Buyers Guide

  1. Unless you are very experienced in purchasing abroad, it is very important that you seek legal advice before signing the contract for a property or paying a deposit. The Lender will require a copy of these signed documents together with an application form, however you will be able to sign these documents ‘subject to mortgage finance’. Once the contract is signed it is legally binding, so if you do not include this statement and find that you are then unable to secure a loan, this could be a huge problem.
  2. Ensure that you have full ownership of the property upon completion, and that the relevant documents are available from the lender.
  3. With newly constructed properties, ensure that you know the date that the property will be registered to you. The lender cannot lend on the security of the property until it has been registered.
  4. Due to the Cypriot legal and administrative system, there may be slight delays on securing your loan, despite the fact that all reasonable steps are taken to avoid this.
  5. Make sure you have researched every possible cost that you may incur, whilst purchasing a property in Cyprus. You may be charged by the government in addition to the lender’s legal costs (the Lender’s costs however are usually specified when the Lender offers you the mortgage).
  6. Legal advice may be costly, so ensure that you receive a complete quote, incorporating all costs, before applying for a loan.
  7. A Cypriot bank account will be required to service any loan.
  8. It is advisable that a life insurance policy is set up on all mortgages.
  9. Properties in Cyprus can be purchased by an individual or in joint names.

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