Property owner’s rights and obligations regarding title deeds
Article www.cyprustitledeeds.org
Every property owner is entitled to have individual title deeds for the property in Cyprus. We as an office have actively been promoting this right to property owners, developers and every other interested party in a property purchase. However the issue regarding title deeds is complicated, before title deeds can be issued there are several processes and documents which need to be issued by the competent authorities. Even after all of these processes and documents have been issued, the developer must them pay any outstanding debts on the property BEFORE individual title deeds can be issued.
In every newspaper at least once a week, title deeds are mentioned, every person wants their title deeds, but is every person able to pay the title deed transfer taxes to obtain their title deeds? Title deed transfer fees are calculated according to the formula below for every single person on the contract of sale.
0 – 85,000 Euros x 3%
85,001 – 170,000 > x 5%
170,001 + x 8%
Before you will receive your title deeds you must be able to pay these funds.
Mr. Silikiotis is pushing for title deeds to be issued (and we hope the parliament enacts the legislation soon), however property owners must ensure they are in the position to pay for their title deeds upon issuance. After all… Not only the developer has an obligation, you also must be able to fulfill your obligation towards resolving the title deed fiasco….