Buying A Property In Cyprus
Lefkios Vassiliou & Co Reg.
Real Estate Agents No.382
Certified Surveyors, Property Valuers & Consultants
Let us help you find your dream home.
We can make the process of buying your new home easier, more enjoyable, less time-consuming and less expensive than it would be if you performed it alone or with a friendly barman, waiter, taxi driver etc.
We will show you properties for sale that match your specifications and budget. Help you through the daunting details with the actual purchase.
We will assist you in all aspects, before and after your purchase and with getting connected to Electricity, Telephone & Water etc
We will assist you with all your financing and introduce you with various Banks and Mortgage brokers to suit your needs.
We will recommend an independent solicitor who will prepare all necessary documentation needed for purchasing a property in Cyprus.
Our first priority in our relationship with you, the buyer, is that your home buying experience is pleasant, cost-efficient, and as trouble-free as possible.
You want to buy your dream home
One of the most important considerations is the area in which you want to live. When you buy the house you buy the area the house is in too.
You will need to consider things like what amenities are offered (shops, restaurants, tennis courts, parks, etc.), whether the property is by the beach or maybe in a quite suburb or village and, if you have children who are attending school or soon will be, what school district you will be in and how close the schools are.
Type of Property
Now that you have decided to buy a property in Cyprus, you must ask yourself which criteria you home needs to be in. For example:
• Needs to be wheelchair friendly
• Have a garden and/or a pool
• Near all amenities such as shops, bus route, doctors etc
• If relocating with your family will you need to be near schools etc?
• A holiday home with a pool, near the beach?.
• Near a golf course or other sports facilities?
• Suitable to rent out as an investment?
• A business venture?
All these factors will have a bearing on how you approach your property search.
Other important factors are
1. How much deposit have you available?
2. Will you need to secure a loan to purchase?
3. Do you need to sell an existing property before you buy?
4. Have you a time schedule in mind?
5. Does in need to be ready to move in or can you wait for it to be built?
Do you need to finance your new home?
Our office in the capacity of property Surveyors and Valuers for all the major Banks in Cyprus will assist you in opening a bank account and applying for a mortgage with the best possible rates.
The loan amount usually ranges from 70%-80% of the value of the property with a repayment period up to 30 years, depending on your circumstances.
Viewing properties
We will discuss your requirements in detail, answer your questions and give you essential information about the real estate market.
If you are not familiar with the areas, no need to worry as we will give you a tour of different locations highlighting each ones pros and cons so that you can familiarise yourself with the area.
You will see and inspect several properties that match your requirements and you will have the opportunity discuss and analyse each one, receive additional information on a house you like and revisit properties if needed.
Our goal is for you to find the most suitable property, your dream home with the least possible trouble..
Negotiate the offer
Once you have found the home you would like to purchase, you will need to make an offer. You will need to consider the area, size, quality, conveniences and amenities it offers. We will advise you on the best offer to make and the chance of it being accepted. We will use our expertise and knowledge of the property market to make sure that your offer is accepted at the best price and terms possible for you.
Some of the things that you may have to negotiate are
• The price
• Terms of Payment
• Any repairs that need to be done
• Appliances ,fixtures and furniture included in the price
• Delivery/completion time frame
We will endeavour to make the process for you, the buyer and the seller happy. Otherwise, negative feelings during the negotiating process may leave either of you feeling that they were not treated fairly.
Once the negotiation process is over and a price has been agreed, you will need to pay the reservation fee which is about 1% of the sale price. The reservation fee will enable us to take the property off the market so no one else can put an offer on it. It shows to the seller that you are committed and this way you avoid gazumping.
We will also arrange an appointment for you to meet with a solicitor and make sure that all the necessary documents prepared are complete and accurate. It essential for the solicitor to apply to the District office or Council of Ministers for approval before any transfer of title deeds on your name can be made.
We always recommend you to have your own Solicitor and not to Developers or Sellers to avoid conflict of interest
Sales Contract
The contract is drawn up by your solicitor, and in our experience it should include at least the following points in order for it to be a valid contract of sale:
1. Vendor details (Name, ID Number, if a developer the Company Reg No)
2. Purchasers details (Name, ID Number or Passport No)
3. Copy of the title deed and topographical plan of the plot or building
4. Architectural plans and specifications must be determined accurately
5. The property has to be described as accurately as possible. If for example at the stage of signing the contract, the house is under construction or if its a property to be built in the future
6. The purchase price
7. The terms of payment
8. The delivery date or schedule for delivery of a property under construction
9. A time schedule for issue of individual title deed on property under construction
10. Clause to attain approval from the District Office or Council of Ministers
11. The transfer date
Remember that the legalities of this phase are very important. If you have any questions or concerns, they need to be addressed right away.
After Sales Service
Now that you have bought your property you will need to have the local services such as electricity, water, and telephone connected.
When it is time to take delivery of your new home you will most likely need to shop for furniture, appliance and other relevant goods. We can recommend where to shop at companies that can provide you with everything you need at competitive prices.