buying a resale were the land has a title deed

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cliffyamo
Posts: 23
Joined: 11 Nov 2007 01:01
Location: northwest england

buying a resale were the land has a title deed

Post by cliffyamo »

Hi Nigel,
We finally think we have found our home in the sun but can I ask your advice on the situation.
The British couple selling the house first bought the land and have the land title deeds in their name.
(I have seen this, all in Greek, but their name printed on it and have also seen another before, so have an idea as to what they should look like!)
They then got a Developer to build a property on the land.
They have lived in the property for three years and have said that the title deeds for the property are with the land registry being sorted out by the Developer.
I know this could take some time but because a property has now been built on the land do the land deeds now also go to the land registry and cannot be changed into our name because a house now sits on the land?
Whos name do they go in?
the Developer?
What happens in this situation?
would the Final Approval Certificate normally be available and completed at this stage?
I thought the sellers mentioned that they are waiting for this in our conversations.
I am using an Indepentent solicitor to sort out all these probelms and we are at the stage were we are now sending over the deposit for the property, but I would really like an idea of the procedure before I hand over the deposit.
The sellers are also putting pressure on us to exchange contracts asap even though the deposit hasn't yet been handed over!
They say they are moving back to England and say they have found a property over here and are also saying "we can exchange contracts even if the completion is months away?"
I have mentioned to them that its best to let the Lawyers sort this out but exchanging contracts in one month with all the necessary checks done, is this possible in Cyprus with the current backlog/workload at the Land Registry?
I will be speaking to my Lawyer about this but would appreciate your advice regarding this matter beforehand as our Solicitor hasnt even recieved our deposit yet.
Regards
Nigel Howarth
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Re: buying a resale were the land has a title deed

Post by Nigel Howarth »

Hi cliffyamo

Apologies for the delay - I've just returned from an 8 day holiday.

If the couple who are selling have the Title Deed for the land registered in their name, I suggest that you go ahead with your purchase. However, your lawyer needs to check that the various Planning & Building Permits required for the construction of the house have been issued - and that the application has been made for the property to be inspected for it's Final Approval Certificate and that the current owners have not taken out a mortgage on the land.

(It takes quite some time for the authorities to get around to inspecting properties - I've been waiting four years! I understand that they are giving priority to property developments over individual houses - so you may have to wait some time.)

I'm not too sure whether you'll get the Title Deeds immediately, or whether you'll have to wait until they've been updated with the details of the property. But once your contract has been deposited at the Land Registry, it's just a matter of waiting for the bureaucracy to sort itself out. (The Title Deeds will certainly NOT be registered in the developer's name).

There is no reason why you shouldn't sign the contracts now, BUT your lawyer needs to ensure there are clauses to protect you in the event that the Planning & Building Permits have not been issued, etc.

Cheers,
Nigel Howarth
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