Title deeds in Cyprus

Title deeds or otherwise known as “Certificates of Registration of Immovable Property” are official documents that prove ownership of a property in Cyprus. With the admission to the European Union, Cyprus had to make several changes to abide to the rules and regulations. There had to be several restrictions on non-Cypriots, from other European Union countries, planning to enter the real estate investment market in the island. One of them was on the maximum limit of property to buy or sell.

WHY TITLE DEED IS IMPORTANT

– Having a title deed grants you the ownership rights for a property. In case you do not have the title deed, then you will not be able to utilize the advantages of ownership, hence you will have to ask the rightful owner for any permissions.

– You will not be able to sell the property unless the rightful owner together with the land registry agree to proceed with the process.

– Not having the title deed can put you in risk since the rightful owner can proceed into doing business with the property without even letting you know!

TRANSFERING THE OWNERSHIP:

There are two permissions you will need to acquire in order to transfer a property, one from the Council of Ministers and the other from the Central Bank of Cyprus.
If the Property is brand new and there are no title deeds yet, a sales contract may be submitted to the Cyprus Land Registry Office as a way to secure the buyer’s interests.