Transfer of Immovable Property: How is it done?
Once your lawyer has been informed that the new title deed has been issued, he applies to transfer the property legally from the vendor’s name to yours.
Note that this can be months or even years after purchase (in the case of an off-plan purchase, it can be as much as five years later!) The procedure involves the following:
- Completing a Declaration of Transfer form (N270). The title deeds of the property or land must be attached to this form.
- Copy of your permission to purchase from the Council of Ministers.
- The sale contract.
- A Completion Certificate (also known as the Final Certificate of Approval) if you’ve bought off plan or had building work done. You must have this in order to apply to the Lands Office for the issue of a separate title deed in the case of a property on a development. Ownership cannot be transferred until there are separate title deeds.
- Receipts for the payment of all fees, charges and taxes, including immovable property tax, capital gains tax (paid by the vendor), sewerage charges, and municipal rates as appropriate.
Your lawyer will collect all the necessary receipts and documents for you and attach them to the application for Transfer of Immovable Property.
Signing
When the new deed (also called the Certificate of Registration) has been drawn up, all parties (or those acting for them) must go to the Lands Office to sign it. You must produce identification, which can be an identity card or a passport. It’s normal for you to be present when the deed is read, signed and witnessed, although foreign buyers (and sellers) often give someone a power of attorney to represent them, which can be arranged by your lawyer at a small charge. If a couple buys a property in joint names, the wife can give the husband power of attorney (or vice versa). Bear in mind that a power of attorney can be a dangerous document to sign.
Article by www.justlanded.com. Click to read more articles about Cyprus and many other destinations.