Acquiring Title Deeds in Cyprus
Title deeds are also known as "Certificates of Registration of Immovable Property". These are stately documents which are significant as attestation for land or property ownership in Cyprus.
When Cyprus got admitted to EU it had to abide by their rules so there were many changes. Among them was the limitations on non-Cypriots, belonging to other EU states, who intend to carry their property investment business in Cyprus. Moreover, it is permissible for EU citizens to own maximum property to buy in Cyprus or sale etc.
Cyprus sets rules for LAND REGISTRY SYSTEM and these include following immovable properties:
- Including all rights pertaining to land and buildings
All these properties have their specific Title Deed.
WHY DO I NEED A TITLE DEED?
If you do not acquire one then you are unable to own a property in Cyprus. You cannot fully utilize all advantages unless you ask permission from the rightful owner.
With your own choice you cannot sell it until registered owner and Land Registry steps in for formal process.
The rightful owner can carry his decisions to the extent that he may do business on that very property without informing you. So that your property may be at stake!
TRANSFER OF OWNERSHIP:
For transfer two allowances need to be taken as set by Cypriot authorities. Firstly, you need to take permission from Council of Ministers and secondly, from the Central Bank of Cyprus. Only then transfer from Vendor to Purchaser can be carried out easily. Not to forget that Cyprus Land Registry Office also plays its role in between transfer. The buyer can submit his application to them or Power of Attorney can take his part.
In case the Cyprus Property is new and or there are not any title deeds yet a sales agreement can be deposited in the Cyprus Land Registry Department in order to protect the interests of the buyer.