Reserved Property in Cyprus
RESERVED PROPERTY IN CYPRUS
What means when a property for sale has the RESERVED label on it?
Properties for sale can come with the label of Reserved, regardless if there are still advertised in the market for sale.
When you see something like this, it means that for the specific property someone already placed an offer and it has been accepted. As well, when a property is reserved it means that a potential buyer paid a reservation deposit to hold the property out of the market for his behalf until all the preliminary property searches will be completed.
*Property searches – Applying for a Search Certificate where confirms the legal background of the property.
Also, a property usually stays Reserved for about 40 days (Approx) and within this time period the potential buyer has to proceed and sign a sale agreement and register it to the Land Registry.
In the meantime (40 days), the potential buyer has the
However, there is a possibility that the property will return back to the market – to be again available for sale if the potential buyer will not manage to provide to the vendor lawyer the documents where shows / prove the financial power of the potential buyer to pay the agreed selling price to buy the property.
As soon the sale agreement has been signed, the reserved property becomes sold.