Bnevi1 wrote:'you should get over to Cyprus and pay the Property Transfer Fees within 60 days'. Is there a particular reason for this?
My apologies - I should have said six months. The reason for this is as follows:
When your contract is lodged at the Land Registry, it creates a charge (an encumbrance) against the property that prevents the vendor from selling it to someone else. It also allows you to seek what is known as 'Specific Performance' - a 'quick' process through the courts, if the vendor refuses to transfer title of the property to your name once the Title Deed becomes available.
However, if you do not transfer the property to your name within six months, your ability to seek Specific Performance may lapse. If this were to happen and the vendor refused to transfer title of the property to your name, you would be involved in a more lengthy (and costly) court procedure.
You can red more about this at
http://www.moi.gov.cy/moi/citizenschart ... enDocument
But even if you were to lost the ability to seek Specific Performance, your contract of sale would still be valid and the vendor could not sell the property to someone else.
(BTW. The sixty days I mentioned is the time limit for depositing a contract of sale at the Land Registry after it has been signed in order to be able to seek Specific Performance if it became necessary).
As Andy pointed out - until the property is registered in your name, the developer (as its owner) is responsible for paying Immovable Property Tax. And he could make things difficult if you failed to transfer the property to your name within the six months.
Regards,
