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Agency fees:
The person selling the property pays the agents fees and a reservation fee of CYP 1,000 - 2,000 is paid to the estate agent.
Mortgage:
The amount you need to pay for your deposit for a mortgage depends on your residency.
If you're a resident of Cyprus you can usually obtain a 90% mortgage which is normally repayed in 10 to 15 years.
Legal fees:
Solicitor fees can be anything from £800... They're normally 0.75% of the purchase price and as always... get independent advice... not from the lawyer of the developer.
Stamp Duty:
For a property up to £100,000 the fee is 0.15% of the value. The fee then increases to 0.20%. This is paid when you sign contracts.
Transfer fees:
These are charged by the District Land Registry Office when transferring property and registering it into the buyers name.
- 3% for property valued up to £50,000
- 5% for property valued from £50,001 - £100,000
- 8% for property valued above £100,001
Once you have found a property you will be required to pay a reservation fee and when this is paid the property will be withdrawn from sale. Your lawyer then has up to 28 days to do the legal work and prepare a contract.
Don't forget to open a bank account in Cyprus so funds can be transferred for completion date.
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