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Step-by-step guide to buying property in Cyprus

Buying property in Cyprus can be a challenging process. This step-by-step guide has been designed to offer quick guide as to what's involved with the buying process in Cyprus. For more detailed and ad-hoc explanations, Urban Keys real estate agents can provide one-on-one consultations.

Step 1: Arranging your property mortgage

Before you begin your property search, it is advisable to work out and arrange your finances and, if required, have a mortgage agreed in principle. This will confirm your budget, i.e. how much money you will have to fund the purchase, which will ultimately influence your property search.

Step 2: Register your interest to buy

The first step to finding the right property is to register with a real estate agent, either by calling us on +357 22 27 00 19, emailing us or visiting our offices where you can discuss your property requirements with one of our expert local agents. You can also register your interest about a specific property by searching online and submitting a request. We will call you back at the earliest. With thousands of properties to choose from in Cyprus, you can rest assured we have just what you're looking for.

Step 3: Finding the right property in Cyprus

Once we have a clear understanding of your requirements, you will receive a selection of properties that match your criteria. We can also keep you constantly up-to-date via email and SMS alerts when the latest properties become available on the market – sometimes even before they are publically released.

Step 4: The key to successful property viewings

Urban Keys is open at times to suit you, convenient for viewing after work and on weekends: Our offices are open 8am-8pm Monday to Friday and 9am-5pm Saturdays, Sundays and Bank Holidays. In addition, our phone lines are open 8am-8pm, 7 days a week. This is all in an effort to customise the property buying process, making it more flexible to suit your time schedule.

In order to secure a property, we recommend an early viewing. We will escort you to the viewings, ensuring you arrive in a relaxed frame of mind, and accompany you throughout the process, on hand to answer any questions immediately and advise where necessary. Indeed, buying property in Cyprus can be quite daunting and complex – like anywhere really – so we are here to make the entire process much easier and smoother.

Step 6: Making an offer to buy

Once you have identified a suitable property, we will put your preliminary offer forward to the seller both verbally and in writing, as well as stating any special conditions in the offer-to-buy. You may need to demonstrate, if requested, that you are able to proceed (e.g. provide evidence of your mortgage agreed in principle). However, there are no legal obligations on either side until contracts are signed.

Step 7: Offer on property agreed

Once your offer is accepted we will do the following:

  • Prepare a memorandum of property sale
  • Write to all parties to confirm the agreed property price

Step 8: Property Conveyance

As part of the property conveyance process, you will need to do the following:

  • Raise any enquiries on receipt of the draft contract from the seller's
  • Request their own local searches
  • Refer to the information already provided in the seller's Information Pack
  • Agree on a date for exchange of contracts

We will assist your solicitor and negotiate throughout the entire property buying process, keeping you informed every step of the way.

Step 9: Survey and mortgage offer

A survey of the property will be booked by a surveyor on behalf of the mortgage lender in order to identify any structural problems and advise on the property's real market value. After the mortgage valuation report is received, a formal mortgage offer will be sent to you, which you will need to sign before it is returned.

There are no legal obligations until contracts are signed.

Step 10: Exchange of contracts to buy

Exchange of contracts occurs when all enquiries have been confirmed and agreed. Once the contract has been signed by both parties, the deposit (usually 10% of the property purchase price) will be transferred or paid in the form of a banker's draft. The completion date is then set by mutual agreement.

Step 11: Completion of buying property

Completion is when the residual monies (usually 90%) are transferred from the buyers account to the sellers account. We will release the keys once the money has cleared in the seller's account. Congratulations, you are now the legal owner of your new home in Cyprus!

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