The Buyer is Right to Title Deeds
The Buyer is Right
The buyer now has the legal right to request the Land Registry in Cyprus to issue title deeds to the owner of a contract of sale, if they can prove they have paid the seller the monies due under the contract. The land registry will make checks but the only tax to pay after the issue of consent to title deeds is to pay municipal and immovable property taxes for 14-15-16.
Any taxes the vendor did not pay after the date of contract to 2013 remain with the seller. They are the taxes of the title deed holder. The price they pay for not issuing title deeds to you sooner.
Put in Writing
Developers could have created better contracts. If your contract of sale doesn’t include a contract for paying the yearly taxes of the title deed holder, or for charging for managing communal areas, the buyer has no contractual obligation to pay the sums outstanding. After the title deed is issued you can then choose who manages your communal areas.
Tax Saving Tip: Don’t pay the seller’s tax. Pay yours.
Free Review – Tax, Wills, Inheritance, Property
Be king of your castle. Need help and advice to get Title deeds to Cyprus Property? ProACT offer a Free Review of your Tax, Wills, Inheritance and Property issues for Expats living and working abroad. Contact us to book a Free review.
Read more on our website www.proactpartnership.com/blog .
Sam Orgill - ProACT Partnership - Expatriate Advice
Tel +357 26 819 424 Email info@proactpartnership.com