Buying Your Cyprus Home...Top 10 Tips For A Successful Purchase
Although Cyprus is quite a small island you will be amazed at just how popular it just is and especially for property investment by English speakers. Cyprus has virtually become the number one choice for people wishing to invest in retirement homes and for buy to rent investment properties.
So what is the special appeal of buying a house in Cyprus? Many people find it combines ease of living with a special quality of mystery and beauty - and of course a gorgeous climate. Because the island underwent some decades of British rule.
Like any other country, Cyprus too has a unique system when it comes to buying property. Each of the necessary steps that are explained in detail below only apply to purchasing property in Southern Cyprus, as things are done differently in the north.
1. Should a non-resident want to purchase a property in Cyprus, then they will need to apply for special approval from the government. This process may take up to 14 months to conclude so it is very wise to get this process underway well before you seriously look at starting the purchasing process.
2. The first thing you really need to do is to find an English Speaking lawyer and if you need a recommendation then just have a chat with a few of the local ex pats as they normally have plenty to say for themselves and usually are able to give good advice on these issues.
3. As soon as you have got the necessary approval from the Council of Ministers and the property has been correctly identified, you may proceed to sign an initial contract and the holding deposit may be placed with a notary or your own solicitor. The amount placed as a deposit may be a little as just 1 percent of the total purchase price.
4. Once that has been executed you will have to pay a secondary reservation deposit on the agreed date and at this point the property will officially be taken off the market. As long as you don't default on the drawn up contract the property will remain off the market. 5. You solicitor will carry out the necessary steps through the District and Registry Office that will conclude that the property can legally be sold.
6. Once the property is off the market you will have time to look for a finance deal if you need to. Any drawn up mortgage will also be signed before the notary on the day you sign for the property you are going to purchase. There are several different options as to financing a property deal, but always be certain that you confirm any other option with a high street bank first.
If you are one of those people who are considering selling up shop at home and starting a new life in Cyprus, then you should have plenty of change to start enjoying a new life of luxury. Your money will stretch a lot more on Cyprus so when I say luxury, I mean luxury.
7. The final contact is drawn up and signed before the notary once your lawyer has completed the investigation work into the property and that the finance for it's purchase is in place. As soon as the signing is finalised the relative documentation is filed with the Land Registry Office.
8. Should one of the parties be a subject of Cyprus it will be necessary to get official approval from the Bank of Cyprus in order to conclude the transfer of funds and consequently the property purchase. This final step would not be necessary should both parties be foreign nationals.
9. If you have just purchased a resale property then you become the title holder with immediate effect but if you have just bought a new build property then it will take three years, but don't worry as you are registered as the owner at the District Land Registry.
10. Now you can just get on with life as usually and start to get into the Mediterranean lifestyle as you will certainly want to start relaxing after a stressful time at the notary. As you know you can get by only speaking English but if you want to enrich your experience on the island then try and learn a bit of Greek.
Article Source: http://www.search-raven.com
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by: TimMartins
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