Sale and Purchase of Property (Land)

This practice memo describes the legal and practical considerations in connection to the sale and purchase of land in Cyprus. It includes, the legal requirements, the practical requirements, the process and information on, inter alia,  reservation and other preliminary agreements, the due diligence exercise, the contract of sale and material terms, the release of mortgages and other encumbrances, execution, bank waivers, stamp duty, submission of the contract of sale,  powers of attorney,  capital gains tax, vat and other duties, transfer fees, title deeds, the process, timeframe, date of effect, indicative fees and other relevant matters. It includes an elaborate step plan of the entire process and a description of relevant documents.

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