From Signature to Completion

Understand the process once you have agreed to buy a property...

In the time period between signature of contract and completion (or transfer of title), the seller must settle all property taxes in relation to the property, such as Local Authority Taxes, Sewerage Taxes (if applicable), and Capital Gains Tax.

Certificates for each of these must be available for transfer of title otherwise the transfer cannot go ahead. Transfer forms also need to be completed, and then signed by all parties, and stamped by various government departments.

It is the buyer's responsibility to ensure the mortgage is in place and the bank will be present for the transfer.

Transfer of title

On transfer of title, the buyer must pay the transfer fees in relation to the property. These can be quite costly; they are based on a rising scale in accordance to the purchase price and are as follows:

Purchase Price Transfer Fees
€0 - €85,000 3%
€85,000 - €171,000 5%
€171,000+ 8%

It is beneficial if the property is purchased in joint names, as the transfer fees when buying, and capital gains tax when selling, is payable on each individual's half share.

Agents commission fees are payable by the seller. The buyer should not be asked to pay anything further.

Note: Development properties are sometimes sold without title deeds and may still have mortgages on them taken out by developers.

The Department of Lands and Surveys has a transfer fees calculator 

Information provided by Paul Paschali, P.P. Estates At: 52 Christaki Kranou St, Potamos Yermasoyia, Limassol, 4042 Cyprus. Tel: 25-312266 / Fax: 25-314022 / Copyright © 2009 P.P. Estates. All Rights Reserved.