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Off plan investors in Cyprus can expect a fairly straightforward system of purchasing a property, with many restrictions lifted as the country entered the EU in 2004. Once a property has been decided upon a trusted local lawyer should be employed to help with all dealings/translations and the like. A Reservation Deposit Agreement is signed, which takes the property off the market for a period of time so the sale can be completed without other potential buyers crashing the party. After necessary legal checks have been carried out on the buyer, seller and property itself, the sale continues and the contract of sale is signed by all involved parties – a six week period is then invoked in which the first payments for the property must be made. Once this is complete it is simply a case of the buyer taking hold of their property, registering with the Local Land Registry and finalising all outstanding fees, taxes and the like. Whilst this has been going on the buyer must apply for permission from the Council of Ministers to purchase the property – the decision can take 8 to 14 months to be finalised, but properties can still be purchased and moved in to while a response is waited on – a formality, really. The buying process in North Cyprus is slightly different than that of the South, though off plan investors won’t find it too difficult. Essentially, a number of checks by government official bureaus mean that sales often take around six to eight months to complete in full – other than this red tape to wade through the process is pretty much straight forward – hiring a trusted local lawyer is, of course, an ideal step to take. Payable fees include applicable lawyer, estate agent and notary fees. Other taxes and costs may be incurred on top of these charges.
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