Property Lawyers in Cyprus

Purchasing property in Cyprus involves several key steps that prospective buyers should be aware of. Here is a general outline of the process:

1. Property Selection and Offer: The first step is to select a property that meets your requirements. Once you’ve found a suitable property, you make an offer through your estate agent or directly to the seller.
2. Legal Due Diligence: It’s crucial to engage a lawyer who specialises in Cyprus property law. The lawyer will conduct due diligence to ensure that the property has a clear title, no outstanding debts, and complies with local planning and building regulations. Our team has years of experience in these matters so don’t hesitate to give us a call.
3. Reservation Agreement and Deposit: If your offer is accepted, a reservation agreement is often signed, and a reservation deposit is paid to take the property off the market.
4. Sale Agreement Preparation and Stamp Duty: Your lawyer will draft a Sale Agreement outlining the terms and conditions of the sale in accordance with the findings from the due diligence carried out . Once signed, the agreement is stamped, which involves paying a stamp duty fee. Stamp duty rates vary based on the property value. Access our property tax calculator here to get the stamp duty calculation based on the purchase price of your property
5. Sale Agreement Registration: The Sale Agreement should be registered with the District Land Office within 60 days). This step is crucial as it protects the buyer’s rights to the property, especially in cases where the title deeds are not immediately available.
6. Obtaining Necessary Permissions: If you are a non-EU citizen, you will need to apply for permission from the Council of Ministers to purchase property in Cyprus. This is generally a formality and our property Lawyers will be submitting the application on your behalf
7. Completion and Payment: Upon completion, the balance of the purchase price is paid. The exact process depends on whether the property is new build or resale, and whether a mortgage is involved.
8. Transfer of Title Deeds: The final step is the transfer of the title deeds into your name. This involves paying a property transfer fee, which is based on the property value. If the title deeds are not immediately available (common in new builds), this step may occur at a later date provided the property price is not subject to VAT. Access our property tax calculator here to get an estimation of the transfer fees payable according to the purchase price of your property
9. Additional Costs: Be aware of additional costs such as legal fees – At our law firm, we are transparent with fees from the beginning, Property Transfer Fees, VAT (if applicable), and ongoing costs like communal charges (for apartments) and property taxes. Contact us here in order to get our Legal Fee quote along with an analysis of real expenses associated with your property purchase

Please note that this is a general guide and the process may vary depending on specific circumstances. It is strongly recommended to seek professional legal advice to navigate the property purchase process in Cyprus effectively. You can get in touch with us below.