# Title deeds



## Roddyt2 (Jun 27, 2010)

Hi, on the verge of relocating,we have done a fair bit of home work on the in`s and out of buying a property here, I know that a good solicitor is invaluable,but there still seems to be a difference in opinion about having title deeds to go with the property that you purchase,some say it is ok without them,but I have read that some developers have remorgaged property that purchasers have already paid in full for, making it theirs you would think, only to find themselves with not a leg to stand on when the bank wants its money from the developer, is this the case that you as the purchaser can lose everything if you are without title deeds, or is there something in law to prevent this happening,very grateful for any advice.

Roddyt2


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## bobc (Jun 18, 2009)

Roddyt2 said:


> Hi, on the verge of relocating,we have done a fair bit of home work on the in`s and out of buying a property here, I know that a good solicitor is invaluable,but there still seems to be a difference in opinion about having title deeds to go with the property that you purchase,some say it is ok without them,but I have read that some developers have remorgaged property that purchasers have already paid in full for, making it theirs you would think, only to find themselves with not a leg to stand on when the bank wants its money from the developer, is this the case that you as the purchaser can lose everything if you are without title deeds, or is there something in law to prevent this happening,very grateful for any advice.
> 
> Roddyt2


Hi Roddy ,

I work for a large Real Estate Agency , the majority of properties are sold without Deeds . If you buy through a licensed agency and use a recommended lawyer you should have no problems , the best deals at the moment are Resale properties , I would not suggest buying off plan .
A short answer I know ,but I am in the office now . 
Bob


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## Veronica (Apr 5, 2008)

Roddyt2 said:


> Hi, on the verge of relocating,we have done a fair bit of home work on the in`s and out of buying a property here, I know that a good solicitor is invaluable,but there still seems to be a difference in opinion about having title deeds to go with the property that you purchase,some say it is ok without them,but I have read that some developers have remorgaged property that purchasers have already paid in full for, making it theirs you would think, only to find themselves with not a leg to stand on when the bank wants its money from the developer, is this the case that you as the purchaser can lose everything if you are without title deeds, or is there something in law to prevent this happening,very grateful for any advice.
> 
> Roddyt2


The title deed situation is very complex so it is imperative that you use a good lawyer and never use the lawyer recommended by the developer.
If you buy off plan the lawyer registers a deed called a specific performance which in theory is supposed to safeguard your investment. It means that the developer cannot legally take out a mortgage on the land once your name is registered with the land registry with a specific performance.
I know of a case where a developer took out a mortgage on land which a client of his had a specific performance on. The clients lawyer reported him to the police for fraud. He has fled the country to the USA where he worked in the past and an extradition order has been issued for his arrest and return to Cyprus.
The best buys are definitely resales as long as they have title deeds. Without deeds unless you are a cash buyer it is very difficult to get a mortgage on a resale.
If you are a cash buyer you are in a good postion to get a real bargain. We have sold several resales with title deeds this year and every one of them made offers well below the asking price and had them accepted.
If you are thinking of buying off plan then you would be better to go to a smaller developer, buy a plot and get the title deeds for the land before building starts. 
This way you own the land and everything on it. If you go down this route you must make sure that stage payments are not made without proof that the stage you are paying for has been completed. This way if the developer goes bust halfway through the build you still have the capital to get another developer to finish the build for you.

Veronica


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## weeksy9 (Nov 18, 2008)

*hi roddy*

Hello Roddy,

First off. It doesnt matter whether a property is a 'resale' or off plan if it doesnt have deeds it doesnt have deeds. At least if the property is completed, you can see the finished product! But thats about it!. You need to get yourself a due dillience done on the property and on the company selling. A proper and full invstigation with a report before you put pen to paper. Theres more to buying a property than just signing a contract. A lot of properties in Cyprus dont even have a builing permit let alone a title deed!! and theyre sold to unsuspecting expats and even Cypriots. As youve been warned above do not get a 'recommended' lawyer by the agent or the developer and I suggest you get a law firm to protect your interests from "outa town" ! Google "recommended lawyer cyprus' and it will bring up the name of a lawyer a lot of expats love and trust whos also an expat too who leaves no stone unturned and gives you value for money! His name is Stelios Stylianou whos based in Nicosia. Phone +357 22 4458 00 and email [email protected]. I cant recommend him highly enough. 

P.S if the property is in Pafos you might want a survey done as some of the land up there is prone to subisidence, before you start negotiations.

Anyway, hope my 2 penny worth has been useful.

Good luck and keeep us posted!

Andy


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## Veronica (Apr 5, 2008)

'P.S if the property is in Pafos you might want a survey done as some of the land up there is prone to subisidence, before you start negotiations.'

Armou and Mararthounta are the areas were there is some danger of subsidence but only in the lower parts ofthe villages.
In Armou land above the church is safe but much of the land below the church is clay and properties built there must have significant underpinning with piles into the ground before building.
I would always recommend a survey no matter where you are buying in Cyprus especially if you are buying off plan. After all, you always get a survey when buying a property in the UK so why buy in a foreign country without one?


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## Roddyt2 (Jun 27, 2010)

Thank you all for the information, It is best to get it right rather than costly mistakes,thanks again Roddyt2


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