When buying off-plan in Cyprus usually there are different agreements made regarding payments and delivery.
On signing the sale agreement, a deposit must be paid. Usually most developers will ask a deposit of 20%-30% of the sale price as an initial payment. Once the deposit has been paid, additional payments also need to be made. These are calculated according the stage of development.
As stated by the sale agreement, the developer must inform either the purchaser or the lawyer acting on his/her behalf that a particular stage has been completed therefore a payment for the next stage must be made.
Notice of Completion
The notification comes in the form of a ‘Notice of Completion’, signed by either the architect or the site engineer. Once the ‘Notice of Completion’ has been delivered, the purchaser is obliged to proceed with a payment.
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