At Global Realty we make sure all the legal details in regards to the purchase of any property are according to the Cyprus legislation.
The legal work in purchasing immovable property is completed in the below 3 stages:
1. To buy the property
This is completed when you sign the contracts. At this stage, the purchaser pays stamp duty and registration costs.
2. To take possession of the property
This is completed when the property is delivered to you. At this stage, the purchaser pays for the utilities to be connected and he establishes all the rights in this country (residence/tax/driving/duty free and domicile).
3. To transfer the deeds in your names
This will be completed when:
a. The Council of Ministers Permit is secured (such a permit is not required if the property you buy is a plot of land or a field).
b. The Vendors complete the subdivision of the project through the Lands Office. The Purchaser pays the transfer taxes at this stage.
In the meantime, the legal security for the above stages will be provided by the following:
A. The Purchaser signs a valid contract of sale for an existing property from the Vendor free of any legal and financial impediments.
B. A valid contract will be signed, stamped and registered with the Land Office. This procedure prevents the Vendors from the possibility of reselling or mortgaging the property in the meantime.
C. The Purchaser will be entitled to secure possession of the property prior and regardless of when the transfer takes place. Based on this, the Purchaser may further secure proper status to live in Cyprus.
D. The Purchaser’s interest from the moment he signs the contract is protected by the inheritance laws. This means that if something happens to the Purchaser before or after completing the procedures, his property will be transferred to the beneficiaries of his estate either through a Will or by Law.