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Archive for the ‘Cyprus Title Deeds’ Category

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….

PRESS RELEASE July 26^th, 2009

ΜINISTRY OF THE INTERIOR  

The Ministry of Interior considers it necessary to announce the following concerning some comments that were allegedly made by the Minister in an announcement during a conference held on the 20^th of June.  Specifically, the Minister allegedly declared that the possibility of small businesses going bankrupt is of no concern to the Government, since that will caution developers to be more careful during business and when investing.

(a)   The Minister has never mentioned anything even remotely pointing to the above unfortunate statement, and could not have done so, given that he very well knows the importance of small and middle businesses in the field of construction and development. These businesses have an important function in the field of land and housing market, forwarding competition as part of a healthy economy, providing work places, and influencing various other specialized businesses of the specific field.

(b)   Apparently, some of the Minister’s  answers to questions were misinterpreted. The Minister, when asked on the possibility of the government’ s intervention in case of  mortage on a property, in order to safeguard the rights of buyers, and to provide a guarantee by the government itself to the buyers, stated that as in any state, the government does not intervene in private contracts and agreements between free parties (between the seller and the buyer), neither before the signing of the deal or agreement, nor afterwards, to safeguard any of the parties.

(c)   The Ministry of Interior wishes to inform the public that the Ministry is not only studying a new legislation, for a comprehensive amendment of three different laws concerning property registration and building permission procedures, but is also completing the amendment of a fourth law; all four legislative amendments will remedy and provide feasible answers to a number of problems that many buyers in Cyprus have been facing when dealing with matters concerning property and permit procedures.  The amendments will be actually a significant reform of the planning system and will largely improve the system of issuing immovable property titles, providing solutions to a lot of the problems of the present system.

(d)   The Ministry of Interior wishes to once again advise every future buyer of immovable property, whether a buyer of a part of or of a whole building (whether it be an apartment, a single detached house or a house in a housing complex), to go forward in agreements to acquire immovable property with caution, and after carefully examining the content of the agreement, the guarantees given by the seller for the issuing of the title for the immovable property in a defined period of time, the measures obliging the seller to deliver what has been agreed, whether the property has a planning and building permit etc., with the advice of relevant professionals (a lawyer or an architect). As stated before, it is not possible nor desirable that the Government take on any responsibility as to any of the agreements made between a seller and a buyer, to the benefit of any of the parties concerned.

MINISTRY OF INTERIOR

July 26^th, 2009