Purchase Guide
Once you have decided to investigate the property market in the Paphos district of Cyprus with a view to buying here, and you have completed our online Property Search Form, we will contact you to acknowledge receipt of your request and to clarify or seek further information in respect of your request if required.
We want to ensure that we know exactl what type of property you are seeking to buy here in Paphos so that we can meet your request with the minimum of delay in terms of finding your Holiday Home, Buy-to-let or Permanent Residence.
Our policy is to show you only the type of properties that you have indicated are of interest to you. Our system of operation is very simple and straight forward. If you seek to buy a property in Paphos that is for example a 1 bed apartment we will not attempt to sell you a villa. Similarly in terms of your stated budget we will always ensure that there are no surprises.
How does the system work?
Prior to your visit:
When you have done your trawl and have finalised with us the list of properties in the Paphos area that are of interest to you, and you have booked your flights we will then call you at a time to suit you to discuss your visit.
We can also discuss in outline the financial aspect of buying property, including deposits. At this point we will also confirm current the availability of the property you wish to buy to ensure that when you arrive you have a full picture of what the situation is on the ground.
For your part feel free to ask questions on any burning issues that you may have.
We are able to organise suitable accommodation for you during your stay. Our experience has shown however that, in most cases people prefer to make their own arrangements.
Airport arrival – Meet and Greet.
Your arrival airport is Paphos. This airport is serviced from all parts of the UK. We will meet you off the flight and arrange to take you to your chosen accommodation and wait a short while in order for you to settle in. Depending on your arrival time we will arrange to meet and discuss over coffee and confirm your itinerary.
We would recommend that you allow between 3 and 5 days, the actual length of time of course will depend on the number of properties that you wish to visit and their geographical location in relation to our office and your accommodation.
Property Search.
With agreement on the itinerary we can begin the process of visiting various projects and properties. If this is your first visit to the Paphos district of Cyprus we are able to offer advice and to guide you where we feel there is a need.
We are also open to be guided by you. What we aim to achieve is to find the right property in the right part of Paphos that meet your needs not ours. Given that we have already short-listed several options in advance we are confident that we would be able to achieve this goal. In the event that other options come into the market during your visit we will make you aware of these.
We conduct these inspections, in most cases, without the representative from of developing company being present. This allows greater freedom of movement and reduces potential pressure from sales reps that are keen to sell their companies product. It also allows us to show you the general area so that you get a better feel for services and facilities that exist within a reasonable distance.
Once the process of visits have been completed and a shortlist compiled, the process of introduction to developers can proceed where you are able to ask specific questions with regards to the project, and to satisfy yourself that you comfortable about what they have to say.
You may well feel that a second round of property viewing may be necessary in order to finalise what you would wish to buy. This is not a problem and we would normally recommend that on this occasion a company representative should be on hand to discuss your points on the ground.
Securing a property.
Once all the visits have been completed and hopefully you will have found a property that meets your requirements, there is a need to secure it by taking it out of the market. This is achieved by making a “reservation fee” the amount will vary but for new property this is normally in the region of CY£1000 – 2000. This reservation fee is normally valid for 30 days and effectively bars the developer from offering the property to anyone else during this period. In the case of re-sales the amount will vary depending on the value of the property.
The reservation fee can be paid directly to the developer or can be paid to your lawyer who will in turn pay the developer. If paid directly to the developer the receipt should be handed to your lawyer.
A contract of sale will be created for the property by your lawyer, who will request various documents from the developer/vendor in order to frame the document that will constitute the legally binding agreement between both parties. The contract is normally produced whilst the purchasers are in the country. If there is insufficient time then a simple general power of attorney will enable your lawyer to act on your behalf in consultation with yourself.
Lawyers who have general power of attorney can only carry out an action after first getting confirmation with the persons concerned that they are happy to proceed on that basis.
There is a need to open Bank accounts (two recommended). Online banking is also offered in Cyprus.
Visit over.
Hopefully, if we have done our job right and you are convinced that you have found the right property to buy here in paphos, you will be leaving on the basis that it has all been worthwhile. In nearly all cases having left Paphos and returned to the UK you may come across issues that you feel you should have asked about but did not have the time. We are only a telephone call or e mail away. The fact that you are not here is not a problem for us.
Please ask no matter how small a point we prefer it this way.
Progress reports
Keeping in touch with clients and advising on the progress of the project/sale is part of the service that we provide and extends even beyond the day that you take delivery of your property. Progress reports are an important process that many people tend to ignore. The payment structure for your new property is based upon the progression of the build. In many cases you do not have knowledge of what stage they are at unless you physically visit to confirm.
We work on the well tried and tested principle of being our client’s eyes and ears during this phase. We encourage you to contact us when developers request the next payment as they have completed the work required. Upon receipt of this we will physically visit the project and take images of its status and e mail them to you. This gives you the peace of mind that you can safely release the funds without any penalties.
Handover of Property.
You will be advised by the developer, in the event that you are buying in a project under construction, confirmation of the completion date of the project. It is highly recommended that you visit, inspect and take over the property in person. The final payment to the developer in respect of your property purchase is not paid until this inspection has been completed. This is normally done with a member of the “companies after sales team.”
Post Handover
Now that you are a proud property owner in Paphos Cyprus it is time to sit back and relax a little and soak up some Cypriot hospitality. In terms of the many things that need to be done or questions that need to be answered we will always be on hand to offer advice or assistance. We consider this part of our service to you. This has resulted in many clients of the past becoming firm friends.
Payment structure.
The payment structure has already been touched upon earlier. Suffice to say, that at the point of signing the contract of sale a sum of not less than 30% of the purchase price has to be paid. We would recommend that these funds are paid through your lawyer.
Once the lawyer has paid over the 30% to the developer (this includes your initial reservation fee) he/she will proceed to lodge the agreement in the land registry and in doing so protecting your right to the property. Effectively you own the property or the right to this property at this stage and no-one can take it away from you without your consent.
The balance of the money remaining will normally be split over the time remaining for the completion of the project. This in turn is linked to progress of work on the actual development. The final payment is due once the project has been finished and you or your nominated representative has had a chance to inspect the finished work.
Transfer of funds if you are planning for the property from the UK can become an expensive exercise if you carry out these transactions through the bank. There are plenty of companies that specialise in currency transfers from the UK to Cyprus and worldwide. Their rates are much more competitive which can result in substantial savings. We would be happy to advise you of some of these should you wish to do a comparison.
Legal fees
There is a laid down scale but not all lawyers charge the full rate. We would be happy to recommend companies that offer their services at very competitive rates. You can of course source your own solicitor or you may already have one that you have dealt with in the past.
Other expenses.
Property insurance
Furnishings if not included in the price
Communal charges if a project with shared facilities
Water, electricity and refuse collection.
Telephone connection
Wills
Although mention is made in other sections of this site it is very important that in order to protect your property investment from the UK tax man that you make a separate will in Cyprus in respect of your property purchase here. If the property is purchased in joint names then each party to the purchase will be required to make out a will.
The inheritance laws in Cyprus are different to those of the UK. If for example a purchaser of a property dies and has not made out a will the property will be split between the surviving spouse 50% and the children with 50% basis.
There may well be reasons why you would not want this to happen. By making a will you be sure that your wishes are complied with.
The details contained in this document generally cover the outline procedure involved in the purchase of immovable property including land here in Paphos Cyprus. We would be happy to expand on any aspect with you during your proposed visit. In terms of legal matters these are best dealt with by your appointed lawyer here in Cyprus due to the confidential nature of the subject.
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