Transfer of ownership from Vendor to Purchaser is a simple procedure. It can be done through the Cyprus Land Registry Office either by the buyer in person or by appointing a third party with a power of attorney. Certificate of Registration of Immovable property is known in Cyprus as Title Deeds. This formal document is evidence of property ownership. It includes details about the property’s location, size, and its specific reference number.
Most resale properties in Cyprus have existing title deeds that can be easily transferred from the seller to the purchaser.
If a property is new (purchased from the developer) then Title Deeds are issued a few years after the completion of the project/property. They are always in the name of the Developer, and then the Title Deed of each unit is transferred to the name of the purchaser.
When purchasing your Contract of Sale is deposited at the Land Registry Department. You the purchaser can prevent the owner/ developer from transferring the property elsewhere or changing it.
Furthermore, by virtue of a Bank Waiver Letter no burdens, charges or encumbrances can affect your right to seek specific performance after the contract has been deposited with the Land Registry since you are the beneficial owner.
Under construction properties
For properties that are under construction, there is no title deeds, Therefore the buyer will file the contract of sale to the Land Registry until a title deed for the individual apartment/villa is issued. Real estate transfer fees must be paid to transfer freehold ownership to the purchaser.
Properties without title deeds
There are existing properties without title deeds in Cyprus. Each individual case has different reasons and causes of the delay. Each needs to be assessed and examined separately. Usually, it involves developers, buyers, banks, central and local government departments. There are procedure that make the whole transaction safe. We advise avoiding any timesaving approaches that others would possibly recommend.