You’ve finally decided that you’re going to go for it and move to a sunnier climate. Perhaps you want to be closer to the beach? Alternatively, you could be finally setting up your online business. In fact, there are many reasons for moving to Cyprus that revolve around its Mediterranean lifestyle and functioning growth economy. If you click here, you’ll also be able to view a wide range of different types of properties you can expect to find. Whatever your needs though, there’s something for everyone on this beautiful island. You’re therefore bound to find your dream house when searching for property for sale in Paphos.
Overview of Process for Searching Property for Sale in Paphos
Before you dive in, let’s have a look at the key stages of the process of searching for properties for sale in Paphos. The list below gives you a starting point:
- Know your needs and appoint your agents
- Work with your lawyer for due diligence and ownership check
- View properties for sale in Paphos and make a reservation
- Sign contract of sale and open bank account
- Register contract of sale at Land Registry and pay stamp duty
- Transfer property and title deeds
Property Agents
It’s always advisable to do some initial research but either way, you’ll still have to work with a property agent. In Cyprus, these tend to be property developers so you can expect a portfolio that ranges from land with building rights all the way to luxury apartments and villas. At this stage, it’s worth having some idea of what you might need. For example, your ideal number of bedrooms and bathrooms will give your agent somewhere to start. Also, as another example, some people are very focused when it comes to what floor apartment they prefer.
On the other hand, you might not know which area you want to focus on. Having said that, searching for property for sale in Paphos is a good investment strategy. Essentially, Paphos offers a calmer lifestyle than the larger Limassol, and yet, it has all the advantages and amenities of a city. Let’s not forget that you can also opt for a villa or bungalow with a sea view perhaps even overlooking Coral Bay or the sea caves. Then again, Paphos District also includes some stunning villages that have great properties on offer. To give you an idea, ask your property agent about places like Tremithousa, Chloraka, Tala, Peyia, and the popular Universal.
Appoint a Lawyer
Many property developers actually have an in-house legal team but in many cases, you’ll want to appoint your own lawyer. This is also to help make sure there’s no conflict of interest. It’s also important you get legal help so that you don’t fall into any problems including ownership issues. For instance, they can easily confirm, on your behalf, with the Land Registry that the title deeds are all in order for the property you’re interested in.
Reservation Deposit
The first stage of the buying process is to pay a reservation fee. This is normally between a thousand and about 5 thousand euros depending on the price of the property and what you’ve agreed with your lawyer and the buyer. Essentially, this fee stops anyone else from putting an offer on the property whilst all the due diligence checks are being completed.
Contract of Sale and Bank Account
Whilst the due diligence process is going on, your lawyer will also draw up a Contract of Sale. Furthermore, during this stage, you should set up a local bank account because you’ll have to transfer the payments locally. Although, make sure that you pay the agreed price in installments. This is a good way to manage any potential risk without losing too much money if anything does go wrong.
Land Registry and Transfer of Title Deeds
Once you’ve paid whatever first installment you’ve agreed, for example, 40%, then you can sign the contract of sale and have it registered at the Land Registry Office. This stops any reselling of the property and allows you to pay the final installment. Finally, upon completion, the title deeds are transferred into your name, you pay the transfer fee and VAT and then the property is yours.
Appointing a Property Agent
- Check references and certification
- Review methodology and agreement
- Interview for style
When looking for properties for sale in Paphos, you’ll want to make sure that you feel happy working with your agent. A great way to get some reassurance is to check their references, track history as well as their certification details. To give you an idea, some of the reputable ones have been around for over 40 years.
It’s also important to verify fees and commission rates when you review buyer agreements. It’s actually a good idea to interview 2 or 3 agents so that you can compare their styles and approaches. You then also have the opportunity to compare their agreement details.
Final Thoughts for Searching Property for Sale in Paphos
When it comes to real estate, you simply need to first do some research and then find a great property agent to work with. Having an idea of the process gives you confidence and reassurance but at the end of the day, the right agent and lawyer will guide you through everything. So, take your time finding the right team to work with and then everything else should follow smoothly.
