Cyprus Title Deeds, Solutions to the Title Deed Fiasco, How to deal with the title deed issue when buying property in Cyprus, Not to be confused with the land ownership issues in North Cyprus, our firm recommendation to any prospective buyer of property in North Cyprus is just simply not to buy land here full stop. If you feel you must proceed then do this very carefully and most importantly do your research well. This information below only applies to property in Southern Cyprus! Title Deeds Definitions! Cyprus Title Deeds are also commonly referred to as "Certificates of Registration of Immovable Property" these are legal documents proving property ownership. By legal definition this means ( All immovable property as its associated Title Deed containing: references 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 or more correctly the ( land and property ) on to your name. Title deeds - problems! Cyprus Title Deeds in the current time scale can take up to ten or even more years to be issued. Until you have your title deeds in your hand you may take out a loan using the property as capital, sell the property without paying to break your purchasing contract.There are some serious issues that can occur! The biggest being... that if the (banks) who own the land decide to foreclose on the land on which the property is located then you may lose your home entirely, this is when the problems really begin.You will find the Cypriot justice system dragging its heels until you pass away of old age, the banks will have no sympathy even the European parliament or UK MP,s have no taste for dealing with this issue. The correct procedure to follow! There are two kinds of title deeds issues, one is if there is an outstanding bank mortgage on the land the property is built on and the other is legitimate land for which the title deed is waiting to be issued ( there is a backlog of the second type), The first is the one to avoid at all costs. THE MORAL OF THE STORY IS FOLLOW THE CORRECT PROCEDURE! Use a reputable agent and lawyer to check and follow the correct procedures! Cyprus Title Deeds The Solutions. no 1: Always follow the golden rule and appoint an independent lawyer and not one recommended by any property developers, They must be members of the Cyprus bar association and independent from the property purchase for best results! no 2: Always get you lawyer to check if there is any problem with the title deeds or otherwise also known as " Certificates of Registration of Immovable Property " there are certain cases where the banks themselves may provide a guarantee within a reasonable period of time and other solutions however this is your money so do not fool about with it. no 3: Be absolutely sure to instruct your lawyer to find out about the title deeds on your specified property! Ask the developer to contact previous clients to see if they experienced any problems. Another tip is to refrain from final payment on any property purchase, until the title deeds are issued on the property. Leave enough to provide a sufficient financial motivation for the title deeds to be issued. By following the correct procedure you will enjoy one of the easiest and safest land/Property purchases anywhere in the world today.
Posted on: Mon, 10 Jun 2013 09:32:27 +0000
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