# title deeds



## porky (Jan 29, 2012)

Hi
Basically I need to get an answer to the following questions:
(1) Is it normal practice to not be able to get "title deeds" from a developer until long after poroperty being finished/paid in full? Also what is the cost of obtaining these deeds?
(2) When you have paid in full and moved in surely your only proof of ownership is these "Title Deeds"?
And finally if the developer holds onto them and goes bust can his creditors claim any property these deeds apertain to.
I am thinking of moving abroad shortly and have been talking to a friend already in Cyprus who seems to think after having been there 6 years his developer (who is still developing in Cyprus) doesn't release his Title deeds? Lets face it in the U/K nobody would dream of buying a property without obtaining "Title Deeds" on completion.
Thanks for any thoughts in advance:confused2:


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## Woodruff (Mar 20, 2011)

*Deeds*



porky said:


> Hi
> Basically I need to get an answer to the following questions:
> (1) Is it normal practice to not be able to get "title deeds" from a developer until long after poroperty being finished/paid in full? Also what is the cost of obtaining these deeds?
> (2) When you have paid in full and moved in surely your only proof of ownership is these "Title Deeds"?
> ...


Just don't buy in Cyprus that will secure your money, rent instead and see if you like it first. Developers can hang onto deeds for as long as they like, if they go bust yes you will lose your property, also they can secure loans on your property which if they default on yes you lose your home as the bank will cease it!


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## Veronica (Apr 5, 2008)

A lot depends on whether the property is on a large development or is an individual property.
With large developments, the developer cannot apply for the final certificate until all of the planned properties on the development are completed.
Until the final certificate is issued the process of issuing the title deeds cannt begin.
Once the process begins an AX number issued which means that the title deeds will be issued within a few months.
The important thing is to be certain that the developer does not owe any money on the land. When you enter into a contract of sale a specific performance is registered in the land registry in your name. This prevents the developer or anyone else from taking out loans on the land.
I know that in the past this has happened despite specific performance having been registered but the people involved, including the banks who allowed it are being taken to task and it should not happen in the future.
If you are planning to buy a property here you must make sure that you do your research very throroughly into the developer if it is an off plan property. There are several developers who we will not touch as they are in trouble with the banks.
DO NOT use a lawyer recommended by the developer.
A good lawyer will look after your interests, there are several I would recommend you to stay well clear of but it is agaisnt forum rules to name and shame so I will be happy to name them in private.

Veronica


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## porky (Jan 29, 2012)

*private*

Hi Veronica
Yes any steerage you can give me away from "pitfalls" would be very useful as would list of developers " You wouldn't touch"!!
Nobody has commented on "Cost of obtaining title deeds"??
Do I need to give you my email address? (don' want to break any forum rules).
My friend's developer has told him and I quote "You do not need title deeds to enable you to sell your property" true or not??.The developement were my pal has his villa has been long completed (although the developer has 2 or 3 other sites on the go).Telling people they don't need the deeds to be able to sell is one thing "but who would buy without them"??.
look forward to any info you can give me all be it off the forum.





Veronica said:


> A lot depends on whether the property is on a large development or is an individual property.
> With large developments, the developer cannot apply for the final certificate until all of the planned properties on the development are completed.
> Until the final certificate is issued the process of issuing the title deeds cannt begin.
> Once the process begins an AX number issued which means that the title deeds will be issued within a few months.
> ...


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## Veronica (Apr 5, 2008)

porky said:


> Hi Veronica
> Yes any steerage you can give me away from "pitfalls" would be very useful as would list of developers " You wouldn't touch"!!
> Nobody has commented on "Cost of obtaining title deeds"??
> Do I need to give you my email address? (don' want to break any forum rules).
> ...


The developer is only partially correct. If you don't have title deeds the banks won't give mortgages so you need a cash buyer.


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## Veronica (Apr 5, 2008)

This is the formula for working out the cost of the title deeds.

Transfer fee rates are as follows:

VALUE OF PROPERTY (EURO) TRANSFER FEES
up to 85,430.07 = 3%
between 85,430.08 - 170,860.14 = 5%
over 170,860.15 = 8%

If the property is in 2 names, ie husband and wife the cost is effectively halved.


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## porky (Jan 29, 2012)

*help*

Hi Veronica
I really appreciate all your time in answering my queries.
My email address is ( how do I get my addy to you the site is stopping me posting it) if you can give me any off the forum info.
David (my name)


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## Veronica (Apr 5, 2008)

porky said:


> Hi Veronica
> I really appreciate all your time in answering my queries.
> My email address is ( how do I get my addy to you the site is stopping me posting it) if you can give me any off the forum info.
> David (my name)


I will send you a private message.


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## porky (Jan 29, 2012)

got your pm but cannot see how to reply to it?
is the website shown in your thread "Yours" then I could contact you via it yes??
My area of interest are "Argaka and Laatchi.
The developer my friend used was "Pafilla"
david


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## Cleo Shahateet (Feb 23, 2009)

I agree with all of Veronica's advice. I do have to say that there are a lot of good deals on resales due to the amount of distressed owners so you can get a bargain property with title deeds if you take your time looking around and don't feel pressured to buy which some developers and agents will try to do. I would first have a good look around to see what you can get for your money so you will truly know a good deal when you see one. Those that are priced well, have deeds and are in a good location do sell fast though even in this market.


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