Step by step guide please...

[Raja]

Hey everybody

I intend to buy a property in Cyprus and I would like to get an idea of what to expect step by step.

Please correct what I already assume and what I miss here:
1. Lets say that I have chosen a title ready property from Aristo Developers.
2. Now I will look into the British Council list of lawyers - I am not European - and pick a lawyer there, meet them and ask them to proceed.
3. The lawyer contact the seller and agrees upon the sale.
4. At this stage I have to pay for the lawyer's fee and some down payment to the seller.

Am I right so far?
About the different payments up to the end of process, do I pay everything indirectly through the lawyer or I pay it directly.
Do I need to have a Cypriot bank account?

[Nigel Howarth]

Hi Raja and welcome to the property forum.

If you buy a property that already has its Title Deeds, it doesn't matter who the developer is - be it Aristo or anyone else.

And you can certainly pay for the property without opening a bank account in Cyprus. You can transfer the funds to your lawyer who will place it in their client account and this will enable them to pay the vendor.

As for who you pay and when is up to you to discuss and with your lawyer.

I suggest that you follow the checklist that you can find at http://cdn.cyprus-property-buyers.com/w ... cklist.pdf

Regards,

[Pantheman]

Hello Raja,

welcome to the forum, just a couple of points.

1. It would not be wise to have a property in Cyprus with no bank account. Life is much easier when you can make your Direct Debit / Standing Orders from your account for the running of your property.

2. That said, I doubt you will be able to open an account now anyway with the current banking restrictions in place!

3. And perhaps more important, as a non EU, you cannot transfer the title deed to your name immediately, you will need your lawyer to apply to the Council of Ministers for permission to purchase. This is simply a formality. You will initially have a contract of sale until the permission is given then get the title transferred. Ensure your contract specifies these things and that the developer will not charge you any other unforeseen charges to do this.

It is really a transparent operation and not at all as hard as it sounds.

Good luck with your purchase, and don't forget the amount of money you will need when the title deeds are ready for transfer.

Hope that helps

Pan

[Raja]

Thanks Nigel and Pantheman

1. It would not be wise to have a property in Cyprus with no bank account. Life is much easier when you can make your Direct Debit / Standing Orders from your account for the running of your property.

2. That said, I doubt you will be able to open an account now anyway with the current banking restrictions in place!

That's very disappointing. To be honest I am a bit confused. How can I or any Non-European buy a property then.

My assumption was that

• I first make a small payment to the seller in cash upon agreement.
  I open a bank account in Cyprus and transfer some money to it
  I pay the rest in two or three steps to the seller - Let's say in maximum 3 months or less if needed - from the new bank account

Is there another way that I am not aware of? Any further advise in appreciated.

[Pantheman]

Thanks Nigel and Pantheman

1. It would not be wise to have a property in Cyprus with no bank account. Life is much easier when you can make your Direct Debit / Standing Orders from your account for the running of your property.

2. That said, I doubt you will be able to open an account now anyway with the current banking restrictions in place!

That's very disappointing. To be honest I am a bit confused. How can I or any Non-European buy a property then.

My assumption was that

• I first make a small payment to the seller in cash upon agreement.
  I open a bank account in Cyprus and transfer some money to it
  I pay the rest in two or three steps to the seller - Let's say in maximum 3 months or less if needed - from the new bank account

Is there another way that I am not aware of? Any further advise in appreciated.

You can just pay the seller direct to his account when each time comes. This way you do not need a bank account for the purchase.

Are you buying through a lawyer? If so you pay into his client account and he pays the seller?

If not, how will you do the property transfer? I hope you have legal representation in this purchase.

Does that help??

[Raja]

You can just pay the seller direct to his account when each time comes. This way you do not need a bank account for the purchase.

Are you buying through a lawyer? If so you pay into his client account and he pays the seller?

If not, how will you do the property transfer? I hope you have legal representation in this purchase.

Does that help??

Thanks very much and it helped a lot.

Thanks to information on this site I will engage service of an independent lawyer.

So I can still buy the property without a local bank account fairly easily, that's good. However the smaller problem remains which is managing nominal expenses as you mentioned.

[Pantheman]

You can just pay the seller direct to his account when each time comes. This way you do not need a bank account for the purchase.

Are you buying through a lawyer? If so you pay into his client account and he pays the seller?

If not, how will you do the property transfer? I hope you have legal representation in this purchase.

Does that help??

Thanks very much and it helped a lot.

Thanks to information on this site I will engage service of an independent lawyer.

So I can still buy the property without a local bank account fairly easily, that's good. However the smaller problem remains which is managing nominal expenses as you mentioned.

Raja,

where in Cyprus are you looking to buy??

Also, once you have a property, it would be easier to open an account anyway.

Good luck

Pan

[Raja]

Raja,

where in Cyprus are you looking to buy??

Also, once you have a property, it would be easier to open an account anyway.

Good luck

Pan

About the location I haven't made up my mind yet but I am looking for a small and relatively new flat - say less than 5 years old -.

[Pantheman]

Raja,

where in Cyprus are you looking to buy??

Also, once you have a property, it would be easier to open an account anyway.

Good luck

Pan

About the location I haven't made up my mind yet but I am looking for a small and relatively new flat - say less than 5 years old -.

you can see my contact details, if I can help let me know.

Cheers

Pan

[Raja]

Thank for replies and I'll be in contact Pantheman.

Now I am wondering at what stage I'll get the key to the property and how long it will take.

Thanks.

[Pantheman]

Thank for replies and I'll be in contact Pantheman.

Now I am wondering at what stage I'll get the key to the property and how long it will take.

Thanks.

You get the key once your contract has been registered at the land registry and you have paid.

Time, depends, can be done in 2 weeks if money ready and all goes well.

But certainly within a month or less