Are land's title deed and complete certification enough?

Questions about selling property
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stroumpimango
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Joined: 22 Jun 2013 13:26

Are land's title deed and complete certification enough?

Post by stroumpimango » 30 Jul 2015 11:11

Dear Nigel,
I wonder if you can help us to clarify a situation. We arrived in Cyprus eleven years ago, and bought two adjoining plots of land, to which we have clear title deed.
We then built a comfortable home on this land, and in due course obtained the necessary planning permission, and building permits. Eventually, we were in a position to apply for a completion certificate, which was issued to us a year ago.
We are now waiting for the final amalgamated title deed for both the land and buildings on it, which as is usually the case in Cyprus, is taking time.
Due to a change in our plans we are now seeking to sell our home, but our aim has been thwarted, and on two different occasions prospective buyers have pulled out, because we do not possess the final deed.
We have been informed by several Cypriot friends that the final deed is not absolutely necessary, because title deeds for the land alone is sufficient to enable sale of the property. The argument being that one simply buys a plot of land, and with this purchase comes all of the buildings that happen to be on it.
Can you please advise me, if this method is legal, and safe for prospective buyers?
A lot of thanks.



Nigel Howarth
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Re: Are land's title deed and complete certification enough?

Post by Nigel Howarth » 30 Jul 2015 11:37

Dear stroumpimango

You will have difficulty selling without a full Title Deed. There is nothing illegal or incorrect in what you're trying to do, but given all the problems people are very reluctant to buy without a Title Deed.

A friend of mine is a lawyer - he is Cypriot but spent virtually all of his life in the UK and you wouldn't know he was not British if you met and spoke with him.

He purchased a house in a situation very similar to yours (but on a single plot). He insisted that the vendors got a full Title Deed issued before he would part with his money (as I recall it took him a year).

Regards,


Nigel Howarth
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Pantheman
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Re: Are land's title deed and complete certification enough?

Post by Pantheman » 31 Jul 2015 09:09

Dear Stroumpimango,

what you offer for sale is perfectly adequate, it is as you say, you are selling the land and all upon it.

The fact that you are waiting for the amalgamated title (by this I guess you mean 2 titles into on as you have built upon both??) is and should be of no consequence.

You say you are in a position to apply for final certificate, what does this mean? I am guessing you need the amalgamated title before you do??? You can still make application in parallel to waiting to save time.

What some buyers demand is the full title deed, but you can still sell with the criteria you have, it'll be a safe buy, it just depends on the buyers, how sensitive they are, who's been talking to them and what stories they have been reading.

In the first instance I would be pushing the Land Registry for this title and also making FCC application if you really want to push this along.

Place your property for sale but explain what you have achieved so far the buyer either accepts it or not. If they like the place enough and the price is right they will still go for it.

Each property has it's own circumstances, what happened to one or to another person may or may not be relevant to yours so do not compare.

Good luck with your sale.
Last edited by Pantheman on 03 Aug 2015 09:30, edited 1 time in total.


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stroumpimango
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Joined: 22 Jun 2013 13:26

Re: Are land's title deed and complete certification enough?

Post by stroumpimango » 02 Aug 2015 13:46

Dear Nigel and Pantheman,
A lot of thanks for both of your replies and precious suggestions.
Best regards.



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