Vision Recommended Buying Process
- The property should be reserved by way of placing a deposit which is usually in the order of £2,000 to take the unit off the market. Such reservation deposits are normally non-refundable unless specified otherwise. Vision will assist you with obtaining a receipt for your payment. In the case of a non-returnable deposit, Vision Cyprus recommend that the wording of the receipt should always include a caveat that specifies that the deposit can be returned if any information provided by the vendor is materially different following pre-contract due diligence.
- Your solicitor will check all paperwork and will undertake all necessary searches on your behalf. Your Vision Consultant will keep you advised during this process.
- Your solicitor will study and, where necessary, negotiate the vendor’s contract or may draw up a new contract. Vision Cyprus will ensure that all the terms and conditions agreed are correctly incorporated as per the original agreement.
- After the contract has been approved by all parties, it is signed by both the vendor and the buyer after which you will have approximately 14 days to pay / transfer the first main payment towards the purchase price. Usually the reservation deposit will form part of the first main payment.
- Once the contract is signed, it will be registered at the Land Registry office (TAPU) as a record of your legal interest in the property. At this time the Stamp Duty of 0.5% of the purchase price.
- Your solicitor will also make an application to the Council of Ministers for your purchase permit to be processed. In the meantime, once building work has been completed, or in the case of a resale or completed new building, you will have full possession of your property.
- On the day of completion your solicitor will request the balance of funds together with the payment of the Title Transfer Tax (see purchase costs below)