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Buying Process

<img src="http://karmadevelopers.com/wp-content/uploads/christos/2017/09/o-BUYING-A-HOUSE-MORTGAGE-KEY-facebook-1.jpg" sizes="(max-width: 2000px) 100vw, 2000px" srcset="http://karmadevelopers.com/wp-content/uploads/christos/2017/09/o-BUYING-A-HOUSE-MORTGAGE-KEY-facebook-1.jpg 2000w, http://karmadevelopers.com/wp-content/uploads/christos/2017/09/o-BUYING-A-HOUSE-MORTGAGE-KEY-facebook-1-300x150.jpg 300w, http://karmadevelopers.com/wp-content/uploads/christos/2017/09/o-BUYING-A-HOUSE-MORTGAGE-KEY-facebook-1-768x384.jpg 768w, http://karmadevelopers.com/wp-content/uploads/christos/2017/09/o-BUYING-A-HOUSE-MORTGAGE-KEY-facebook-1-1024x512.jpg 1024w" alt="" width="2000" height="1000" /> <h2>Buying Process</h2> Here at Karma Developers, we strive to make the property purchase process as straightforward and smooth for you as possible. Our professional assistance and guidance from start to finish will ensure that you feel supported at every step and are completely satisfied with your final decision. The following steps outline the purchase process: <figure><img title="fsgd" src="http://karmadevelopers.com/wp-content/uploads/christos/2017/09/fsgd.jpg" alt="fsgd" /></figure> <h3>STEP 1 - DECIDING TO BUY</h3> Whether you are deciding to purchase for investment, relocate to Cyprus, or are looking to acquire Permanent Residency through the purchase of real estate, careful and considerate planning is essential to ensure that you choose the right property for the right reasons. <figure><img title="dvsfsdf" src="http://karmadevelopers.com/wp-content/uploads/christos/2017/09/dvsfsdf.jpg" alt="dvsfsdf" /></figure> <h3>STEP 2 - REGISTERING YOUR INTEREST</h3> Once you register your interest with us, it will become clear that we are here to support you. Whatever your circumstances are, our dedicated team will take the time to listen to your needs and priorities in order to obtain a clear picture of your requirements, whilst answering any questions or concerns you may have. <figure><img title="fsdfsdfsd" src="http://karmadevelopers.com/wp-content/uploads/christos/2017/09/fsdfsdfsd-1.jpg" alt="fsdfsdfsd" /></figure> <h3>STEP 3 - PROPERTY SELECTION</h3> After discussing in depth your individual property needs with one of our committed sales advisors, we will then be able to establish which options are best for you and provide a shortlist of properties most suited to your individual needs. Viewing of properties and locations can be arranged and we are happy to show you the highlights of the local area in order for you to get a better feel for the location you wish to purchase in. It is also possible to choose and reserve a property from abroad or whilst attending a property exhibition or seminar. <figure><img title="dfs" src="http://karmadevelopers.com/wp-content/uploads/christos/2017/09/dfs-1.jpg" alt="dfs" /></figure> <h3>STEP 4 - PROPERTY RESERVATION & PAYMENT OF A RESERVATION DEPOSIT</h3> Once you have decided on a property, the purchasing process starts with the completion and signing of a reservation agreement. The final price will be agreed, along with and other conditions of purchase. All agreements must be made in writing and included on the reservation agreement. A deposit will then be required to withdraw the property from the market and reserve it in the name of the prospective purchaser. We will be able to professionally advise and assist you on the best purchase strategy based on your circumstances. <figure><img title="contract" src="http://karmadevelopers.com/wp-content/uploads/christos/2017/09/contract.jpg" alt="contract" /></figure> <h3>STEP 5 - PREPARATION OF THE CONTRACT OF SALE</h3> The COS will be prepared by a lawyer with full experience in property-related matters. As part of the legal process, your lawyer will confirm your details, arrange the paperwork, confirm any special arrangements related to the purchase and carry out their own searches and checks on the property before proceeding with preparing the contract. <figure><img title="SIGNING-CONTRACT" src="http://karmadevelopers.com/wp-content/uploads/christos/2017/09/SIGNING-CONTRACT.jpg" alt="SIGNING-CONTRACT" /></figure> <h3>STEP 6 - SIGNING OF THE CONTRACT OF SALE</h3> Signing of the COS by both parties can take place when the following have been agreed and confirmed in writing: Property purchase price, terms of payment, fixtures and fittings to be included in the purchase and any other items/installations agreed. A local search takes place to ensure that the property is free from mortgages and encumbrances and our audit company KMPG performs a thorough due diligence check on the property. <figure><img title="LAND-REGISTRY" src="http://karmadevelopers.com/wp-content/uploads/christos/2017/09/LAND-REGISTRY.jpg" alt="LAND-REGISTRY" /></figure> <h3>STEP 7 - SUBMISSION OF THE CONTRACT OF SALE TO THE LAND REGISTRY DEPARTMENT</h3> Once both parties have signed the COS, it must be stamped and deposited at the Land Registry department within 180 days. This process is called ‘specific performance’ and confirms that a specific property is registered in the name of the new owner. Once the contract is submitted, you are officially the owner of the property. <figure><img title="COMPLETION-OF-THE-SALE" src="http://karmadevelopers.com/wp-content/uploads/christos/2017/09/COMPLETION-OF-THE-SALE.jpg" alt="COMPLETION-OF-THE-SALE" /></figure> <h3>STEP 8 - COMPLETION OF THE SALE</h3> If you have purchased an off-plan or partially constructed property with us, we will keep you fully informed with the progress of the property until completion. Approximately one month before your property is complete, we will send you a formal notice of completion. Once we receive the final payment for your property, we are able to arrange the delivery and key hand over. If you have purchased a completed property with us, delivery will be arranged as soon as the full payment is received in our account.. <figure><img title="DFSDGDFH" src="http://karmadevelopers.com/wp-content/uploads/christos/2017/09/DFSDGDFH.jpg" alt="DFSDGDFH" /></figure> <h3>STEP 9 - ISSUE OF SEPARATE TITLE DEEDS</h3> Once an individual property or development is completed, the Land Registry Office issues separate title deeds and transfers the deed for each unit within a development to the purchaser(s). This process normally occurs within 3-4 years from the completion of a project.


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EU CITIZENSHIP

The Cypriot Government has devised a number of incentives to attract foreign investment into the country. One of these incentives is a citizenship-by-investment program that allows full Cypriot


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PERMANENT RESIDENCY

An improved and accelerated procedure for granting permanent residency permits to NON EU citizens through investment in Cyprus, has recently been introduced by the Council of Ministers.


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Get to know Karma


Established in 1985, Karma Developers is the founding member of the Karma Group of Companies, constructing quality properties along the desirable east coast of Cyprus.Today, we have constructed, sold and delivered more than 70 separate projects and continue to progress and prosper with new and unique property developments.



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