CHOOSING A PROPERTY

We always highly recommend that you choose the property prior to paying any money to property agents or lawyers until a meeting has been arranged with a lawyer.

Write to us with your property requirements HERE

LAWYER

It will be our pleasure to introduce you to the best lawyers we know who have the expertise to listen to all your concerns and answer your questions and will give a real picture. If there are no legal or other problems about the property, you may wish to appoint the same lawyer to handle the transaction.

RESERVATION FEE

A reservation deposit of 2,000 Euros is required on the property. This amount can vary according to the size and the value of the property and often the amount of the deposit is decided between the vendor and the buyer.

THE CONTRACT 

Once your lawyer is satisfied with all relevant paperwork, you will be expected to pay 30% of the value of the property (in some cases this can be as low as 20% but usually 30%). This will be between 1 and 4 weeks after signing the Contract, each case is different.

PAYMENTS (as mentioned above)

a) reservation deposit 2,000 Euros

b) between 20-30% down payment (from your own funds) and the remaining balance from individual funds or a bank loan

It is advised to bring any recent bank statements (preferably the last 3 months) and income statements (wage/pay slips) as well as any other documents that will support your loan application). On some occasions the bank may approve the deposit at 20%, depending on your personal individual circumstances such as other outstanding loans (example a car)

“INTEREST ONLY” LOANS

Interest only loans, are also available, however banks seem to be very selective about these.

The length of the loan may be up to 40 years, but this depends on the lenders current age at the time of application.

LAWYER’S FEES:

Lawyers in Cyprus charge between 1,000 - 2,000 Euros depending on the value of the property (these will be negotiated and/or agreed with you and your lawyer - we can only make the introductions)

WHEN THERE ARE NO TITLE DEEDS

When the separate title deeds are not ready, there is still a certain procedure which makes the whole transaction safe. We advise you to follow this procedure as we will analyse it for you while in Cyprus.  We also advise you to avoid any short cuts that others may offer you. The transaction will still be safe, but you will need to follow particular steps in order to keep it safe.

Finally - we value your feedback or questions and agree to reply/publish any we receive that are beneficial to all our clients looking for a property in Cyprus, on our FAQ page.  Send us your comments today!