Title or Title deed – the main document of the owner of the property or land in Cyprus. It is confirming and secures the owner rights for the specific object. The buyer will be able to get this certificate at the final stage of the purchase and sale transaction. First of all, you need to reserve a property in the Cyprus Land Committee and pay its full cost. The absence of a title can promises big problems to the new owner. Without this certificate, the owner will not have an opportunity to sell, mortgage, or inherit such property.
Only title deed on the owner's name gives the full rights to dispose of real estate or land in full.
Long time, buyers from Russia and England were scammed and bought properties or land without a title. According to 2015 information, about 30 thousand of real estate objects do not have a title deed, and the average time to get it about 7-25 years.
How long it will take to get the title deed in Cyprus?
It depends on which property is being acquired. If you buy a property on the secondary market, the procedure will take about 1 hour. But if you buy a property at the construction stage, then it will require more time. Because the title deed is issued by regulatory authorities only after when the object is fully commissioned. The verification is detailed and therefore takes from 1 to 4 years.
Some developers mortgage the land to the bank, to loan some money for the construction of houses and apartments. But the problem is that it is not possible to get title deed, while the land is pledged. To avoid this situation, it is better to contact a reputable licensed real estate agency in Cyprus and also ask the help of a lawyer.
What will happen to the title deed of the previous owner?
Nothing at all. It will stay with him. One property can have two, three, or more titles, depending on how many owners were before. But only the last one is valid, which was confirmed by registration with the Cyprus Land Committee.
How much does it cost?
Transfer fee – tax on the transfer of ownership in Cyprus. Transfer fee depends on the total value of the property, buy buyers of the new buildings, that should pay VAT, are completely exempt from it.
More details about the transfer fee in Cyprus and calculation of its cost, available here.
If you have any questions or need professional assistance, you can find or ask in the special section of our portal, or leave a comment here.
