Title Deeds

[broughton]

We have been advised by our developer that our title deeds are available. We bought our apartment off plan in 2005 and paid CY67,000. I thought the costs were calculated on the price we paid, but the developer says the cost will be between 4,500 and 5,500 euros depending on the current value, is this correct?

In addition he wants us to pay, Immovable Property Tax ( to Government) – €685.70

Sewerage fees – €435.20

Immovable Property Fees ( to Municipality) – €116.95

I understand that we are liable for any tax payments but can't find any reference to sewerage fees in our contract, can you help please.

[Nigel Howarth]

Hi broughton and welcome to the forum.

Property Transfer Fees are based on the Land Registry's assessment of the market value of the property at it's date of sale. The Department of Lands and Surveys has an on-line calculator that will give you a rough idea of what you may expect to pay. You'll need to convert the price you paid to Euros and then plug the figure into the calculator at http://www.moi.gov.cy/moi/dls/dls.nsf/d ... n?openform

Your contract of sale will probably say that you are liable for all local taxes from the date you took delivery - this includes Immovable Property Tax, sewerage taxes, etc. If it doesn't, you can challenge.

I believe the Immovable Property Tax he is charging you is too high. To see how to deal with this see http://www.cyprus-property-buyers.com/law/tax.htm

As for the other items, the developer should be providing you with invoices/receipts (or copies thereof) showing the amount he has paid on your behalf.

Regards,

[broughton]

Hi, thanks so much for your previous info, it was a great help. Can you clarify for me please on what valuation the title deeds are based on. Our developer is adamant that it is on the current value and will only give us an approximate charge of between 4,500 and 5,500 euros, and he won't tell me what figures this charge is based on, however, when I used the link you suggested it came out at approx 4015 euros.

Thanks

[Nigel Howarth]

Can you clarify for me please on what valuation the title deeds are based on.

As I said earlier, Property Transfer Fees are based on the Land Registry's assessment of the market value of the property at it's date of sale.

This is usually the price you paid for the property, but it may be more if the Land Registry considers there were 'brown envelopes' involved in the sale.

Google - Property Transfer Fees Cyprus - and you'll find many articles on the subject (including several of mine).

Regards,