Property Purchase Procedure In Paphos
If you are considering purchasing property in Paphos it is extremely important that you understand the property purchase procedure in Paphos. You should seek professional advice prior to purchasing any property as this will help avoid any disappointment.
You need to fully understand the different laws and attitudes that are in place in Paphos and a solicitor can help you with this. You are allowed by law to purchase one of the following, an apartment, a house or building plot, or land (1338m2 or 14400 ft2). You must also receive permission from the Council of Ministers and this is easily obtained providing that the property you purchase is not intended for commercial exploitation.
The transfer of ownership for the property you intend to purchase must be done with the registration with the District Land’s Office but before you can do this you must obtain a purchase permit from the government. To get a purchase permit you apply to the government through your solicitor. It can take 4 to 12 months to get this permit and it will cost you between £750 and £1,500.
One you have your purchase permit you can then transfer ownership of the property. This form should be completed and submitted to the District Land’s Office together with the registration certificate of the property and a copy of the Council of Minister’s permission to acquire this property. You will also need to produce evidence of payment of all the property taxes to date.
In order to complete your property purchase you will also need the names and addresses of both parties involved in the sale, your passport or identity card, and the particulars of the property you are purchasing.
If you are purchasing a freehold property here are the procedures that you will have to follow.
- Agree the price for the property – the validity of the title deed is then checked and confirmed by a Notary Public
- Contracts are drawn up setting down the terms of the sale.
- Vendor and purchaser sign contracts
- Purchaser pays 10% deposit
- Solicitor applies for purchase permit from Council of Ministers
- Once permit is received the remaining balance of monies are due
- Purchaser pays the remaining balance and the vendor signs the title deeds over to the purchasers name
- Sale complete
Purchasing a leasehold property involves much the same process except when applying for permission an application must be sent directly to the Ministry of Tourism who grant the lease.
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