Home | Home & Family

Buying Your Cyprus Home...Top 10 Tips For A Successful Purchase

By: Tim Martins

Although Cyprus is quite a small island you will be amazed at just how popular it just is and especially for property investment by English speakers. Cyprus has virtually become the number one choice for people wishing to invest in retirement homes and for buy to rent investment properties.

The question obviously arises to why Cyprus is such a popular choice for property investment. The English language is spoken throughout the Island thanks to the influence of the British colonialists, who also set up the initial infrastructure of the island. You will also se straight away that this island has a mystical feel about it and a unique beauty that will make your heart beat faster. The critical reason for it being such a popular tourist destination is the mild climate it has throughout the year and the sunshine never seems to stop beating down.

But what's involved in buying a house in Cyprus? Well, it's not especially difficult, but there is a procedure you have to go through. (This process of course applies to the Republic of Cyprus, which excludes Northern Cyprus where the legalities are quite separate.) So these are the main steps you need to take to purchase your property:

1. Any Foreign resident will have to undergo the application for government approval for purchasing property in Cyprus and as this can take up to a year to get, you need to get this under way well before thinking about purchasing a property.

2. You need a solicitor and you should have no problems in finding one that speaks English. If you need any help just speak to some of the local ex pats that are always willing to give good advice based on their experiences.

3. On approval of the Council of Ministers and the property formally recognised, the purchase process may begin. A contract is drawn up with property, parties, price etc agreed upon and a 1%+ holding deposit is left with either your own lawyer or the notary.

4. A secondary reservation deposit agreement will then be executed and the property will be taken off the market. As long as you stick to the agreement, it won't be put back on the market again. 5. The lawyer will then investigate the title through the District and Registry Office.

6. Once the property is off the market you will have time to look for a finance deal if you need to. Any drawn up mortgage will also be signed before the notary on the day you sign for the property you are going to purchase. There are several different options as to financing a property deal, but always be certain that you confirm any other option with a high street bank first.

Some people of course want to sell up in their home country and move to Cyprus to live. If you are doing this, you are very likely to find that the proceeds of your home are more than enough to cover the cost of buying a house in Cyprus.

7. The process has nearly come to its end now and once your lawyer is happy that the property can be legally sold and your bank has come up with the necessary finance, it's just up to the parties involved to sign under the dotted line. The signed and sealed contract is then filed with the Land Registry Office.

8. In the case that one of the 2 parties happens to be a national of Cyprus then it would be necessary to get official approval from the Bank of Cyprus to move those funds, although it is not necessary if both of the parties are foreign residents.

9. If you have just purchased a resale property then you become the title holder with immediate effect but if you have just bought a new build property then it will take three years, but don't worry as you are registered as the owner at the District Land Registry.

10. Now you can just get on with life as usually and start to get into the Mediterranean lifestyle as you will certainly want to start relaxing after a stressful time at the notary. As you know you can get by only speaking English but if you want to enrich your experience on the island then try and learn a bit of Greek.

Article Source: Main Articles

Discover this Free Cyprus Holiday Rental on-line magazine written by the holiday critic Tim Martins and view this Cyprus Travel Tips Blog

This article may be reproduced wholly or in part without written permission provided the byline, resource area, and any hyperlinks remain in order to give proper credit to the author.

Internet search engines and directory listings are imperative to your sites existence and success. Submit Your Website to the Searchen Networks directory and search engine to achieve authoritive inbound links.

Please Rate this Article

Click the XML Icon Above to Receive Home & Family Articles Via RSS!

Additional Articles From - Home | Home & Family

Art of Sending Business Gift Baskets - By : Roshan
Choosing Patio Dining Sets - By : Rod Ernest
Beautifying Patio Seating Areas - By : Rod Ernest
The Perfect Way To Choose An Outdoor Storage Shed Plan - By : Ryan Henderson
Ideal Coffee Gift Baskets for Coffee Lovers - By : Seema
Sharp Kitchen Knives – The Global Secret to a Safer Kitchen - By : Arthor Pens
Download Free Shed Plans and Blueprints To Build Your Shed - By : Ryan Henderson
Finding Ideas for Kitchen Remodeling Projects - By : Jack Blacksmith
Basic Things To Know About A Replacement Basement Window - By : Casey Torren
How Can You Use Shed Kits To Build A Garden Shed - By : Ryan Henderson

	Print This Article
	Post Comment
	Add To Favorites
	Email to Friends
	Ezine Ready

	Submit Articles
	Member Login
	Top Authors
	Most Popular Articles
	Submission Guidelines
	Ezine Notifications
	Article RSS Feeds

	New Stuff
	About Us
	Link to Us
	Contact Us
	Privacy Policy
	Terms of Service

:: Top Author Businesses:

Try your luck, Play BlackJack

:: Our Supporters: