Property Buying Procedure

Cyprus Property Buying Procedure By Foytina


   Foytina's services are structured to be simple and stress-free!  With our expert staff and our offices network, we can assure you that our real estate services will deliver you the optimum results whatever your investment plans are! Find below the brief procedure followed by Foytina for buying property in Cyprus or investing on the island.  

Qualified Buyer
   It is of primary importance that a buyer is ready to buy and is not simply 'thinking of buying'.  A buyer's approach on making this serious decision matters to any sales person as the proper attention might not be given from the latter to the former. Towards this, it is highly reccommended that the buyer visit the closest Foytina office, talk with a sales person of Foytina and discuss essential information on the intends, preferences, budget and time-frame. If buyer/investor happens to be abroad, a quick communication over the phone can be arranged alterntively if buyer provides his telephone number. This involves no cost at all ! Foytina gets paid only upon succesful deal conclusion in the contrary with some other property agencies !   

Buyer's KYC
   It is highly reccomended that when contacting Foytina, your identification document and contact details should be demonstrated upon request. As Foytina's clients portfolio has grown a lot, the chance of being confused with another prospective investor/buyer having similar name/surname is there, hence you might receive mismatching to your request information. Passport or civil identity copy is sufficient whereas email address and mobile telephone number must be booked with Foytina. Buyer's must talk to Foytina agents the means of funding their purchase and whether they are cash-buyers or rely either on a loan approval or a chain-deal. 

Purpose of Purchase & Preferences Involved 
   Foytina is possibly the only real estate agency in Cyprus which can help you to acquire a property that will match exactly the purpose and the preferences you like! Whether you are buying for genuine investment or for a holiday home, or permanent residency or even for naturalisation (Cyprus Citizenship), Foytina will definitely cover you on this! In combination to the purpose, Foytina has a sophisticated way to serve any single or combined preference of a buyers in terms of budget, location, features, size and other characterestics the property must have! Letter of Intent and/or Letter of Credibility must be submitted by the Buyer to Foytina at some cases. 

Property Viewings & Feedback
   Foytina's agents are always acommpanying prospective buyers to the property either if the owners are there or not.  The 'walk-through' is conducted by the agent unless the seller wishes to carry it which shall be preferred.  During that, prospective buyers are told about tangible and intangible parameters being relevant to the property whilst answering any questions. They are also offered to take pictures, measurements and test any of the equipment and rest of the content if they wish.  They are also asked to go around again on their own and try to visualise the space on their own lifestyle.  

   Prospective buyers are always asked at the end of a viewing for their feedback, meaning to express their likes and dislikes of a property, points which are passed to the sellers.  In the same manner they are requested to develop their shorlist in oder to arrange a second viewing or place an offer on the one mostly preferred.

Making An Offer & Reserving A Property
  Any offered made from prospective buyers will be passed to the seller for decision and counteroffer. Foytina will negotiate for the optimum sale price in order to secure a deal whilst preventing dissapointment to the parties.   If an offers gets accepted by the seller, Foytina will firstly secure the interest of the prospective buyer by receiving money on behalf of the seller, the Reservation Fee, and agree for a time-frame for concluding the deal whilst taking note of any conditions on the offer.

Due Diligence Checks
  At this point, the Buyer (or his appointed solicitor) will be provided by the seller (or his apointed solicitor) any document requested for 'due diligence' purposes. Foytina will assist in achieveing this whilst circulating to the solicitors involved the sales particulars (also known as the memorandum of sale).  Sales particulars show the intensions of the parties and do not mark the final signing of contracts and can involve visual or structural surveys on the property, geological surveys, checks on the seller and the property for any encumbrances as well as checks on the buyer's credibility.    

Exchange of Contracts
   Upon a clear due diligence performance, contracts of sale are prepared and entered, having a Deposit Amount being paid to the seller by the buyer, usually amounted at least 10% of the deal price. Also, a completion time-frame is agreed. Foytina is liaising with parties at all times during those processes for ensuring the happening of them without delays or any pitfalls.

Completion Of Sale (Transfer & Possesion)
   Completion takes place when the balance of the purchase price is paid to the seller, and ownership of the property is transferred to the buyer. Possesion takes place at the same day although some times it might be agreed for a later date.  Foytina delivers the key to the new owner at the Land Registry or at Foytna offices.


The 'Foytina.Com' Team