Where the property is constructed without Title Deeds, the conveyance process might take more time, in some cases years, to be completed and there are many risks.
Fine Life Group can help you ensure that the building meets all the specifications. We employ a civil engineer to carry out several searches so as to make sure that the property has been constructed as per the town planning and building permission and that the Vendor has applied to get the certificate of final approval.
When there are no deeds on the property sold, for example, building plots or houses and flats under construction, we advise the client to negotiate and insist that an amount of 5 to 30 per cent of the price be paid when the property is registered to the Land Registry Office on the client’s name and for the Office to confirm the registration. This amount should not bear interest or minimal interest.
By obtaining Legal Advice the risks will be minimised and the Lawyer representing the Purchaser will ensure:
- That the Contract of Sale includes all the necessary terms.
- The issuance of Title Deeds.
- The rights of the Purchaser to sell the said property even before the issuance of Title Deeds.
- And that as soon as the Title Deed will be issued, the Vendor will transfer the Title Deeds under the name of the Purchaser.
In September 2015, the Cyprus Government issued the Amended Transfer and Mortgage Properties Law No 139(1)/2015, in order to assist property owners who were unable to get their Title Deeds despite fulfilling their contractual obligations with the seller, referred to as ‘enclaved’ or ‘trapped’ buyers. The new law grants the head of the land registry department the authority to exempt, eliminate, transfer and cancel mortgages and other impediments, depending on the case and under certain conditions. This move has allowed many ‘trapped’ buyers without Title Deeds to submit an application and complete the official transfer of their property on their name.