Selling: with or without title deeds?

Questions about selling property
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Topdriver
Posts: 2
Joined: 18 Aug 2017 14:21

Selling: with or without title deeds?

Post by Topdriver » 18 Aug 2017 14:41

After 10 years in Cyprus I have now been told that title deeds for my property are now available, although I have heard nothing from the developer.
However, I now have a buyer for my property and after much research I am still totally confused with regard to the issuance of the title deeds and the cost of getting them. Can anyone help with answers to the following...
1. How much can I expect the transfer fee to be on a property originally purchased for £CY152,000 (€259,707) and owned jointly with my wife.
2. If I obtain the title deeds before selling the property, will the buyer then have to pay a further transfer fee to register the title deeds in his name based on the selling price?
3. If this is the case would I be better advised to sell the property WITHOUT the title deeds (ie through the developer) and agree with the buyer to share the ultimate cost of transferring the deeds to him.
I would be grateful for any meaningful advice on this issue.



Paulinegaye
Posts: 1
Joined: 18 Aug 2017 21:06

Re: Selling: with or without title deeds?

Post by Paulinegaye » 18 Aug 2017 21:18

No one in their right mind would want to purchase a property that came with no Title Deeds. From what I have read, the land registry evaluate the cost of the propery and charge accordingly.



Nigel Howarth
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Location: Erimi, Limassol, Cyprus
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Re: Selling: with or without title deeds?

Post by Nigel Howarth » 19 Aug 2017 00:45

Hi Topdriver and welcome to the forum

I think you're talking about Property Transfer Fees - the local equivalent of the Stamp Duty Land Tax (SDLT) that a purchaser pays to the government when purchasing a property. Each time the ownership of a property is transferred to a new person, Transfer Fees are payable.

If you paid VAT on the purchase price, no Transfer Fees are payable. If you did not pay VAT when you purchased, your Transfer Fees will be reduced by 50%.

As your Title Deeds are available, Transfer Fees will be paid to transfer the property into the names of yourself and your wife. Your purchaser will then have to pay the Transfer Fees to transfer ownership of the property to his/her name.

The Department of Lands & Surveys has an online Transfer Fee calculator at http://portal.dls.moi.gov.cy/en-us/Page ... rFees.aspx

Regards,


Nigel Howarth
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