Cyprus Property Title Deeds Explained
Cyprus Property Title Deeds Explained
Buyers who are still holding off for the issue of the title deeds for their property in Cyprus!
are proper to sound off and form committees to exercise pressure upon the developers and the government to happen a solution to their problem.
Although this approach is accommodating, it will not convey any result to them unless they take the abode by vendor to court to place him under observance to issue the abstracted title deeds or nominate them as the fit persons to issue the deeds. The applicable procedure is uncomplicated, fast and the outcome will be boffo without any tangible cost to the buyers. They can base their claim on Law 96(I)/97 which gives the court the authority to issue much an order against the obliged vendor, who neglects, unreasonably denies or omits to take the incumbent steps for incurring the incumbent permits and approvals for the issue of the separate title deeds.
Through this procedure, the court is reshaped to order the issue of abstracted title deeds for any immobile property traded without a title deed, before the claim for the ad hoc performance of the sale contract is made. Therefore, this remedy can be utilized by any buyer who has tweezed his sale contract at the Cyprus land registry and he has been holding off for years for the vendor to issue separate title deeds.
Bearing the above in mind, any buyer or committee formed is not justified in stating that the redress is slow and the process expensive.
Also, they are not proper in laying claim that an alien purchaser must look for advice in his country before subscribing any contract of sale in Cyprus since there are lawyers in Cyprus who specialise in immobile property law, are autonomous and experienced in the field. They charge a commonsense fee and work entirely for buyers, either at the time of the preparation of the sale contract or if there is a necessitate to convey a court-ordered action against the abode by vendor for the issue of the abstracted title deeds. When looking for advice from abroad, the procedure will be sluggish and big-ticket; the foreign lawyer will have to seek advice from a Cypriot lawyer who may act for the developers, too. On the other hand, a foreign lawyer has no experience at all in the field and even his co-operation with any Cypriot lawyer may not be utilitarian. Moreover, there are lawyers who advertize themselves online as specialists in the field without being so.
The best way to find an independent, specialist and experienced lawyer is to obtain information here in Cyprus from various reliable sources.
A prudent buyer who employs a competent lawyer should not have to worry about his lawyer doing his job properly and his utmost to protect and safeguard his client\’s rights and interest; a proper sale contract will be prepared and signed containing every necessary clause and annexes and it will be stamped and lodged with the land registry. In the event the land of the developer is mortgaged, no payment will be made to him without providing the lawyer first with the appropriate bank waiver and when the developer is a company, the owner will be placed as the guarantor of his company. Obviously, the lawyer will rede the purchaseer legally and not on commercial issues much as the value of the property or the kind of the property he will purchase. An experienced lawyer through his practice knows whether the developer is tested and creditworthy and in this respect he can be of assistance to his client.
A question reasonably raised is why the buyers who have been waiting for so long for the issue of their title deeds remain inactive without exercising their right through the Courts of Cyprus for justice. How many of them have taken court-ordered action.
Complaints are not sufficient; they need to take action and it is up to them to employ the services of an independent lawyer to act for them.
Time is valuable and the earlier the buyer takes action the sooner he will succeed and get his title deed. There are no excuses since there is a law in Cyprus which provides a remedy and the Courts see justice is done. In careful, the conditions set by the applicable law for the court to place the vendor under observance or to nominate another person as apropos to issue the abstracted title deeds are the postdating: (a) there must be no abstracted title deed for the property traded, (b) the abode by vendor must make the issue of the title deed hopeless on purpose, (c) the vendor must neglect to take the incumbent steps in order to issue the abstracted title deeds or to incur the applicable certificates, permits or approvals for the issue of the abstracted title deeds, and (d) the vendor must reject without any excuse to take steps for the issue of the abstracted title deeds. If the first and one of the other three conditions utilize, the court has the discretion to issue an order to procure the separate title deeds and do justice.
