No Comments

A step-by-step guide to buying property

A step-by-step guide to buying property


Buying property can be a complicated process. This step-by-step guide has been designed to walk you through the process of buying property.

Step 1 Arranging your mortgage

Before you begin your property search (direct to website), it is advisable to arrange your finances and, if required, have a mortgage agreed in principle. This will confirm how much money you will have to fund the purchase, which will ultimately influence your property search. We are eligible to arrange for you a meeting directly with Bank managers of Bank institutions in Cyprus.

Step 2 Register your interest

The first step to finding the right property is to register with us either by calling us on 00357 22005758 , through email PT@theophanousestates.com or visiting our new office (direct to website) where you can discuss your property requirements with one of our expert local agents. You can also register your interest about a specific property online (direct to website) if you are short of time. With only the high quality properties to choose from, you can rest assured we have just what you’re looking for.

Step 3 Finding the right property

Once we have a clear understanding of your requirements you will receive a selection of properties that match your criteria. We can also keep you constantly up-to-date via email and SMS alerts when the latest properties become available.

SEARCH FOR A PROPERTY (direct to website)

Step 4 The key to successful viewings

We’re open at times to suit you, convenient for viewing after work and at weekends:

Our boutique office (direct to website) is open Monday to Saturday. In addition, our phone lines are open seven days a week. In order to secure a property we recommend an early viewing. We will chauffeur you to your viewings ensuring you arrive in a relaxed frame of mind and accompany you throughout so that we are on hand to answer any questions immediately and advise where necessary.

Step 5 Instructing a solicitor

The successful purchase of a property can be reliant on the instruction of an efficient and experienced solicitor. It is a good idea to use a solicitor who specialises in Real Estate transactions.

Step 6 Making an offer

Once you have identified a suitable property we will put your offer forward to the seller both verbally and in writing stating any special conditions of the offer. You may need to demonstrate, if requested, that you are able to proceed (e.g. provide evidence of your mortgage agreed in principle). There are no legal obligations on either side until contracts are signed.

Step 7 Offer agreed

Once your offer is accepted we will do the following:

  • Prepare a memorandum of sale
  • Write to all parties to confirm the agreed price
  • Ask you to confirm your solicitor’s and mortgage broker’s details

You will now need to instruct your solicitor to proceed with the conveyancing process and your mortgage broker to proceed with your application.

Step 8 Conveyancing

As part of the conveyancing process your solicitor will do the following:

  • Raise any enquiries on receipt of the draft contract from the seller’s solicitor
  • Request their own local searches
  • Agree on a date for exchange of contracts

We will assist your solicitor and negotiate throughout the process, keeping you informed every step of the way.

Step 9 Survey and mortgage offer

A survey of the property will be booked by a surveyor on behalf of the mortgage lender to identify any structural problems and advise on the property’s value. After the mortgage valuation report is received, a formal mortgage offer will be sent to you and your solicitor which you will need to sign before it is returned.

There are no legal obligations until contracts are signed.

Step 10 Exchange of contracts

Exchange of contracts occurs when all enquiries have been confirmed and agreed. Once the contract has been signed by both parties the deposit (usually 10% of the purchase price) will be telegraphically transferred or paid in the form of a banker’s draft from you to the seller. The completion date is then set by mutual agreement.

Step 11 Completion

Completion is when the residual monies (usually 90%) are transferred from you to the sellers account. We will release the keys once the money has cleared in the seller’s account.

Congratulations, you are now the legal owner of your new home!

HELP FOR BUYERS

With only incomparable and exclusive properties for sale, providing exceptional choice and longer opening hours for convenient viewings, we are the first port of call for VIP International and local investors. With around 800 new properties registered with us you can rest assured that, whatever your needs, we have just what you’re looking for.

In-depth property information

Providing you with as much information as possible prior to a viewing, our website renowned for the easy-to-use search functions and detailed information including floor plans, in-depth local information and online brochures.

Integrity, credibility and professionalism

Our boutique Real Estate office uses only the above mentioned codes of practice. These memberships provide sellers, buyers, landlords and tenants with an assurance that they will receive the highest level of customer service.