Step 1: Visit Ilisters and register your interest.
Register your interest and discuss your needs on our award-winning website. Please provide us with all pertinent information regarding your transaction. The financing of the acquisition, as well as the location and size of the property, are at the top of the list of important details. Once we’ve gotten a sense of what you’re looking for, we’ll put up a short list of homes for you to consider. Please register on our website and set up a “alert” for a specific search if we do not presently have a suitable property. Not only will you be notified when a new property that meets your criteria is listed with us, but you will also get our newsletter with the most recent offers and listings. All of our listings are hand-picked, so you can trust that you’ll only see the finest.
Step 2: Pay a visit to our office in Cyprus.
Please call us a week before to your arrival to schedule a meeting in our Paphos office for a casual conversation. Here, we’ll go over each of the properties you’ve picked that are still for sale, as well as any new postings that meet your criteria.
Step 3: Take a look at your Shortlist
With our assistance, you will be able to rapidly locate homes that may be of interest to you. Purchasing a home is a significant choice, and you should be in the right state of mind when seeing houses. We will be there with you every step of the process, ready to answer any questions you may have. You will never be left with inexperienced employees when working with Ilisters.
Step 4: Making a Proposal
You will make a verbal offer to the property’s vendor once you have identified a property you want. It’s time to reserve after a price, terms, and conditions have been agreed upon.
Step 5: Make a Reservation
A reservation deposit must be paid to ensure that the property is booked for you and you alone. This will allow you to relax while your lawyer prepares the contract of sale. A one-month reservation agreement is standard. The primary contract of sale will be completed at this period, and any necessary mortgage arrangements will be arranged if necessary.
Step 6: Consult a lawyer
For a seamless purchase of your home in Cyprus, you will need to meet with a lawyer you can trust completely; one who is skilled, efficient, and provides good value for money.
We have a council of chosen lawyers that have been tried and true in the field of property conveyancing. The process of property conveyance entails drafting a contract of sale, negotiating clauses with the seller’s lawyer, conducting an appropriate search of the property’s documentation, lodging the signed contract at the Land Registry and paying the Stamp Duty, paying the contract’s installments using the business client’s account, and securing the Council of Miners’ approval. Because the majority of our purchasers work and live outside of the United States, your lawyer will set up a power of attorney that will allow your legal representative to act on your behalf during the whole process.
Step 7: Get a Mortgage
If you require a mortgage, we will assist you in obtaining one. Almost all of our homes have title deeds, which means we can provide loans of up to 50%-60%. (subject to your financial status). For the most up-to-date information on mortgages, please contact our Cyprus office. View your repayments and financing choices in our finance area. The bank will arrange for an impartial valuation of the property once you have submitted all of your paperwork. The bank may take up to three weeks to accept your application.
Step 8: The Sales Agreement is Signed
The contract of sale is signed prior to the expiration of the reserve period and after all necessary investigations have been completed. On signing, your lawyer generally pays the vendor’s lawyer 30 percent to 50 percent of the entire purchase price, minus the reservation deposit, by bank transfer or bankers draft. The Land Registry department receives a copy of the sale contract, and the Stamp Duty is paid to the tax office.
Step 9: At this point, you’ve reached the end of the process.
The completion date is generally determined within one month of the sale contracts being signed. If you are a non-EU citizen, your lawyer will arrange for the right to own property in Cyprus to be approved by the Council of Ministers. On the day of closing, all parties gather at the Land Registry department, where your lawyer pays the remainder of any money owed to the seller’s lawyer. The bank will be there to give the lent funds if a mortgage has been negotiated. The transfer fee is evaluated and paid to the Land Registry on the day of completion if the property possesses title deeds. If the property does not yet have deeds, the transfer fee is required when the separate title deed is issued, not when the property is completed. Our office is usually where you may pick up the keys to your new house.