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purchasing procedures, purchase procedures, purchase procedure, purchasing procedure, and purchasing procedures, procedure for purchase

Reservation, sales contract and payment

Legal

Financing your Property

Additional costs in setting up your home

Local Authority Rates

We aim to provide guidance and support at every stage of the purchasing procedure, to make your experience seamless and hassle-free.

Reservation, sales contract and payment

Once you have found the ideal property, a non-refundable reservation fee of €3,500 is required. A contract of sale will then be drawn up for you to sign. Within a month of signing the sales contract, you will pay a deposit of 30% of the property value. The staged payment scheme that follows comprises 20% of the property value 4 months later, and the remaining 50% (less the €3,500) payable upon delivery of your property. The company also offers flexible payment schemes according to individual needs.

Legal

A non-Cypriot may acquire property in Cyprus. The majority of properties are freehold, which means ownership is for perpetuity. The purchaser and the vendor are required by law to sign a Contract of Sale. Approval has to be sought from the Council of Ministers for the acquisition of the property (unless you are residing in Cyprus), this being merely a formality. The Land Registry Office transfers and issues Title Deeds following completion of the property.

To ensure that you are in safe hands, we can recommend reliable, local, English speaking lawyers to assist with the acquisition formalities, as well as putting you in touch with existing homeowners who can offer you their personal recommendations. Your lawyer will assist in all aspects pertaining to the purchase of your property, as well as providing assistance with residence permits for non-Europeans.

Financing your Property

If you wish to purchase property in Cyprus, you must open a Cypriot bank account for the transfer of funds. Kouroushi Bros has affiliations with all major banks in Cyprus, who can provide you with a range of flexible mortgages. An independent financial advisor will explain the various mortgage options available should you need assistance with raising funds to buy your property, either in Cyprus or the UK.

Kouroushi Bros accepts bank transfers or cheques as methods of payment.

Please note that you will also need to ensure sufficient funds are available for additional property related fees:

Legal fees are usually 1.5% of the property value, depending on the lawyer.

Stamp duty payments can be made directly to the local Land Registry office, or by a lawyer on your behalf.
Property value up to €170,860 = Stamp Duty of 0.15% plus €3.50 for copies.
Property value of €170,860 and above = Stamp Duty of 0.20% plus €3.50 for copies.

Transfer Fees must be made to the Land Registry once the Title Deeds are released to the purchaser. The amount is based on a sliding scale:
Up to €85,500 - 3%
€85,500 - €171,000 - 5%
Over €171,000 - 8%.
For example the transfer fee due on a property of €80,000
3% of €80,000 = €2,400
For example the transfer fee due on a property of €130,000
5% of €130,000 = €6,500
For example the transfer fee due on a property of €220,000
8% of €220,000 = €17,600

Immovable Property Tax is an obligatory payment after delivery. This annual tax is assessed according to the 1980 law based on values. This is paid by the Company until the time of the transfer of Title deeds. This is when the client will pay the Company back.
The rate is usually 0.4% on the amount on the title deed.

Additional costs in setting up your home

Utility connection set up fees:
Electricity - €17 which is a deposit and when you disconnect you can take this back.
Water – Depends on the municipality each municipality has different charges. For example for Paphos municipality the connection charge is €80.40, whereas the Chloraka area is €390.
Telephone – The setting up of the telephone line is €68.40 (40CYP).
Internet – The internet depends on what type of service you require and from which Company you will decide to provide you this service. For example the CYTA DSL line is €68.40 (40CYP) installation fees and then €45 per month.
Cyprus does not have a mains gas supply, but gas bottles are readily available, and cost around €28.25 each, and €11.25 for refills.

Common Expenses
If you have purchased a property within a complex you are required to pay an annual fee towards the cost of maintaining and cleaning communal areas, such as the swimming pool, gardens, stairways and lifts, as applicable to each individual project. The fee depends on the size of your property and facilities provided, and ranges from €17.10 per month to €68.40 per month.

Insurance
Kouroushi Bros insures your new property up until delivery, whereupon you will then be responsible for building and household insurance.

Local Authority Rates

Annual tax is usually paid around November. This covers sewage, refuse collection, street lighting etc and is based on the size of the property. The cost ranges from €120 to €190.

Sewage Board
This rate is paid by the Company until the title deed transfer. The client will pay the Company the amount that has been accumulated from the time of the sale up to the transfer of the title deeds. After the title deeds have been transferred the client is responsible to pay this annually. The rate is 0.35% per year.

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