Buying a house in Cyrpus is an important decision and you need to get the best possible legal advice you can. The purchase of the property is a huge decision and is always related to responsibilities. Please be informed from the follow:
The Sales Agreement
Once the terms are agreed to, the contract is signed and the rights and obligations of the parties are defined.
Money paid upon signing
Usually an amount between 20-30% of the purchase price should be paid by the buyer to the seller in order to have a binding contract of sale. Upon signing each party gets two original signed agreements. The Buyer is advised to duly stamp the sales agreement and deposit it at the Land Registry.
Buyer’s Responsibilities
The Buyer is responsible to pay the purchase price as per the terms of the Sales Agreement. It is the buyer’s responsibility to come to the closing with the necessary funds to purchase the property and pay the closing costs. Unless the parties agree differently, the Buyer should pay the Seller for full settlement of the purchase price with a banker’s draft. The payment of the money and the transfer of the ownership of the property in the name of the Buyer are made simultaneously. Once this is done, ownership of the property will have been legally transferred from the seller to the buyer.
Buyer’s Closing Costs
The price of the property will determine the closing costs. The Buyer is required to pay the following:
- Stamp Duty
- Mortgage Tax (if Buyer will have a mortgage on the property)
- Transfer Fees
- Attorney Legal Fee
The Transfer of the Ownership
The transfer of the ownership is the time at which the remaining balance of the purchase price is paid by the buyer and the new title deed for the property is delivered to the Buyer.
Our law firm represents individuals and businesses in Cyprus in real estate matters from negotiations to the closing.
Disclaimer: This document provides information and guidance only and is not a legal advice. We do not accept any liability that may arise out of the use or misuse of this information.