Title or Title deed – the main document of the owner of the property or land in Cyprus. It is confirming and secures the owner's rights for the specific object. The buyer will 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 promise 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 total.
Long time, buyers from Russia and England were scammed and bought properties or land without a title. According to 2015 information, about 30 thousand real estate objects do not have a title deed, and the average time to get it about 7-25 years.
How long will it 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 suppose you buy a property at the construction stage. In that case, 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 to construct houses and apartments. But the problem is that it is not possible to get title deed while the ground is pledged. It is better to contact a reputable licensed real estate agency in Cyprus and ask a lawyer's help to avoid it.
What will happen to the title deed of the previous owner?
The title deed 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. The transfer fee depends on the property's total value; buy buyers of the new buildings, which should pay VAT, are entirely exempt from it.
More details 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.