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Curious about how the property buying process unfolds in Cyprus? Here’s a step-by-step breakdown:

1. Agreement on Price: Once buyer and seller agree on the property’s price, the agents connect the lawyers of both parties. This initiates the next crucial steps in the process.

2. Drafting the Contract: The seller’s lawyer takes the lead in drafting a contract, which is then reviewed by both parties. Simultaneously, a meticulous property search is conducted to confirm the absence of any encumbrances on the property.

3. Deposits and Contract Signing: While a small deposit (typically 3-5k) may be required initially to secure the property, a substantial payment (usually 30%) is made by the buyer upon signing the contract. This significant step involves lodging the contract of sale with the Land Registry in the buyer’s name, thereby preventing the property from being sold to any other party.

4. Tax Clearance and Completion Booking: Post-contract signing, the seller undergoes a tax clearance process to settle any outstanding dues. Once this process is completed, a booking is made at the Land Registry for the final transfer of the property to the buyer, also known as the ‘completion’ stage.

5. Final Payment and Transfer of Ownership: The completion stage is marked by the transfer of the full purchase price balance from the buyer to the seller. This pivotal moment concludes the transaction, and the property officially changes hands. The entire process typically spans 2-3 months.

6. Expenses Incurred by the Buyer: Buyers should be aware of additional costs, including transfer fees, stamp duty, and legal fees, which contribute to the overall expenses associated with the property purchase.