Can we sell without deeds?

[aimang]

We've had an offer from a potential buyer whose agent claims we don't need to get the deeds transferred into our name and they'll sort out the transfer.

Has anyone got any views on this?

My concerns is if the buyer decided to pull out at the last minute and we're left with the deeds to sort out after all.
At which point the IPT may have changed to more up-to-date values rather than using the 1980 values.

Mia

[Nigel Howarth]

Hello Mia

Yes, you should get the property transferred to your name without delay as this will confirm you as it's legal owner. As things stand at the moment your property is still owned by the developer.

Once you have done this, the property can be transferred to your purchasers.

As for IPT changing, this should happen next year. Cyprus has agreed in the MoU that IPT will be calculated on up-to-date values in 2015.

Regards,

[aimang]

Hi Nigel,
Thanks, I know we need to transfer the deeds into our names.

The question was whether the potential new owner can get the deeds transferred into their names without us having to transfer them to us first? The agent acting on their behalf seem to think that they can, but just can't see how this would work? Do people sell property without deeds even if they are available?

Mia

[Pantheman]

We've had an offer from a potential buyer whose agent claims we don't need to get the deeds transferred into our name and they'll sort out the transfer.

Has anyone got any views on this?

My concerns is if the buyer decided to pull out at the last minute and we're left with the deeds to sort out after all.
At which point the IPT may have changed to more up-to-date values rather than using the 1980 values.

Mia

Mia,

If you do an assignment contract with the buyer, then the titles can (by pass you) be transferred to the new buyer. You don't have to worry about him pulling out as the deed scenario is untouched.

As far as you are concerned, you have made the sale and it's up to the buyer and his team to get the deeds in his name.

If the contracts are made and signed, then the chances are the buyer won't pull out, as you would then have grounds to sue him and he is unlikely to want that.

Good luck.

N.B. Nigel's advice is also sound, but it just means you will pay the transfer fees when there is no need to since you have a ready buyer.

[aimang]

Oh great, that would save a lot of hassle from the sounds of things. Thanks for the information. Will look into assignment contracts and what's involved.

Regards
Mia