Children of all ages can own real estate in Cyprus.
The question is... is it possible to sell the apartment owned by a toddler in case of urgent need? Or maybe the child has grown up and wants to have own money and to get rid of old property?
Sometimes there is a situation when you need to sell or exchange an apartment owned by a minor.
Property on the island can be owned by children. All this is prescribed in the main document of the owner of the property in Cyprus — in the Title Deed. But can this property be sold?
In all modern countries, such transactions have their own features. In Cyprus, organizations for the protection of children's rights have limited powers, so these issues are resolved not through the adult representatives and local authorities, but strictly through the court.
Rights of a minor
Transactions can only be made with the consent of the island's court. If the child is already independent enough or even managed to get married, they can be recognized as an adult and prove that they are able to decide what to do with their real estate.
The rights of parents to their child's property
Parents also cannot carry out anything without the consent of the court (sale, rental, transfer for use to someone, separation of housing, and so on). It is also almost impossible for parents to buy the property from their child.
Is it possible to sell an apartment in Cyprus if there is a minor owner?
In order to sell this apartment, you will have to prove the advantages of selling to the competent authorities. Valid reasons for selling — the need to move to another city. Also, the reason for the sale may be the proceeds of money for the treatment of the child.
How to register real estate for a minor
From birth or at any time of life, you can transfer your property to a child. Whole property or part of it. This does not require pre-registration of housing to their parents or legal representatives. Most often, the parents buy housing for their children, or the children obtain it as a gift or according to a will.
Everything is made out as usual. The buyer is indicated by the child, and the data of parents or guardians are written next to it. In case of donation, a donation contract is signed. And in the case of a will, the procedure is one-sided: the signature of the testator is enough.
In general, it is not so easy to get permission to dispose of the child's property, since it will be necessary to prove the expediency of the transaction. And here you can "cling" to anything.
If a share of real estate is issued for a child
If a share is issued for a child, an agreement is signed by a notary from representatives of all owners, and after that the document is certified and registered in the register.
It will be possible to sell it only with the permission of the competent authorities. The main condition is that the child is provided with an equivalent living space, well, or to prove that the reasons for the sale are really good. Just as in the case of full ownership of an apartment, without the permission of the court, relatives cannot buy out or somehow use the child's share to their advantage.
Despite the fact that there are practically no real estate transactions with minors in Cyprus, we offered the most experienced lawyer Liudmila Marochkina from Kannava Law to finally dispel our doubts about this issue.
— Which authority in Cyprus regulates the sale of property partially or fully owned by a minor?
Property partially or fully owned by a minor may be sold to them only by a court decision. Due to the fact that children under the age of 18 are considered minors, any sale of property belonging to them can only be carried out through their parents/guardians. However, parents/guardians must apply to the courts of Cyprus to obtain a court order that will allow them to sell the property on behalf of their child. However, it should be noted that the courts will issue a court order only if the parents/guardians can prove and show that the sale is in the best interests of the child and that all proceeds from the sale will be used exclusively for the maintenance or education of the child.
— What is the name of the document authorizing such a transaction in Cyprus?
A court order authorizing the sale of a minor's property through their legal guardians/parents is required.
— How and where can the buyer check the legality of this authorization document?
Everything is only through a court order.
— Are there possible problems?
Possible problems: if a court order authorizing the sale of a minor's property is not received, the Land Cadastre will not be able to arrange the transfer of property from the minor to the "buyer". If the legal guardians/parents do not agree on whether to sell the property (in the interests of the minor), then the court will have the final decision on whether the sale of the property is in the best interests of the child or not. If the child's property is alienated without a court order and/or in violation of the relevant provisions of the law, any alienation may be declared invalid by the courts of Cyprus, and the court may issue any court order necessary and required for the minor's property to be returned back.
— Can parents or close relatives buy out their child's property?
Parents cannot transfer their child's property (by sale or donation) to their own name or dispose of the property without a valid court order. A court decision is also necessary in order to mortgage, encumber, exchange the child's property in any way, including renting out the child's property for a period of more than 5 years. In addition, parents/guardians can invest money belonging to their child and purchase real estate on behalf of the child based on a court order.
— What are the terms of such a transaction in Cyprus (transfer of title)?
The transfer of the ownership document is not a complicated process. The buyer and seller need to visit the Land Registry with a court order and form N.270.
Have you decided to buy an apartment or a house in Cyprus? Contact DOM! The website offers a huge selection of real estate —residential and commercial. Experienced agency specialists will be happy to help you make the right choice.
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