- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Progress on pending Title Deeds applications

title-deed-issuesPENDING applications at the land registry department to issue Title Deeds for properties with final approval have been reduced to around 20,000 and the aim is to cut them down to 2,000, a senior official said yesterday.

Land registry deputy director Vasos Petrides told the Cyprus News Agency that based on the terms of a bailout agreed last year, the objective was to cut down the number to around 2,000 by the end of the year.

Also pending were Title Deed applications submitted from buyers concerning 4,000 units in 350 developments, Petrides said.

He said that titles had not been issued for these units because the owners or developers had not supplied the department with the necessary documents.

Under a law passed in 2011, buyers who have submitted their sale documents can ask the land registry department to start procedures to issue Title Deeds

Buyers however, do not possess the necessary documents – building permits, final approval – which only the owner of the property has.

In these cases the department asks the owner to supply the necessary paperwork so that the procedure can go ahead.

Petrides said his department wants the help of the other authorities like municipalities, and district administrations to supply the final documents.

“We take the case to the final stage and wait for the final approval to issue the titles,” he said.

There were also a number of developments that no one showed interest in securing the deeds for.

After 60 days the department can start the procedure itself and it can seek the necessary information from the other authorities.

Editor’s comments

ALTHOUGH this news will be welcomed by thousands of those who have bought property in Cyprus and who are waiting for its Title Deed to be issued, the above report is only part of the story.

The Troika changed the target that it had originally agreed with the Cyprus government by redefining the Title Deed backlog to cases where:

  1. An application has been made to the Land Registry to issue a Title Deed for a property.
  2. A Certificate of Final Approval for a property has been issued.

There still remain an unknown number of properties waiting to be issued with Title Deeds that do not fall into either of the above categories. I.e.

  1. An application has not been made to the Land Registry to issue a Title Deed.
  2. A Certificate of Approval has not been issued.

To get a complete picture of the number of properties waiting to be issued with their all-important Title Deed, the Troika has asked the government to:

“establish a Task Force (comprising representatives of Central Bank of Cyprus, Ministry of Finance, the Law Office of the Republic and the Land Register) by end-March to prepare a study assessing the magnitude of registered, but untitled land sales contracts and underlying mortgages and develop recommendations by end-June.”

Hopefully, a more accurate figure of the number of properties waiting to be issued with Title Deeds will be available in July; it will be significantly higher than the 20,000 announced in the above report!