Postponement of Title Deeds

[Molly]

Hi Nigel

If, when the title deeds become available, you dont purchase them straight away and you then decide to get them in future years, what is the situation.

i.e. do they just sit and wait for you indefinitely or do you have to start all over again.

Cheers

Molly

[Nigel Howarth]

Hi Molly,

You should get your Title Deeds as soon as they become available as the property does not belong to you until you have title registered in your name.

You don't purchase your Deeds - what you pay is the 'Property Transfer Fees', which is equivalent to Stamp Duty in the UK. Once you've paid these fees, the Land Registry will register you as the legal owner of the property and make out a Title Deed accordingly.

If you don't pay, you'll leave yourself open to possible exploitation by the developer such as the immovable property tax scam. Also, your developer will have to pay tax on the property - so he's not going to be a happy bunny and will probably come chasing after you for the money.

And the developer could make thing difficult for you when you do eventually decide to get title, which could result in you having to take him to court.

Regards,

[Molly]

Apologies for delay in reply Nigel - only just checked

The reason I asked is cos one of my neighbours reckons if he doesn't pay the 'Property Transfer Fees' straight away, then everything goes to the bottom of the pile and when he does want the deeds, all searches start again.

Is this the case?

Regards

Molly

[Nigel Howarth]

Hi Molly,

Everything doesn't go to the bottom of the pile - the Title Deeds will be there for you.

And there will be no need to do the searches again - if the Title Deed is ready then there will be no mortgages on the property.

Regards,

[Molly]

Thank you Nigel

Regards Molly