At real estate purchase, in what period of time are issued title deeds? What Cyprus legislation
says about it?
The issuing of a new separate title deed regarding an immovable property is depended on
many factors and is not a simplified procedure as many think. Only in the case where the
immovable property bears its own separate title deed already and is clean of any
encumbrances the Seller may transfer directly the title deed to the New Purchaser. In such a
case, the issuing of the new separate title in the name of the new owner is issued within one
month, from the date of the transfer of the property at the land registry office of the district
where the property is situated. In any case, it is a mandatory requirement that the New
Purchaser pays in full to the Land Registry the transfer fees on the date of the transfer,
otherwise the title deed will not be issued.
In other cases, where the immovable property does not bear its own separate title, (i.e. the
title has not been updated, the plot has not been separated and is still registered as piece of
land rather than complex, the property is mortgaged etc.), then the Owner may still sell his
property but only with an Assignment of Rights or with a Cancellation Agreement
accompanied with a Re-Sale Agreement that will be signed between the Vendor (i.e. the
registered owner of the property that may not be the seller) and the New Purchaser. In such a
case however, the title may never be issued because of many conflicting factors (i.e. a huge
number of mortgages on the same piece of land OR unlawful structures not included in the
architectural plans and the building permission) OR the title deed may be issued after a long
time and provided that all necessary permissions have been acquired OR the encumbrances
have been eliminated.
In any case, the Specific Performance Law provides protection to the New Purchaser. It
allows the lodging of the Contract of Sale with the Land Registry within six months from the
date of the signing of such a Contract. Upon the lodge of the Contract of Sale, the same
constitutes a MEMO over the immovable property and no any other party may sell or may
benefit from the property, in spite of the lodged buyer. The fact that the lodged buyer is not
yet the registered owner of the property and does not own his/her own separate title deed over
the property makes no difference in the eyes of the Law in case where someone tries to
breach their rights over their property.