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