Cyprus Property Forum for Buyers, Sellers & Investors

I am in the final stages of purchasing a small apartment in Peyia. The purchase was contracted to complete 4 days ago, but is being delayed because the vendor's solicitor is waiting for a Tax Clearance Certificate so that the Title Deeds can be transferred into my name.

I am now told that Completion will occur "within the next few days" but as this is already the second delay I'm starting to feel a bit impatient and concerned that this could drag on for a while.

Is this kind of delay normal and does anyone have any experience of how long it really takes once you've reached this stage?

Many thanks,

Snuggy.

Hi Snuggy

Hopefully it will not take too much longer.

One of the (many) problems here is that the vendor has to pay any outstanding Immovable Property Tax and Capital Gains Tax before he receives the money from the purchaser.

It would be so much simpler of any outstanding tax was paid at the time of transfer by the purchaser - and the balance of the price paid to the vendor.

As is is at the moment, the vendor has to scrabble about to find the cash.

Regards,

Thanks for the reply, Nigel.

Some of my money was released to the vendor upon signing the sale agreement (with the remainder to be paid on completion) and I suspected it was for something like this. It just seems to be taking much longer than I would have expected so I was trying to gain some insight into how long it should really take.

Cheers,

Snuggy.

Snuggy wrote:Thanks for the reply, Nigel.

Some of my money was released to the vendor upon signing the sale agreement (with the remainder to be paid on completion) and I suspected it was for something like this. It just seems to be taking much longer than I would have expected so I was trying to gain some insight into how long it should really take.

Cheers,

Snuggy.

Snuggy,

do not worry, tax clearance can take a couple of weeks and now they are busy with this IPT business the staff gets moved around. Nothing to be worried about, just hang on in there it'll come. Imagine, it must be even more frustrating for the seller.

All the best

Just for closure on this, and to provide a record in case anyone else ever finds themselves in a similar situation, the purchase finally completed today, 15 days later than contracted.

Snuggy.

Hi Snuggy

Pleased to hear that you finally made it.

Regards,