What are the standard payment terms when purchasing a property from a developer?
To reserve a property from most developers, a non-refundable deposit of CY1,000 is usually requested. Generally within 20/30 days, 30% should be paid, at which time your legal representative will register the signed contracts of sale with the land registry. A further 20% is payable on completion of the structure, 20% upon the completion of brickwork and rendering, 20% upon the completion of flooring and 10% upon delivery. These percentages can vary, and we have found that most, if not all developers are very accommodating and can adjust the payment structure to suit.
