Making your Cyprus Property Search Easy

By: Kev Moore

Before you start your Cyprus property search there are some things you really ought to know. Things like where the best deals on Cyprus real estate can be found or how to get your hands on the largest list of houses and luxury apartments on the Island. If you want to learn from folks who have been there and done it a few times already then read on. Get the inside track on everything you need to know about Cyprus property and where to find all the best professional help you could ever want. It is often said that "buying property is 10% doing the deal and 90% research" so the more you know beforehand the more informed your Cyprus property buying decision should be.

Although the legal system in Cyprus is based very closely on the one in the U.K. there are some big differences in the area of property conveyance. The most important difference between the two systems is how and when your new Cyprus property will be paid for. In England after paying around 10% deposit you would make no further payments to the builder until the house or apartment is finished and habitable. In the case of property in Cyprus however you should expect to pay around cyp2000 as a holding fee followed by 30% of the total cost within thirty days. Developers of property in Cyprus may stipulate that your deposit is forfeit should you fail to stump up the 30% within the thirty days period so check your contract carefully. The balance of the total is then paid as different stages of the build are reached such as completion of the shell, plastering of the walls, and final finishes as per the contract.

Whilst on the subject of "the contract" it is advisable that you study this document well before committing yourself and negotiate with the Cyprus property developer for any changes that you may want them to make. The contract is the single most important document you will sign in conection with your Cyprus property purchase so it may even be worth letting a Cypriot solicitor look it over before you proceeded. This document list all the specifications of your property, it also details how and when you are agreeing to make payments as well as any penalties the developer may levy against you for late payment. This is however only half of the story because when you purchase a new Cyprus property from a developer the contract serves another far more important purpose.

When a developer in Cyprus buys a plot of land it is usually transferred to him with one deed or "title deed" as they are known. Therefore when you purchase your house or apartment from him there will be no separate title deed for your Cyprus property. Instead the contract serves as your right of ownership to your house or villa untill the project is completed and the developer submits the original plans to the relevant authorities. The planning officer will then check that everything within the evelopment is as per the original plans and if everything is in order separate title deeds will be issued for each plot.

Buyers of new Cyprus property should be aware that this process can take anywhere up to seven years and there is a deed tax to pay when the deeds are available. This tax is based on a sliding scale of 3% on the first cyp100,000 and 5% on the next cyp1000,000 followed by 8% on any further amounts over 200,000. Forearmed with this knowledge buyers should budget accordingly but more importantly it could be used as a bargaining tool when negotiating the final price of your apartment or villa. Remember it is real easy to get caught up in the emotions of buying that dream home in the sun. However a little research now could save you a lot of heartache in the future when buying your Cyprus property.

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