Title Deeds and Buying Cyprus Property
Cyprus Title Deeds -Certificates of Registration of Immovable Property
Title Deeds are also known as "Certificates of Registration of Immovable Property" and are formal legal documents proving property ownership. All immovable property as its associated Title Deed containing: reference numbers to the plot/land from your local land registry office, size of plot, registered name of owner(s) and you will be given your own original Title Deed when the transfer fees are paid, transferring the property on to your name.
Title Deed Problems
Unfortunately in Cyprus, Title Deeds can take up to ten or even more years to be issued. Until you have your title deeds you cannot take out a loan using the property as capital, sell the property without 'paying' to BREAK your purchasing contract, plus many other problems may occur.
Solution to the Cyprus Title Deed Problem
Before you even begin your Cyprus property search, look long and hard for a good lawyer who will advise and guide you through the whole process. And most importantly, take care of you, your interests and ONLY YOU. So many buyers find the property through an estate agent or a developer AND THEN find a lawyer who will most likely be referred to them by the estate agent or the very same developer. Nepotism!
THE FIRST STEP BEFORE LOOKING FOR ANY PROEPRTY, FIND YOUR LAWYER, PREFEREABLY FROM ANY OTHER TOWN THAN THE TOWN YOU WILL PURCHASE A PROPERTY IN. ONE WORD TO SOME UP CYPRUS - NEPOTISM - GET TO KNOW AND TRUST THE LAYWER AND WHEN YOU FEEL COMFORTABLE WITH THE LAWYER, THEN AND ONLY THEN, APPOINTMENT YOUR LAWYER. DO NOT APPOINT THE CHEAPEST LAWYER, LOOK LONG A HARD AT THE LAWYERS; QUALIFICATIONS, OFFICE CONDITION, STAFF, PROFESSIONISM, CAN THEY EMAIL/COMMUNICATE QUICKLY WHEN YOU ARE NOT IN CYPRUS ETC.
Second Solution to Solve the Cyprus Title Deed Problems
The Government of Cyprus and all local authorities should stop working half days, finishing work between 1pm & 2pm, as they do, and commit themselves to working like the rest of us - until 6pm (Monday to Friday) until all title deeds are issued and the matter is under control. This is the very least we has hard working people should expect.
Third Solution to the Cyprus Title Deeds Problems
The Government of Cyprus needs to solve these problems immediately as there are NO excuses, not one.
Finally
Please make sure your lawyer holds back from final payment on any property purchase, an amount of money you will pay when you receive the title deeds. This could be 5,000 to 10,000 Euros or more, providing motivation for the title deeds to be issued.
See Also: Cyprus Property Lawyer | Cyprus Estate Agents | Cyprus Transfer Fees | Cyprus Property VAT | Cyprus Stamp Duty | Cyprus Council of Ministers | Cyprus Property Tax | Cyprus Capital Gains Tax | Bank of Cyprus | Mortgages in Cyprus | Purchase Contract | Cyprus Land Registry | Cyprus Chartered Surveyors | Making a Cyprus Will | Cyprus Title Deeds | Cyprus Certificate Final Approval
