The title of property owner in Cyprus
The procedure for registration of property in Cyprus is very different from a similar procedure in the other European countries. This procedure can be divided into two stages: the signing of a contract to purchase real estate and getting the title of the property owner. The specific feature of the legislation of the Republic of Cyprus is the fact that after signing the contract the owner has the right to own, use and dispose of property belonging to him. Well, the title makes it impossible to sales and lease the property, as well as its pledge without the knowledge or consent of the owner.
The title of the property owner is a document which confirms the ownership of real estate in Republic of Cyprus. Another name of the document is «Certificate of real estate.» All legitimate objects of Cyprus have to get a title of ownership. This document includes information about the owner, size and location of the property, as well as the registration number in the Department of land in Cyprus.
Getting the title of ownership when buying property in the secondary market
Buyers who purchase property in the secondary market of the Republic of Cyprus should ask for information about the presence of the owner’s title at the stage of selection of real estate for viewing. The existence of the owner’s title is a major advantage and a guarantee purity of the transaction.
To obtain the title of ownership of the property should be treated very carefully. Prior to registration of this document, the buyer’s rights are guaranteed by contract for purchase of real estate in Cyprus, directed for registration to the Legislative Chamber of Cyprus. If a contract is registered, it is impossible to rent a property, to lay, to sell or buy bypassing the buyer. Thus, buying a property, the new owner is necessary to issue title to the property. When buying property in the secondary market, the new owner simply need to re-register the document itself.
Getting the title of ownership when buying property in the primary market
When buying a new property, a different system operates. First of all, when buying a property, you need to find out from the joint action of the builder to obtain the title of the property owner.
Under Cyprus law, a contract for purchase of real estate in the primary market is necessary to make a detailed technical specification, which will be presented all the characteristics of an object. The contract deadline is set, when real estate is to be given to the buyer, and the amount of penalties in case of break of the contract.
Since the Republic of Cyprus imposed quite high demands on the quality of construction, the title of ownership of the new property will be issued only after serious examination of construction norms.
Contract registration at the Land Department of the Republic of Cyprus
All property in Cyprus must be compulsorily registered with the Land Department of the Republic of Cyprus. The documents should be submitted to the Regional Land Committee (District Land Registry Office) no later than two months from the date of signing the contract for inclusion in the register of the property and the blocking the actions undertaken without the knowledge of the owner.
After stamping and registration in the Regional Land Committee buyer receives and confirms the guarantee of ownership as long as it is obtained the title of the owner of real property and will not be given full transfer of ownership.
How to get the title of the owner in Cyprus?
The procedure for obtaining the title of the owner of property in Cyprus is quite slow. However, after signing the contract, the buyer has the right to use immovable property. The title of the owner of property can be obtained only after full payment of the price to the property seller.
To obtain the title of the owner and the final transfer of rights you must apply to the Regional Land Committee. Requires the presence of both parties (Seller and Buyer), the presence of the receipt of payment of registration fee and registration tax on property.
You must also provide the following documents:
— Copy of the authorization from the Council of Ministers;
— Certificate from the Central Bank;
— Invoice for payment of all taxes on the purchase and registration of title of the real property;
— Certificate of registration of real estate.
Transfer fee for cover title sheet to the new owner, or getting a new title in Cyprus will be calculated on the basis of the property value.