Should I take title deeds?

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Sue101
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Joined: 01 Nov 2013 12:04

Should I take title deeds?

#1 Post by Sue101 » 01 Nov 2013 17:27

Hi
I have been offered my title deeds and have got the money to go ahead although expensive at 10765€. I also want to put my house up for sale. The estate agent suggests that I can save this money by not taking the deeds now. Any purchaser will be granted an assignment and pay the transfer tax as normal based upon a transfer from the builder direct to them.
My only concern is that it may take some time to sell and should I leave my title deeds in the hands of the builder during this time.
What is the norm in these circumstances?
Thank you
Sue



Nigel Howarth
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Re: Should I take title deeds?

#2 Post by Nigel Howarth » 01 Nov 2013 20:49

Hello Sue and welcome to the forum.

Trying to save money by not paying the Property Transfer Fees to secure ownership of the property is not a good idea!

1. Most people are looking for a property with Title Deeds and trying to sell one without in the current market will be exceedingly difficult.

2. As your developer will remain the legal owner of the property he will continue paying the property tax etc. Obviously he will not be too pleased about this and could possibly make life difficult for you should you manage to find a buyer.

Paying the Property Transfer Fees will secure you ownership of the property, make the property more attractive and marketable to potential buyers, and severe any connections/obligations to your developer. (And the Property Transfer Fees can be used to reduce your Capital Gains Tax liability when you eventually sell).

Regards,


Nigel Howarth
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Sue101
Posts: 2
Joined: 01 Nov 2013 12:04

Re: Should I take title deeds?

#3 Post by Sue101 » 01 Nov 2013 22:20

Hi
Thanks for that really useful advice I will take the deeds as soon as possible. Unfortunately I will be selling the property at a loss so CGT is not in question. I will grin and bear it but at least I will sleep at night out go the clutches of the developer.
Kind regards
Sue



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