Cyprus Property Title Deeds – Law Update

Law Offices of Andreas Coucounis & Co have published an interesting article in the Cyprus Mail about obtaining title deeds by way of specific performance.

Click here to read the article

But what does it mean for cyprus property buyers?

1.   Firstly your contract must include the registered land owner if the developer or vendor is not the registered owner of the land.  This means that your contract will include the name of the registered land owner, the vendor or developer of the building and the name of the buyer or buyers.

Why would there be a registered land owner and a vendor/developer?  Very often there is a joint venture between the developer and the land owner where either all of the land remains in the name of the registered land owner or jointly.

2. If there is more than one buyer then only one buyer needs to take action to obtain title deeds.

3. The Courts may appoint either the buyer plaintiff with the power to obtain the title deeds or order the vendor/developer to obtain the title deeds by a certain time.

There is one very interesting point but it still means no change.

“Not even the existence of mortgages on the plot of land can be used as an excuse for not complying with the order and not issuing separate title deeds. The presence of a mortgage on the plot of land cannot constitute an excuse later on for the enforcement of a buyer’s rights to specific performance of his/her sale contract.”

This statement requires explaining before it is misunderstood. This does not mean, in my opinion, that a prior mortgage (there cannot be a mortgage created after registration of the contract for sale) will be extinguished and the Land Registry procedure requires that a prior mortgage is acknowleged by a buyer before title deeds are issued.
    

Cyprus Property Help & Advice Centre™ ® ©
The Black Art of Buying Property in Cyprus™ ®
The Cyprus Informer™ ® ©
http://cyprusinformer.eu

Related posts:

1. Cyprus Property, Mortgages, Land, Title Deeds and BanksI am pleased to be able to explain in detail the relationship between Cyprus Property, Mortgages, Land, Title Deeds and Banks. Are these mortgages scams?  It is important that each instance is considered seperately.  Some instances may be scams, taking advantage of a system which can be manipulated to facilitate fraud.  But, in Cyprus, we are dealing with a country...
2. Title Deeds   Quote: This article was written by me.  Sellers have a habit in stating that "The Property Comes with Title Deeds" as if not having title deeds is a bad position. This is not so in Cyprus and many more property transactions take place without title deeds than with them. If not then the Cyprus Property Market would grind to...
3. Cyprus Property – It should be “No Title Deeds” then “No Purchase” !! There has been a flurry of articles published recently on the subject of buying a home in Cyprus.  These publications have been in the Cyprus Mail Newspaper and a Magazine called "In Touch". (How did the Editor of the Cyprus Informer get on the front cover of Fortune? That is another story !!)  If you don't want to read...
4. Is a Cyprus Property Crash Inevitable? Firstly the Cyprus Government is on a policy strategy to curb the property market in terms of building capacity and prices. The Cyprus Informer article on the Looming Crisis in Banking and the Cyprus Government Policy is here http://www.girltalk.pcs-net.com/b2/cyprus-banking-crisis/ The Cyprus Property Action Group is rightly campaigning for major reforms in the property market so that purchasers get their...
5. Property RegulationsThis article has been pulled together from a variety of public domain sources Cyprus became a full member of the EU on 1ST May 2004 resulting in many changes for EU Nationals planning to purchase property in Cyprus:-Cyprus became a full member of the EU on 1ST May 2004 resulting in many changes for EU Nationals planning to purchase property...
6. Why Buy land first? Quote: My architect came up with this idea in 2001 and it was confirmed to be OK by my lawyer. Purchase your plot of land first from the developer with a seperate contract and save money !! Why? Land transfer fees are paid only when the title deeds are transferred to your name. When the title deeds to the...
7. Property purchase agreementsSales agreements: all you need to know The second in a five-part series that was published in the Cyprus Press and it intends to advise British and European home owners of the differences in purchasing a property in Cyprus. It is not a do-it-yourself guide The Law regarding Conveyancing. This article is an excerpt from the booklet Living in Cyprus...
8. Sales agreements: all you need to know.The Law regarding Conveyancing Whether you are buying land, new development property or an existing property, the same legal procedure is followed: 1. The buyer and seller reach an agreement and a Sale Agreement is drawn up. 2. Four copies of this agreement are made and all of them are stamped at the District Land Registry Office. One of the...
9. Cyprus Property Information – IndexCyprus Property Information - Index Here is an Index of the wide range of Cyprus Property Information that is available on this site http://downtoearthcyprus.net Chapters Property Regulations Tax Tips Property Tips Finance Tips Living in Cyprus News Feeds Articles Regulated Professions in Cyprus Private Water supplies Home Exchange Electricity Timeline: Cyprus UK Pension in Cyprus Cyprus - Residence Permit -...
10. Cyprus Property Bubble on Verge of Bursting  A new Cyprus Law is proposed making any mortgage rank behind a registered contract for sale will mean that banks will want their money back. Once the mortgage is out of the way then Title Deeds can be issued doing away with waits for legal ownership of 10 years or more becoming a thing of the past. Also Contracts with...