Step 3 – Purchase Process
The next step is to make a nominal deposit of €3,000.00 to reserve the property. This reservation deposit is legally binding and from then onwards the property is taken off the market. At this point the Contract will be drawn up to be signed in a few days.
Contract of Sale
Sign the Contract of Sale immediately or if there are any amendments to be made your appointed solicitor can sign the Contract of Sale on your behalf followed by your written consent after you leave Cyprus.
Select your home finishing materials
Home buyers can choose from an extensive selection of colours and designs during their visit to the fittings and sanitaryware shops, such as granite and ceramic floors, granite tops, including a variety of selections for the home’s exterior. A comprehensive customization process offers a big array of available options on the development.
Within 30 days the 1st installment, typically 30% is payable. At this point, the Contract is stamped and is ready to be registered at the Land Registry office by your solicitor (refer to Page 8 for Stamp Duty fees). This step prevents any seller to sell to anyone else and ensures that the property belongs officially to the buyer.
Approval of the Council Of Ministers
It is essential to make an application to the Council of Ministers to grant its approval for a non-Cypriot to acquire immovable property. This is a procedure which implements issues such as criminal records, that the land size is within the required limits and that the buyer has the minimum required funds to live in Cyprus. You will need a bank and character reference. The whole procedure may take up to 12 months, but there is no restriction on you taking up possession of your property.