This will allow you to avoid any unpleasant surprises in the future. And by the way, consider this point: if you are late and do not pay taxes in the 30-day period, you may be fined. Pay fees on time! 3. Serve a copy of the Contract in the Land Registry after signing the contract, the buyer has 2 months on it to register your copy of the contract at the Land Registry. We strongly recommend to do it (of course, a good lawyer can take as this part of paperwork). Reasons for recommendation two. The first reason – when you register a contract, you become a beneficiary Owner, and this step registration clearly indicates that you are the owner of this particular property in Cyprus that a deal has been made and that the Land Registry in the course of this transaction and protect your interests as a buyer.
The second reason – delay in issuing title if you are buying a new property, which is part of the residential complex. In this case, all the titles often are made after complete delivery of the full range of operation that can take even up to 3 years. This is quite normal practice in Cyprus and the fear is not worth it, since the signing of the contract in any case you are a full owner of the property, but registration contract at the Land Registry will keep you in the event of a hypothetical situation where the seller has, for some reason, can delay the registration of title. In this case, you can get it to move through the courts, and even strebovat with his very impressive penalty. By the way, when buying an old property and real estate, which was built "single", that is not part of a complex, the title is obtained much faster, but better still be on all sides to insure and register your contract. 4. How to pay the seller is a fairly simple procedure.
After signing the contract, the lawyer will be able to open an account for you at a local bank, that you can transfer the funds to pay the seller for you buy a villa in Cyprus. 5. Obtain permission from the Council of Ministers before the property can be transferred to the buyer's name, you must obtain a District office of the Council of Ministers of the special permit. It is still quite simple and straightforward procedure, and permission is granted in most cases, all in a queue, but the process could be delayed even for 8 months. Nevertheless, at the time of this authorization, you can easily enter into full possession of his newly acquired property. 6. Transferring ownership of real estate in the Land Register: Finally, after how you get permission from the Council of Ministers, as described above, you can get the title – that is to complete the transfer of property rights. At this point you as the buyer will have to pay taxes. The amount of taxes calculated according to the value of your property, and range from 3 to 8%. Tax is progressive. Please note that all these actions can be performed by your lawyer in Cyprus, according to attorney, and you will not have to even arrive for the signing of the documents. This will greatly save your time and effort.