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35
Buying a Home in Cyprus
A Practical Guide to Successful Real Estate Purchase - Top Tips Supplement

Why is a Title Deed so important?
As buyers are not considered to own a property in Cyprus until its Title
Deed has been registered in their name, this presents them with a
number of problems as without Title Deeds:
g374 Buyers do not own the property and are therefore unable to enjoy
the full benefits of property ownership; including the right to sell or
transfer it to anyone they wish without the agreement of its
registered owner.
Should buyers wish to sell, they need to cancel or transfer their
contract of sale at the Land Registry enabling its registered owner to
enter into a new sale agreement with their buyer.
I know some people who have been charged more than €34,000 by
the registered owner, disreputable property developers, for this
‘privilege’. But a recent Court ruling may help to put an end to this
despicable practice. And also, a prominent lawyer has recently
stated that in his opinion, this practice is illegal.
g374 To supplement their retirement pensions, elderly people
sometimes wish to raise money against their property through
equity release loans and other schemes. Until the property’s Title
Deed is registered in their name, this is not possible.
g374 In some circumstances the registered owner of the property can
still raise a mortgage on the land on which a property is built
without the buyer’s permission - even though the buyer may have
paid for ‘their’ property in full and may have been living in it for
many years.
g374 The Cyprus financial institutions are extremely reluctant in
granting mortgages on resale properties without Title Deeds. As a
consequence, those wishing to sell their property have to find a
cash buyer.
© Nigel Howarth
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