Once you’re ready to purchase a property in Cyprus, for any possible reason, E. Nearchou Estates Ltd, have the experience, dedication and personalized level of service to make the process as smooth and efficient as possible. Your decision to purchase a property is one of the biggest decisions you will ever make and can impact the rest of your life.
Finding the right property
Our property consultants can assist you finding the right property according to your requirements. This should include basics such as location, property type, (apartment, detached/semi-detached house, house with land, luxury villa, land, commercial property), property size and price, as well as more specific elements such as rooms, bathrooms, parking, zoning, amenities, among other.
Negotiating the sale of the property
Next, we will assist in negotiating the best terms and price with the property owners, aiming to achieve the best deal for you.
Reservation of property
You have made the decision to proceed with the chosen property. Next you have to pay a reservation deposit to the owner or the owner’s lawyer. This deposit may range between 2000 – 10,000 euros or maybe more, depending on the value of the property and the particular request of the property owner.
Preparation & signing of the sales contract
Next, the sales contract is prepared by the owner or developer (usually by their lawyer), based on the terms agreed between the two parties.
On signing of the sales contract, the buyer usually will have to pay another substantial installment that will amount to 20-30% of the agreed price.
Cash purchase or Need for finance
If you have all money to purchase the chosen property in cash this is great. If not, then you will have to apply for a loan by a financial institution/bank. Banks usually need at least 30% own cash contribution in order to grant a loan. For example if the purchase price is 100,000 euros, the purchaser will have to contribute at least 30,000 euros own money and get the rest as a loan, subject to bank terms and approval.
Appointment of a legal consultant/ property lawyer
We always recommend you appoint a local legal consultant/ property lawyer to act on your behalf during the purchase procedure. The lawyer can negotiate the sales contract terms to ensure they are reasonable and acceptable as well as make any necessary checks on the Title deeds to be available for the transfer and free from any encumbrances (for example the property maybe mortgaged etc).
Our commitment to you
We appreciate that buying a property is one of the biggest decisions in life. We will be there to help you at every step of the purchase procedure.
Know your budget for peace-of-mind
Before looking to buy, get pre-approved by a bank or a mortgage broker to clearly know your price range. This can save you many hours of searching for homes in the wrong price range or even worse, purchasing property and then finding out you don't qualify for financing.
Shop around for mortgage terms
All bank rates are negotiable. Especially in this current volatile period, all banks will dig deeper to get your business. Shop around, and re-visit banks multiple times so they know you are shopping around. Get the best rate, get the best deal.
Have the property professional inspected
Inspect the property well for all defects and necessary repairs - have an expert do it. Obtain building inspections and plans. This can save you many headaches later on, and allow you to better negotiate prices.
Know full cost when buying property
Know all the costs associated with your purchase other than just the property price. There are many other costs involved that could sway your decision, such as legal fees, transfer tax and stamp duties, property taxes, necessary repairs, pending title deeds.