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Buying and selling property without title deeds in Cyprus

http://www.cyprus101.com/ Many home buyers in Cyprus purchase their homes without title deeds because of the system in Cyprus and the lengthy process that is involved. Many home buyers go through the process with out truly understanding it until they must sell.

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Buying and selling property without title deeds in Cyprus

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  1. Buying and selling property without title deeds in Cyprus By PaphosCyprus www.propertyofcyprus.com

  2. Many home buyers in Cyprus purchase their homes without title deeds because of the system in Cyprus and the lengthy process that is involved. Many home buyers go through the process with out truly understanding it until they must sell. Buying and selling property without title deeds in Cyprus www.propertyofcyprus.com

  3. Buying and selling property without title deeds in Cyprus www.propertyofcyprus.com Most buyers think that they will not have this problem when they purchase and many believe that they will hold on to their property for many years and will have received the title deeds by then. 

  4. Then, for some reason the owner wants to sell without the deeds. What do you need to do? Here are the details of the procedure that will occur during the selling or buying process which is good to know in both scenarios. Buying and selling property without title deeds in Cyprus www.propertyofcyprus.com

  5. The Cypriot legal system requires that every sale of property is to go through a tax system which is either capital gain tax or income tax. The income tax is imposed for dealers and developers or individuals who may buy and sell more than 2 to 3 properties. Buying and selling property without title deeds in Cyprus www.propertyofcyprus.com

  6. The capital gain taxes are estimated in the region of 20% after the following deductions are made- The original purchase price Any costs you can prove that they were made for the structural development of the property 10.000CYP per person as personal allowances The inflation for the period you had possession of the property. Buying and selling property without title deeds in Cyprus www.propertyofcyprus.com

  7. Buying and selling property without title deeds in Cyprus www.propertyofcyprus.com In addition to the above, you should know that in the absence of a separate title deed, the only way to sell is to cancel your contract and a fresh contract to be signed between the developers and the new buyers.

  8. This may create additional costs called cancellation fees. The amount to be paid depends on the developers you bought from. Additionally you will be asked to pay the cancellation contract stamp duty which is 150 CYP for properties up to 100, 000 and 2% per thousand above 100,000 CYP. Buying and selling property without title deeds in Cyprus www.propertyofcyprus.com

  9. Buying and selling property without title deeds in Cyprus Procedures concerning the sales should be handled by lawyers who are familiar with the relevant procedures and they could undertake the relevant responsibilities, both for the legal and the financial matters. Therefore, you should be prepared to pay legal fees which in our experience should be in the region of CYP1000 plus VAT approximately.    www.propertyofcyprus.com

  10. Buying and selling propertywithout title deeds in Cyprus Please visit www.propertyofcyprus.com for more details. Thank You

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