PUBLISHED in late 2011, the Department of Lands and Surveys ‘Citizen’s Charter’ contains a description of the services the Land Registry provides to the public together with their charges.
Earlier this year the Department revised those charges but these have yet to be published. From the information we have been able to gather to date, here are the most significant Land Registry changes affecting those buying and selling property.
- Registration (deposit) of a ‘normal’ Contract of Sale – increased from €1.71 to €50.
- Registration (deposit) of an Assignment Agreement – increased from €1.71 to 0.5% of the sale price declared in the Contract of Sale being assigned or 0.5% of the price declared in the Assignment Agreement, whichever is the higher, up to a maximum of €3,000. The minimum fee for the registration of an Assignment Agreement is €50.00.
- Copy of a Certificate of Registration (Title Deed) – increased from €0.85 to €10.00.
- Registration of a Power of Attorney – increased from €1.71 to €20.00.
- ‘Simple’ Title Search (N50) – increased to €20.00 (more depending on complexity and scope of the search and the information required).
- Issue of a Certificate of Registration (Title Deed) – increased from €0.85 to €6.00.
- True copy of a mortgage/loan document – increased from €0.85 to €5.00.
- Copy of a Contract of Sale €2.00/page up to 20 pages.
(Property Transfer Fees remain unchanged)
Thank you Mr. Nigel for your transparency in supplying us all with information. When will Cypriot Governments Ministries do likewise?
These are massive increases but probably reflect a realistic scale of charges. I wonder if the “Registration (deposit) of an Assignment Agreement – increased from €1.71 to 0.5% of the sale price declared in the Contract of Sale being assigned” will add to the already complex issue of title transfer as I cannot see too many of the older generation paying 0.5% of the registered sale price to transfer land and property to their offspring or relatives which may then be sold on.
At least these fees will bring in some additional revenue to an ever decreasing source. If only those in positions of influence resisted the developer lobby and solved the debacle which is the title deed fiasco then they would pull in far more than the meagre sums these increases will produce. The inaction speaks volumes about where priorities lie and from whom they will milk every Euro possible without disrupting the corrupt and abused system currently in place. Such a shame.