Possession and Ownership of Cyprus Property
The legal work in purchasing immovable property is completed in 3 stages:
1. To buy the property – This is completed when you sign the contracts. At this stage, the purchaser pays stamp duty and land registry fees.
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.
3. To transfer the deeds in your name. – 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 fees at this stage. (Where applicable)
In the meantime, the legal security for the above stages will be provided by the following:
1. The Purchaser signs a valid contract of sale for an existing property from the Vendor free of any legal and financial impediments.
2. A valid contract will be signed, stamped and registered with the Land Registry Office. This procedure prevents the Vendor from the possibility of reselling.
3. The Purchaser will be entitled to secure possession of the property prior and regardless of when the transfer of title deeds takes place.