to make the process a pain free for buyer and seller. We’ll provide you with professional legal advice, assist with bank loan arrangements when necessary, help you settle and provide you with after sales support.

Summary

The Land Registry Department looks after and administrates all property transaction in the Republic Of Cyprus. The Sales process will go as follows.

The Reservation Agreement

Due to the good value nature of most of the property marketed by Cyprus Resales it’s important to reserve the property and for active marketing to cease. The reservation fee (starting from 5000 euro, subject to the property value and circumstances) secures your new property subject to contract and is refundable only where there is an unforeseen problem with the property, e.g. the property is said to have title deeds and it turns out not to have such, existence of all the permits, financial liabilities of the property.

The Main Contract

Once all the relevant searches have been completed by your lawyer, the exchange of contracts is remarkably similar to the English system of conveyance. The contact will be signed by the vendor and seller. There is a period of time set for the vendor to complete the transaction.

Taking Possession of your Property

This will take place on a date suited to both vendor and seller and allows for all bills (electricity, water etc) to be settled and transferred to the new owner.

Council Of Ministers Approval

All non Cypriot owners must get permission from the council of Ministers for ownership of Immovable property in Cyprus. This procedure is a formality usually handled by your lawyer and can take up to 6 weeks to obtain. While waiting for approval the buyer has full legal rights of ownership through the contract of sale deposited with the land registry office.

Title Deeds

Much has been written about the title deed situation in Cyprus. The vast majority of property advertised with us already has existing title deeds or have an application pending (while all the necessary licenses and permits are in order). This makes the purchase of property in Cyprus much safer for the buyers. The last few years have seen many title deeds issued by the Land Registry Office as they speed up the application and approval process.

Once the approval of the Council of Ministers has been secured, all the payments completed and tax clearance received, the transfer of the title deeds is performed by the Land Registry office.