In practice, the deposit ranges from €1,000 to €10,000 and is paid to the agent/realtor. Upon payment, the buyer receives a confirmation of payment, and the property is taken off the market and reserved for the buyer.

Acquiring real estate is a specific legal process, and it cannot be done without the assistance of a lawyer. It is crucial to conduct the necessary checks and prepare the required documentation for the transaction. The lawyer is also responsible for verifying the legality of the transaction, drafting the contract, registering the property with the Land Registry Department, and updating the Title Deed.

The buyer enters into a contract for legal services with the lawyer to oversee the transaction and provides the lawyer with the necessary power of attorney authenticated by a local notary (to prepare the power of attorney and contract, a copy of the passport and the personal signature of the buyer are required). This power of attorney allows your lawyer to complete the transaction without your personal presence.

After selecting an object, a bank account must be opened for upcoming payments. The following documents will be required from an individual:

1. foreign passport
2. domestic passport
3. a letter of recommendation from the bank where the individual is already serviced
4. confirmation of the origin of funds (salary, pension, dividends, interest on deposits, tax returns for the last 2 years, etc.) 
5. bank account statement on the movement of funds
6. Certificate of no criminal record * (on request)
7. Transfer of funds for the activation of a bank account in Cyprus (about 1000 euros)
8. Reservation agreement with a deposit (about 1-2% of the value of the property), included in the purchase price
9. Power of attorney

The Purchase and Sale Agreement must be drafted either in Greek or in English. A translation of the contract can be provided by the lawyer upon the buyer's request (Note: the translated contract does not have legal force and is provided for the buyer's information only). The prepared contract must include the following:
• The amount and method of payment (if payment is made to the buyer's account, bank details must be specified).
• Payment and transaction completion deadlines.

In practice, the purchase and sale agreement is prepared in three copies: one remains with the seller, one with the buyer's lawyer, and one copy is registered with the Land Registry Department. Additionally, in practice, a payment of 20 to 30% of the total cost is made upon signing, and the remaining amount is paid upon the completion of the transaction.

Immediately after the signing, the lawyer must pay the stamp duty, which is dependent on the property's value. It amounts to 0.15% for the first 170,860 Euros and 0.2% for the remaining amount exceeding 170,860 Euros.

Additionally, one copy of the contract is registered with the Land Registry Department, and the buyer is provided with the registration number of the agreement (ΠΩΕ).

After signing and registering the contract with the Land Registry Department, the seller's lawyer is obligated to prepare certificates confirming the absence of debts, including any property-related tax obligations. Without these certificates, the seller cannot transfer the Ownership Title to the buyer.

Simultaneously, the buyer's lawyer prepares an application and necessary documents to obtain permission from the Council of Ministers of Cyprus for the acquisition of the property. This procedure is a formality, and the certificate is usually issued within 2-3 weeks.

After both parties have prepared the necessary certificates and documents, a date is scheduled for the transfer of the Ownership Title and the completion of the transaction. The final payment, as per the contract, must be made on the day of or before the transfer of the Ownership Title, as ownership rights are irreversibly transferred to the buyer.

Immediately after this, the buyer assumes ownership rights to the property, receiving the keys (in case the buyer wishes to take possession of the property earlier, this can be arranged with the seller's lawyer upon full payment).