THE BUYING PROCEDURE IN CYPRUS

When buying a home in Cyprus, good advice is invaluable. We will provide you with all the information needed, to make the process of purchasing as easy as possible.

Once you have found the property of your choice, you will be asked to pay a deposit and sign a contract with the developer or builder. This is applicable for new/off plan properties, if it's resale property then a contract is made with the seller instead. Once you have signed the contract, your property will be taken off the market and reserved for you for normally 30 days. This can vary depending on the developer/builder, in some cases this could be longer, some developers may hold the deposit even for 6 months in case a client decides not to proceed with a contract immediately due to unforeseen reasons. After this time your first stage payment of 30% will be due, (less your initial payment) This is the standard case, sometimes it could be 20% or 25% - again subject to negotiation.

Permission to Buy Property

A non-Cypriot has to seek permission to buy property in Cyprus from the Council of Ministers after the sales agreement is signed. However this permission is granted more or less as a matter of course to all genuine purchases. In the meantime, purchasers may take possession of their property without restriction. Please note, this process is completely undertaken by a solicitor who deals with the whole process and it is thus totally hassle free for the buyer. For the clients peace of mind all documents are produced in the English language.

A Typical Payment Schedule

ON SIGNING OF CONTRACT ------------------------- 3,000€ (This is the minimum required, in some cases it could be between 5,000-10,000 euros depending on the value of the property bought etc)

Normally, a non-refundable deposit is payable by credit card, cash, cheque, travellers cheque or bank draft. Although a deposit may be non-refundable it can be transferable, within certain time period, onto another property of the same developer/builder.

AFTER 30 DAYS ..........................................30% of agreed price

AFTER 90 DAYS.......................................... 20% of agreed price

BETWEEN 90 DAYS AND COMPLETION ......... 25% of agreed price

Disclaimer

Fiesta Villas acts as an agent for the Builder or vendor and will not be responsible for completing the contract with you. The contract is signed directly between you and the Builder or Vendor and anything related to the contract itself must be determined between yourself, your solicitor, and the builder or vendor. Fiesta Villas is an introducing agent only. Whilst we do everything in our power to help to avoid complications and if they arise, to help solve problems, we do not accept any liability for errors or discrepancies, in the contract or any legal or commercial difficulties that may arise. As such any recourse that you may have, not covered by the provisions set out will be solely against the builder or vendor.

The arrangement between us will be governed by and construed in accordance with English Law, though the arrangement between you and the builder or vendor will be governed by Cypriot law. We do not accept any liability for any loss or damage that may be suffered by you or by any third party in connection with the travel to be undertaken by you or otherwise, save as a result of our negligence. Our liability shall be limited to monies paid by you to us as principal, if any, save where our negligence has given rise to personal injury or death, where the liability is unlimited. In particular we shall not be liable for any inconsequential or indirect loss suffered by you or any third party in relation to this booking.