The correct steps of acquiring a property
The first and the most important step. Be sure of your decision, otherwise you will be just wasting your time and other’s people time and energy. Also have a clear mind about the reasons you wish to buy a property) Investment, Holiday place or permanent house).
Collect all useful information about the country you are planning to move. Check the weather conditions, the legal and the tax system, the cost of living and any other data would e of your interest.
Be realistic with your budget. Estimate all the extra costs you will face as a buyer and evaluate whether your budget will allow you to buy the property that will satisfy your needs. Check for any mortgage providers and find what are the terms of securing a mortgage as well as interest rate.
Now its time to put theory into practice. Searching through the web can save you lots of time. A well designed page can provide you with all relevant information and photos of a property. Make a short list of the properties you like and arrange for an appointment. Don’t only count on the properties you have short listed but also ask for the help our consultants. It’s their job to provide you with any further info they know about a certain property or even inform you about any new listings coming in and matching your criteria.
So, you found the property that is suitable for you but still you want to be sure that what you get is good value for money. Bear in mind that prices in Cyprus tend to be very close to their Real Market Value. That doesn’t mean that negotiation is not advised. As long as negotiation is done the correct way and in between logical limits it can be successful. Before making an offer discuss it over with our consultants as they can show you the correct way to place it.
Congratulations. Your offer is being accepted. Now it’s the time to proceed with the reservation fee that is usually 1% of the selling price. Placing the reservation fee is a very important step as from that moment the property is already secured and the price is reserved.
It is always advisable to appoint a solicitor to assist you with the purchase. Always make sure that the solicitor you choose will not represent the seller/developer also as it can be a conflict of interest. The job of your solicitor will be to proceed with all needed searches concerning the property for any mortgages or memos, to draft or correct any proposed contract, stamp and deposit application to the counsel of Ministers and in general to safeguard your interest.
By signing the contract of sale a down payment of 25-30% of the selling price is required. The remaining amount can be paid in installments (according to the process of the building if an off-plan property) or directly with the delivery of vacant procession for a resale property. If a mortgage is involved you can get an oral approval from the Bank before even signing the contract. For a written approval you need to first sign the contract and attach a copy of it together with the Loan Application Form.
