Selling your property? Talk To Us First!
Like selling property in any country, it involves its own unique set of rules, regulations, and considerations. Here are some important things to know when selling your property in Cyprus:
- Title Deeds: Ensuring that your property has clear and valid title deed is crucial. Buyers often insist on this, and it can significantly affect the sale. If your property does not have a clear title deed, it’s important to address this before attempting to sell.
- Real Estate Agent: Hiring a real estate agent is beneficial. We have knowledge of the local market, can help with the marketing and exposure of the property, and guide you through the sales process.
- Legal Representation: Consider hiring a lawyer experienced in Cypriot real estate transactions. They can assist with legal matters, contracts, and ensure that the sale adheres to local laws.
- Property Valuation: It is very important to get your property professionally appraised to determine its market value. This will help you set a competitive selling price which is the key to a successful sale.
- Property Tax: Be aware of property transfer taxes and capital gains tax in Cyprus. The amount of tax you pay can vary depending on various factors, including the property’s value and your status as a resident or non-resident.
- Preparation of the Property: Make sure your property is well-maintained and in good condition. A well-presented property is more likely to attract potential buyers.
- Sale Agreement: The sale agreement (contract) should be drafted with the assistance of a lawyer. This document will outline the terms and conditions of the sale, and it’s legally binding once both parties sign it.
- Property Registry: Check with the local land registry to ensure all property details are correct and up to date. This includes confirming the property’s boundaries and details of any encumbrances.
- Closing Process: The closing process in Cyprus usually involves a contract deposit and a final payment, as well as the transfer of the property’s title deed. This process can be facilitated by a lawyer or notary.
- Residency Status: If you are a non-resident, consider whether selling the property will affect your residency status or require any special permits.