Issue of Title Deeds and the Specific Performance Law in Cyprus

This advice has been provided by a Cyprus Lawyer together with further research that we have undertaken.

It suggests that advice that waiting for permission from the Council of Ministers releases you from the immediate obligation to take up the Title Deeds is NOT effective.

The full opinion from the resident Cyprus lawyer on CyprusLiving is in the document below.

Issue of Title Deeds and the Specific Performance Law in Cyprus

So when and how do your Title Deeds become available and when they do is there any time limit to obtain the Title Deeds.  What is the position if I do not do so?

Basically if you do not do so within 6 months of having been notified by the vendor that he wishes to transfer the Title Deeds to your name then you lose the right to Specific Performance and the Cyprus Courts cannot help you in the future.

Quote:
The deposit of the contract of sale creates an encumbrance, which expires within six months from the date of the contract of sale or six months from the last date of transfer specified therein.

The time of the 6 months starts from the moment the title deeds are made available through the subdivision,something for which you will be notified immediately by the vendors.

But the developer could not sell your property again.

It has been said by Cyprus Property Expert, Nigel Howarth, that the presence of a clause in your contract for sale referring to the requirement for Permission from the Council of Ministers could delay the six month clock counting down.

It is now clear that if the permit is obtained AFTER the period when the buyers were allowed by Law to require the Court to order specific performance, they are too late and therefore lose their right to enforce the registration of the property into their names.

And if you are registered as a resident of Cyprus then the Permission from the Council of Ministers does not even apply.

Quote:
If you are a national of an EU member country and are resident in Cyprus, you are allowed to own as much immovable property (a term that includes both land and property) as you wish. To confirm your residency, take your passport and Temporary Resident Permit to your local District Administration Office where the officers will issue a Certificate of Permanent Residence confirming your status

Only if you are a non EU National or a EU National not registered for residency in Cyprus are you required to obtain Permission from the Council of Ministers. The latter is reported widely to be likely to be rescinded in 2009.

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