Cyprus Title Deeds

Cyprus Title deeds

Cypriot title deeds are being issued at a faster rate than ever but according to the Cyprus land registry, only 21% of people told the deeds are ready for issue respond to have their properties transferred.  

The present situation (2011) of the Cypriot economy and the lack of funds by the buyers, contributes to the reasons, after 3 years of people clamouring to secure titles then the buyers do not respond, one wonders how serious the ownership of title deeds situation really is.

It is a major asset for a property to have a title in the owners name, the retention of the title in the developer/sellers name, entails some risks and added costs. Risks because no one knows what might happen to the seller and in addition, the title owner can charge the “rightful owner” with annual immovable property tax plus interest for which the “rightful owner” may be tax exempt.  

Every time a property is sold, similar to UK stamp duty, transfer fees are due, even if no actual transfer is made. There is a way out (not 100% legal, nor recommended by us, nor tested in a court so there is a risk) where the first buyer wishes to sell to another (second buyer) to have the registered owner/developer transfer the property directly to the new-second buyer. For this to have some chance of success:  read more about this here

Cyprus property transfers and title deeds procedures