What are the terms of payment when buying a property with developers?
Usually a CYP 1,000 deposit fixes the price and removes the property from the market. After signing the contact, 30% of the sale amount is required within one month of signing. The remaining amount is paid in instalments varying on the constructed development you are going to engage in. If you have a property to sell before and you have around 30% of the purchase price available, without selling your home, you do have options available to you. Provided that the property that you purchase will not be ready immediately, you can make arrangements with the developer to make stage payments throughout the build, with a final payment upon completion. You can reserve a new property in Cyprus and secure the price in CY, and then sell your own property within the timescale agreed between yourself and the developer. If your own property sells before your new home is finished, you simply move out to Cyprus, rent a property, and start to enjoy your new life in the sun! The money you spend on rentin
