SELLING YOUR PROPERTY IN CYPRUS

SELLING YOUR PROPERTY IN CYPRUS

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Selling your property can be a stressful process and protecting your needs and rights is crucial to achieve a successful sale. Having a legal representation throughout the process can give you peace of mind.

  • Advertising your property

The first step in your selling procedure is to approach a registered real estate Agency to market your property correctly in the current market to prospective buyers. The process differs if your property has an issued Title deed or a Sale Agreement. In both cases usually there are no difficulties to proceed with the sale

  • Reservation Agreement

Once a Buyer is interested to buy your property a reservation Agreement must be signed between the parties with the terms and conditions of the Sale Agreement

  • Reservation fee

The reservation fee must be paid in order to start the Sale Agreement negotiations and for the Buyer to secure the property.

  • Purchase / Sale Agreement

Your Lawyer or the Buyers’ Lawyer will prepare a Draft Sales Agreement.  At this stage your lawyer will negotiate with the Purchaser’s Lawyer the content and conditions of the sale

  • Prior delivering possession of the Property

Tax clearances such Capital gains tax, immovable property tax and water-sewerage tax etc must be cleared before transferring the property, as well as any conditions agreed at the sales Agreement.

  • Transfer of the Title deed

The title deed must be transferred to the Land Registry department and once the full amount of the sale is paid. Only then the Purchaser can take possession of the property.

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