Land Registry
This will allow you to avoid any unpleasant surprises in the future. And by the way, consider this point: if you are late and do not pay the fee within 30 days, you can fined. Pay fees on time! 3. Serve a copy of the Contract in the Land Registry after signing the contract, the customer has 2 months to ensure that registered copy of the contract at the Land Registry. We strongly recommend to do it (of course, a good lawyer can take as this part of paperwork). The reasons for the recommendation two. The first reason – when you register a contract, you become a beneficiary Owner, and this step is registering a clear indication that you are the owner of this particular property in Cyprus that a deal has been made and that the Land Registry in the course of this transaction and protect your interests as a buyer. The second reason – delay in issuing the title in case you are buying a new property, which is part of the residential complex.
In this case, all the titles often are made after complete delivery of the full range of operation, which can take even up to 3 years. This is normal practice in Cyprus, and fear is not worth it, since the signing of the contract in any case you are a full owner of the property, but registration contract at the Land Registry will keep you in the event of a hypothetical situation where the seller has, for some reason, can delay the registration of title. In this case, you can get it to move through the courts, and even strebovat with a very impressive penalty. By the way, when buying an old property, as well as real estate, which was built "single", that is, not as part of a complex title is obtained much faster, but better still be on all sides to insure and register the contract. 4.
How to pay the seller is a fairly simple procedure. After signing the contract, the lawyer will be able to open the account for you at a local bank, you can transfer funds to pay the seller for you bought a villa in Cyprus. 5. Obtain permission from the Council of Ministers before the property can be transferred to the buyer's name, you must obtain a District Council of Ministers Office special permit. It's pretty simple and straightforward procedure, and permission is granted in most cases, all in a queue, but the process could be delayed even at 8 months. However, during the proceedings of this permission, you can easily join the freehold of their newly acquired property. 6. Transferring ownership of real estate in the Land Registry last, after how you get permission from the Council of Ministers, as described above, you can get the title – that is to complete the transfer of property rights. At this stage, you as the buyer will have to pay taxes. The amount of taxes calculated according to the value of your property, and range from 3 to 8%. Progressive tax. Please note that all these actions can be performed by your lawyer in Cyprus, in attorney, and you will not have to even arrive for signing documents. This will greatly save your time and effort.