| It is usual for developers to give credit | | | | purchaser and the vendors are foreigners.The |
| terms of payment when selling these flats. | | | | transfer of the title deed is then completed, |
| Terms vary from developer to developer but | | | | the full price is then paid and vacant |
| commonly these are as follows: on signing the | | | | possession is given by the vendor. |
| sale agreement - 1/3 of the total value; | | | | |
| during construction - 1/3 of the total value; | | | | Bargains can still be found at the remote |
| the balance over a period of 2 to 3 years. In | | | | villages of Paphos and those of Limassol. It |
| most cases interest is charged at the rate of | | | | is strongly suggested that before concluding |
| 9 per cent per annum as from the date the | | | | a deal, you obtain a firm estimate of the |
| purchaser takes delivery of the apartment. | | | | repairs / improvements required using the |
| (i.e. completion) | | | | services of a qualified Q.S. or an architect, |
| | | | whereas what has been said previously about |
| The next step is to appoint an architect to | | | | other property acquisitions holds good for |
| carry out the design. There is an abundance | | | | this nature of property as well. In |
| of well qualified architects on the island | | | | particular, you must check who your |
| and many capable technicians as well. We | | | | neighbours are, since in tightly knit |
| suggest that you appoint an architect for the | | | | communities, such as the local villages, they |
| purpose (not an engineer or technician). | | | | have their own way of living and attitudes |
| Architect fees range from 4%-6% (on the | | | | towards life. |
| building cost) but you can agree also on a | | | | |
| fixed fee. The prevailing fees are 3.8% on | | | | Transfer of ownership from vendor to |
| the building cost for a complete set of | | | | purchaser is accomplished by a simple |
| architectural plans and 1.6% for supervision | | | | procedure through the land registry office. |
| (including the issuing of certificates). | | | | The contract of sale must be in writing, and |
| | | | it is advisable that such contracts be |
| The contract in then longed with the Land | | | | registered at the District Land Registry |
| Registry within two months if being signed | | | | Office within 60 days from the contract |
| which will prevent the vendor from selling | | | | date.When issued, the title deed will be |
| the property on a second time, and will be a | | | | registered in the name of the buyer and will |
| charge on the property pending | | | | be recorded in the government archives - |
| completion.Application is made at the Central | | | | these are confidential and will not be |
| Bank at this time for the necessary permit | | | | published or made accessible under any |
| for the transfer of purchase money. This | | | | circumstances. |
| application is not necessary if both the | | | | |