TITLE DEED UPDATED
DO YOU OWN A PROPERTY IN CYPRUS?
SHOULD YOU BE UPDATING YOUR TITLE DEED AT THIS TIME?
- Looking to Buy or Sell Property in Cyprus?
- What is a Title Deed?
- Why Update your Title Deed?
- Are you Eligible to Update your Title Deed?
- What is the Process?
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TITLE DEED UPDATE – One of the top law firms in Paphos is Andreas Demetriades & Co LLC. It has been established in the city since 1970 and has a powerful Real Estate Department, which has assisted thousands of buyers and sellers over the years. In this article, we explore the process and benefits of updating the Title Deed on your most valuable asset.
By Charalambos Christofi and Pinelopi Charalampous
WHAT IS A TITLE DEED?
A Title Deed is a document officially issued by the Department of Lands and Surveys, which verifies the Registered Owner, or owners, of a property, and also gives details and characteristics. This information will include the exact location, the covered internal and external square metres of the buildings erected on the land, and any third-party rights. Such a right would be to maintain water pipelines, which are granted to the Community Council.
Occasionally, when you are purchasing a property, the description on the available Title Deed may differ to what is currently on-site, in terms of physical characteristics and appearance. It may not, therefore, reflect the current state of the property, such as the buildings erected, constructed and/or added to the property, as it stands today.
In such an event, it is advisable for any Registered Owner of a property, to file an application at the Department of Lands and Surveys, to update the Title Deed and to fully register the current state of the property.
WHO IS ELIGIBLE TO SUBMIT THIS APPLICATION?
Any Registered Owner of a property is legally eligible to file an application to update the Title Deed. For the purposes of the application, the applicant will need to clarify the reason for requesting to update the Title Deed and provide the following documents:
- The Title Deed of the property
- The Building permit with all of the officially-approved architectural plans of the property that reflect its physical state as it stands today, and the terms which accompany the Building Permit.
- The Certificate of Final Approval, which confirms that the property, and its additions, were constructed in accordance with the Building Permit terms.
HOW DOES THE APPLICATION PROCESS WORK?
The application for the updating of your Title Deed can only be submitted at the Department of Lands and Surveys, provided the Registered Owner(s) has obtained the following listed documents concerning any additions, extensions and/or alterations that have been completed at the property:
- A Town Planning Permit issued by the Town Planning Department
- A Building Permit
- A Certificate of Final Approval
The issuance of the above-mentioned documents can be obtained through an Architect and licensed by the Cyprus Architects Association. They will monitor the construction and ensure that all of the relevant work which has been, or will be completed, is carried out in accordance with the regulations and provisions of the Law. Nevertheless, the documents can sometimes take several weeks to be finalised, which means that the actual submission of your application will be delayed.
WHY SHOULD YOU UPDATE YOUR TITLE DEED?
There are several advantages to updating your Title Deed, and for the purposes of this article, we have chosen the most notable ones for your consideration:
- Having an updated Title Deed means that all the information, which is held by the Department of Lands and Surveys, is reflected, and gives more clarity to matters which may arise in the future.
- When you update your Title Deed, the Department of Lands and Surveys also draft a site plan which illustrates the property. It makes it easier to identify the boundaries and check your understanding of the extent of the property.
- Selling your property can be a challenging and stressful procedure. With an updated Title Deed, you can avoid delays, as the Legal Representative of the Purchaser(s) will not have to go througha time-consuming due diligence check on the property. At the same time, you will facilitate the negotiation process of your sale, by avoiding scenarios, where the Legal Representative of the Purchaser (s) may insist on you filing an application for the updating of your Title Deed, before the completion of the transaction. Furthermore, it can make your property more attractive to a Marketing Agent for listing purposes and exposure to prospective Purchasers.
- The updating your Title Deed, you will, essentially, increase the Market Value of your property, making a future sale more profitable to you.
- Last but not least, once submitted, an application for the updating of a Title Deed will usually take approximately 8-10 months to be reviewed and approved by the Department of Lands and Surveys. During that time, your application will need to be processed by different Officers, who will inspect your property on-site and evaluate it to obtain the necessary information, which will form part of your updated Title Deed.
Charalambos Christofi states, “We strongly believe that updating your Title Deed is highly beneficial to all clients, regardless of any challenges that they may face going through the process and, therefore, we unreservedly recommend it”.
At Andreas Demetriades & Co LLC, they are all highly qualified Cypriot Lawyers, particularly pertaining to Cyprus Real Estate Law. As they are based in Cyprus,they are able to solve problems speedily and cut out unnecessary delays. The Firm’s wealth of experience, knowledge and resources, offers clients the best possible legal support concerning property purchases and sales.
CLAIM YOUR FREE CONSULTANCY WITH A REAL ESTATE LAWYER
Find out if you need to update your Title Deed at this time.
Andreas Demetriades & Co LLC are offering the chance of a FREE consultancy with their Real Estate Lawyers – just quote Cyprus in Style. This is your chance to speak with the professionals and find out if it is appropriate to update your Title Deed at this time. To take advantage of this service, all you need to do is contact either Charalambous or Pinelopi, to discuss your current property legalities.
ABOUT THE AUTHORS
Charalambos Christofi has been an integral part of the Real Estate Team at Andreas Demetriades & Co LLC for several years. Charalambos studied at Sheffield University, where he did his degree and Masters in Corporate and Commercial Law.
Pinelopi Charalampous was a scholarship student at Frederick University in Cyprus. She then went on to gain two Masters from two different universities in the UK. She has a Master in Common Law from BPP University in London, and a further Master in Commercial and Corporate Law from the Queen Mary University of London.
The content of this article is intended to provide a general guide to the subject matter and does not constitute legal advice. For any further information, please contact Charalambos Christofi or Pinelopi Charalampous, Andreas Demetriades & Co LLC, by email at email@example.com or by phone at +357 26 811 668.
Published by Cyprus in Style January 2021 | #InStyleBusinessNetwork | Legal Advice | Title Deed Updated
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