Buying Property with Title Deeds
Purchasers buying a property built some years ago or a one unit and not part of a complex, can acquire their Title Deed immediately. The procedure is exactly the same as in the U.K. It is wise to appoint a local Lawyer. The Lawyer must then make a search and if the results are satisfactory, contracts can be exchanged immediately. The Vendor then provides the Title Deed without delay.
Purchasers can feel safe as long as their lawyer acts as follows:
- A search is made to confirm that the land on which the project has been built is registered on the vendor’s name and to make sure that is clear of any encumbrances.
- That the Contract of Sale is stamped by the Tax Office and lodged with the Land Registry for Specific Performance purposes, (Law cap 232 as amended by the laws 50/70, 96/72 and 51(1)/95).
- That the title deed is transferred on their names
Buying Property with no Title Deeds
Purchasers buying property which is part of a complex will probably not be able to get there title deed if it is a new complex. If it is a resale from a previous buyer, and not the developer, the title deed might have been issued. Even if it is not issued, your purchase can be safe and secured if the appropriate safeguards are taken by your lawyers.
Purchasers can feel safe as long as their lawyer acts as follows:
- A search is made to confirm that the land on which the project has been built is on the vendor’s name and to make sure that is clear of any encumbrances. In the case of mortgages, matters become more complicated, but appropriate measures can and will be taken in order to ensure that your property will not be affected by them in any way.
- That the Contract of Sale is stamped by the Tax Office and lodged with the Land Registry for Specific Performance purposes, (Law cap 232 as amended by the laws 50/70, 96/72 and 51(1)/95).
- Investigation of the matter of issuance of title deed.
Buying a property under construction
Purchasers of a property under construction must follow a slightly different procedure and cannot acquire the Title Deed to their property immediately. The Title Deeds to new properties, or to properties which are part of a project, takes approximately 4-5 years following completion, to be issued.
Purchasers can feel safe as long as their lawyer acts as follows:
- A search is made to confirm that the land on which the project has been built is registered on the vendor’s name and to make sure that is clear of any encumbrances. In the case of mortgages, matters become more complicated, but appropriate measures can and will be taken in order to ensure that your property will not be affected by them in any way.
- Ensures that stage payments are in accordance with the progress of the work.
- That the Contract of Sale is stamped by the Tax Office and lodged with the Land Registry for Specific Performance purposes, (Law cap 232 as amended by the laws 50/70, 96/72 and 51(1)/95).
Contracts must be stamped within 30 days of signing otherwise a penalty is charged and added to the cost of the stamps. The contract must also be lodged with the Land Registry Office within 6 months from the date of signing, failure to do so results in the right to lodge being lost, and the contract can then never be lodged.