The process of purchasing property in Cyprus is clear, simple, straightforward and transparent. This makes it a very attractive option for foreign citizens looking for the best place to buy property abroad. Cyprus is a modern-day pleasure island, with beautiful weather, friendly people, and amazing surroundings.
There are two types of title deeds to realize in Cyprus: freehold, and infrastructure. System infrastructure ownership is very rare, but where there was no buyer will have the right to real estate to a fixed number of years. Most people prefer and even insisted on buying a freehold property.
You should always check with your estate agent, developer and end your lawyer that your property is freehold.Elegantcypruspropertiesis a reputed real estate company in Paphos (Cyprus). If you have any plans to invest in this area, you may contact them.
Image Source:- Google
The process of purchasing property in Cyprus work like this: –
A buyer identifies the property they wish to purchase and the agreed price. A Reservation Deposit Agreement was then signed and deposit paid. Deposits will vary but will be at least 1% of the purchase price and the money is paid out ‘subject to contract’, which means that the deposit is lost if the buyer withdraws from the sale but will be refunded if the vendor or purchaser withdraw lawyer find something wrong when searching.
The property is withdrawn from the market for an agreed period which is usually a month while the buyer’s lawyer did all the title search to ensure that the net will be forwarded to the buyer, that the vendor has the legal right to sell and that there is no debt on the property, for example. When the entire search has been carried out satisfactorily, the sale proceeds to sign the sales contract. The buyer then has a fixed period in which to make payment to the vendor.