Peculiarities of the Cypriot title deed

The Title Deed is the main document issued to the owner of real estate or land in Cyprus. He confirms / fixes the right of the owner to a particular object.

The buyer, as a rule, receives a Title Deed at the final stage of the sale. To make this happen, you must reserve the object at the Land Committee of Cyprus, by paying its full value.

If the Title Deed is missing – the new owner is guaranteed a big problem. After all, without this document the disposal of real estate or land is fully impossible. And thus, to pass on the inheritance, sell or pledge to the bank such property is virtually unreal.

The right to dispose of real estate or land allows only Title Deed.yu, which must be issued in the name of the owner.  

Previously, buyers in Cyprus from Russia and England often cheated by selling housing and land without a Title Deed. About 30,000 properties on the island, according to 2015 data, do not have a Title Deed. If so, the average time to obtain it can range from 7 to 25 years.

Title Deed processing time in Cyprus

The processing time depends on the type of property being purchased.

• The procedure for registration of the Title may take about 1 hour in the case if the purchase is made on the secondary market.
• Registration of the Title to the property purchased under construction, may take from 1 to 4 years. Due to the fact that the regulatory agencies may issue a Title Deed only after the object is put into operation. On this, there is a detailed check of all processes.

There are cases when developers in Cyprus, to obtain credit for the construction, pledge the land to the bank. After that, they build on this land houses, apartments and sell to customers. But there is a nuance – the loan to the bank is not always repaid, and while the land is pledged, obtaining the Title Deed is impossible.

To avoid such situations, you should first contact a licensed real estate agency in Cyprus with a good reputation. This is to connect to the transaction an experienced and competent lawyer. 

Where does the former owner’s title go? 

It’s simple – it stays with him. It is not revoked and does not lose its validity. Thus, one property can have two, three or more Titles. It depends on how much time it has passed from one buyer to another.

But only the Title valid is that which is confirmed by registration at the Land Committee of Cyprus as the last.

Registration of the Title in Cyprus – what is the cost? 

Transfer Fee is a tax on transfer of title in Cyprus. The cost of this transfer fee for a Title Deed depends on the total value of the property.

Buyers of new buildings, which are subject to VAT, from it completely exempted.