It is important to say that selling property in Cyprus is safe. The process is very straight forward but inevitably, ‘things are a bit different in Cyprus’ and best left to the experts. The transfer procedure takes you through various departments that to the uninitiated may seem difficult, inefficient and confusing.
On the other hand, it is also important to follow a very strict series of steps to ensure that both the buyer and the seller feel secure and achieve their goals quickly and efficiently. Buying or selling property is a serious matter and appointing a legal representative to act on your behalf is crucial. There are many procedures that are required as part of the purchase process.
This is particularly important if you are overseas. However, even if you are in Cyprus, there are number of procedures that will require your signature, so giving your legal representative a Power Of Attorney (POA) makes good sense as everything will move much faster.
The buyer on finding the property he wants to buy, normally puts a refundable deposit for the property pending the clean Title Deeds search. The seller will provide the Title deeds search certificate issued by the Land Registry and pass this over to the buyer or his legal representative for their due diligence.
Once the contract is signed by both parties, specifying the outstanding amount required, the contract is submitted to Land Registry and stamped. Lodging the sale contract at the Land Registry by the purchaser means that a charge is created on the property and that their money is safe.
On the transfer of the property the seller has to submit various Tax Clearances, for example the IPT (the Immovable Property Tax), Sewage Tax, the Municipality or Council Bills, etc. In return, the seller on the receipt of the relevant sum of money, will surrender the property to the buyer who receives the keys and transfers the utilities into his name.