If you’ve decided to sell your property in Cyprus, then knowing what the process involves can make everything much easier. It’s also true that Cyprus – like many other countries – has a challenging market for sellers. While this benefits buyers, sellers might find it difficult to shift their property without some expert guidance.
Here at PropertySaleCyprus, we understand the challenges faced by sellers looking to move property in Cyprus. As a result, we’ve put together this guide to make you aware of the main steps involved in the process. We understand the fundamentals of real estate in this country and have the knowledge needed to sell your property at the right price, and within the right time frame. Read on to find out what you need to know about selling a property in Cyprus from one of the top real estate portals on the island.
Please note that if your property doesn’t have a title deed, then you need to fill in a land registry search before going any further. This can be done either by the property owner or their legal team.
The team at PropertySaleCyprus starts things off with a valuation of your property. We use our industry knowledge and understanding of the local market and buying conditions to provide you with a fair and accurate valuation of your property. Our goal with this valuation is to provide a realistic value for your property that’s also attractive to potential buyers, with the intention of selling the property in the shortest time frame.
The main benefit of using PropertySaleCyprus – other than our in-depth knowledge – is that we are the sole portals for any properties we sell. This means you don’t need to employ several companies to take care of things like valuation and marketing, which means you get the best possible service with the least amount of stress. Our property adverts stand out from the competition and have a much better chance of generating interest, meaning you can sit back and let us do our jobs!
Providing you’re happy with things so far, the next step is to notify a lawyer of your intent to sell. Inefficient lawyers are one of the main sticking points in the selling process, but we’ve worked around this by having a number of approved lawyers who work closely with our clients and us. We ensure they do everything in their power to make things simple for you and are always on hand to answer any questions you might have.
If you don’t permanently live in Cyprus, or have plans for an extended holiday, please give your lawyer power of attorney so they can deal with things on your behalf.
Something that many house sellers overlook is the process of preparing the property for sale. While this won’t always be the same work, it can involve tidying, freshening up paint, and making the property look attractive to potential buyers. After all, who wants to buy a house that looks run down and cluttered? This stage does take time, but is worth it for the potential time saved in the selling process.
Once everything is ready, it’s time to advertise the property on the market. It might seem obvious, but getting the best real estate portals the first time makes things much easier. PropertySaleCyprus understands that advertising is easily the most important step, and so we advertise within Cyprus and abroad. We try to reach as many potential buyers as possible, and aim to make the property attractive to both local and international markets. We also constantly review our listings to ensure the information is correct and generating the right interest.
As a business, we hope to build enough trust with you that the viewings stage can be conducted easily. We understand that you might want to be around for viewings, but potential buyers are much more likely to express interest if the owners aren’t around. We make sure we give you enough notice to vacate the property at viewing times, and then use our wide range of skills to sell the property to potential buyers.
Providing we do our jobs properly, you should hopefully receive at least one offer by this point. We’ll inform you as soon as we receive an offer, and then work with you to ensure we get an offer that everyone is happy with. You’ll be informed verbally and in writing, and we’ll also notify you of any special requirements attached to the offer. We understand that buyers are often in the habit of negotiating prices, but we factor this in during our initial valuation, and throughout the selling process.
Once everyone is happy with the offer, the buyer will pay a deposit to secure their offer. This deposit is non-refundable, and effectively pays for the next stages. The agreement is signed by both buyer and seller, and the period between now and the contract of sale generally lasts about 4 weeks.
At this point your lawyer will take over the bulk of the work, which involves drawing up the contract of sale and making sure everything is in order. It’s standard practice for 30-50% of the price to be paid once the contract is signed. The contract of sale is legally binding and effectively means the process is complete.
Providing everyone is happy with the contract of sale, and there are no setbacks, a date of completion is set. Your lawyer will have to submit a tax clearance certificate by this date, which confirms all taxes and bills have been paid. On the completion date, both parties’ lawyers will meet at the Land Registry Office, where title deeds are passed to the new owner and any remaining money is paid to the seller. And everything is done!
As you can see, selling a property in Cyprus doesn’t have to be a complicated and stressful process. However, you can make things much easier for yourself by hiring PropertySaleCyprus as your sole real estate portal. We have local knowledge and expertise that will get your property sold at a reasonable price and within a reasonable time frame.