Not divided land in Paralimni (Agriculture) BIG 27.000square meters

You'll need land to build a custom home
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Iwishiwasincyprus
Posts: 5
Joined: 28 Oct 2020 13:17

Not divided land in Paralimni (Agriculture) BIG 27.000square meters

Post by Iwishiwasincyprus »

Helllo



The land is located in Paralimni Cyprus, we are 3 diffrent owners, it is me and my sisters owning 1/3, and one man 1/3 and then two relatives in owning 1/3.

My sisters and myself want to sell our share, and so does the man, so 2/3 are willing to sell.
We have been in touch with the owner of the last 1/3 about a year ago, telling them we want to sell , they are informed but are not willing to speak with us or answer our text and email, it is a dead end...

We all have the title deeds of course.

How can we proceed with this matter?
Can we sell threw the land registry office due to an auction, and what happens if we get a poor offer for it?

It is an expensive way of Selling?

I have seen this below atttached file and got curious about it, and hopefully get some answers

Ps Me and my sisters live in Europe

http://www.buy-cyprus-property.co.uk/ar ... eement.php

Best Regards
Pantheman
Posts: 618
Joined: 26 Jan 2008 14:44
Location: Famagusta District
Contact:

Re: Not divided land in Paralimni (Agriculture) BIG 27.000square meters

Post by Pantheman »

Hello,

The last 1/3 share cannot stop you from selling, however selling shares of land is always more difficult because people are buying the very problem you have!

You and the other man can advertise you property for sale as normal, even though you need his permission, you can still proceed.

What happens is that when you find a willing buyer, your other co-owner has what we call an 'option', he can buy you out at the same price that your buyer will pay. If he refuses to given you a written agreement that he does not wish to buy it, you can advertise the sale in 2 daily news papers for a period of 30 days. If he does not come forward then the sale con take place without him.

What happens if that you go to the land registry as normal, you make the transfer, the monies are paid into the LR with the Transfer fees etc, but the and doesn't immediately get transferred for the first 30 days giving the co-owner the 'option' to come forward and pay the monies. If he does then the monies paid by the buyer are returned and he is out of the picture. If he doesn't then the land is transferred into the new buyers name.

Additionally , if the land is 27,000m2 it can be divided into 3 separate plots anyway and then you can sell you own, but this takes even longer and with more expense.

It is not difficult, but you will need someone to do the paperwork for you, the tax office forms and then the Land registry transfers and advertising in the papers.

If you need a lawyer I can suggest one.

Good luck.
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