Acquiring title deeds should be the priority for any property owners in Cyprus and while the process may seem highly complex, the process is straightforward and necessary. Without this important legal document demonstrating proof of property ownership, it may become impossible to transfer the property to the next generation or to sell the property to potential buyers.
Property Experts Cyprus demonstrates the significance of title deeds for Cyprus property ownership and the process for obtaining and registering this relevant document for greater overall property protection.
The Significance of Title Deeds
Title deeds are valuable documents that clearly outline the ownership of a property, as well as other important information. This includes if other parties have an interest or share in the rights to the property, the defining parameters of the property’s scope, the rights and restrictions related to the property and its use, as well as pertinent registration information.
In Cyprus, all immovable properties in Cyprus should have title deeds, and possession of this document is crucial for avoiding obstacles in dealing with the property. For potential property buyers, checking for a title deed before purchase is a necessary step to protect yourself and your future Cyprus investment.
The first mention of land registration, the basis for title deeds, can be found in the Old Testament of the Christian Bible, referring to a “neighbor’s landmark.” This suggests that proper avenues for claims on land have been around with the rise of civil societies.
Modern English common law is based on a form of land registration in what is now England and Wales back during the days of Roman rule. Ownership and productivity measures of the land were kept in government records using routine censuses, generating land tax concepts. Egypt under Roman rule went beyond recording and taxation to implement a complete land registration system.
As older methods of land transfer were carried out under the eye of witnesses, modern law established the notions of land registration and the creation of title deeds. All nations and territories around the world have some form of registration system with associating documents to ensure that property ownership follows the law and goes through the appropriate channels to resolve contention and conflict arising from property assets.
Getting a Title Deed Issued
In Cyprus, title deeds are the official certifications, recognized by all official departments of the government, that you are the rightful owners of immovable property. The Immovable Property Law and its related amendments pertain to title deeds and the Land Registry is the responsible office for issuing title deeds, such as for new properties or adjustments to existing properties.
Non-registered properties do not contain title deeds and acquiring non-registered properties or not registering a new property can come with huge risks for both buyers and sellers, as the property will not be able to be transferred or construction permits denied.
Below is the process through which title deeds are created and dispersed to Cyprus property owners:
- Developers must file an application for the division of a plot of land and obtain the required planning and building permits.
- The construction of the properties must be completed.
- Developers then need to submit confirmation paperwork that the project is completed to the local planning department at the district land office for inspection of completion and for its accordance with related permits and licenses.
- The local planning department will submit a certificate of completion to the Land Registry of Cyprus for the issuing of separate title deeds for each property under the project.
- Upon completion, developers will be notified that the title deeds are issued and are expected to inform buyers.
- Buyers can pay the property transfer fees with their Contact of Sale and receive their title deed from the Land Registry within a few months, obtaining absolute ownership of the property.
Trapped property buyers without title deeds can hire a lawyer to assist with checking if delays have occurred at any of these steps and ensuring that the process continues to move along. Delays can result from immovable property taxes or mortgage issues.
When purchasing real estate, the existence of title deeds makes the transfer of ownership and securing the ownership during the sale agreement and buying process much smoother. Often, deals that seem too good to be true may be a result of the lack of a title deed.
Having Your Papers in Order: Ownership, Transfer, and Buying Property
Title deeds grant property owners the proper tools to conduct their affairs with more effectiveness as well as more protections with owning property including establishing rights, guaranteeing sales, and smooth transfer of ownership.
Unfortunately, without obtaining certificates of ownership of immovable property it may be difficult to apply for a mortgage or obtain a loan with the property as capital. Other obstacles may include dealing with outstanding mortgage plans to be altered without an owner’s knowledge or consent.
Selling your property might also be an issue as many potential buyers might be hesitant to go through with the Contract of Sale without a title deed or may be unsure if the property was built illegally or if the developer is attempting to extort money.
Only the registered owner may choose to enter into a sale agreement and through the process, your property may be returned to the original title deed owner. While legal avenues and governmental policies may ease this burden, the cost and time could far surpass the value of the property.
Finally, without the proper title deeds, any changes or additions to the property could result in being legally deemed destructive of the property.
Whether you already own property in Cyprus or you are a potential buyer, this legal document is an essential part of property ownership.
Understand Your Rights and Responsibilities as a Property Owner
Joining the ranks among property owners is an exciting investment and one that comes with a lifetime of rewards, but without the proper paperwork, property ownership can quickly become a nightmare. Luckily, owners of property in Cyprus are afforded many protections with title deeds, and obtaining one is not that complex.
Working with a specialist in real estate and law such as the professionals at Property Experts Cyprus can get you caught up with this aspect of ownership or ensure that your new immovable property is an asset to your life with the right paperwork.
Contact us to get a checklist of what you need to do to claim proper ownership of your property with title deeds and discover the services we offer our clients to ensure that owning a property in Cyprus is the best investment you can make. Let us put your property right where it belongs!