Builders and Developers in Cyprus have bad press because of the “process” of property titles, this can take up to 10 years or more to purchase have been! You might think that someone who would for all their possession of the property rights issued paid. However, this is not the case and I will explain what can happen and how to protect themselves when buying property in Cyprus.

In Cyprus, the owners do not belong, or enjoy the benefits of full ownership. The owners have no right to sell or transfer their assets to whomever he wants, including the heirs, without reference to the holder of the title that is most often the developer. To sell a property, the owner must delete or transfer his contract at the Land Registry Office, in cooperation with the developer. Then the developer enters into a contract of sale of the new with the new buyer. However, the ability to sell is not automatic. A special clause in the original purchase agreement required that should limit the dismissal and the developer under a “reasonable” transfer required. Without this clause, to thank those who use their property to the developers to sell you.

Many buyers were more than the actual cost incurred by the sponsor to cancel their contract of sale is calculated. This results in the elimination of profits from the sale of the property. One example is a case reported in Cyprus Property Action Group, in which a developer demanding CY £ 14,647.45 claimed by a buyer, it is “wealth tax”. The property was purchased in 1982 for CY £ 37,270 and is still the name of the developer. The title is still pending transfer until demand was met. In other cases, the developer can still get a mortgage on the property built to a buyer. It is used as collateral, without the knowledge or consent of the owner. This will prevent owners from selling their property, because no one know a property that can buy a mortgage on it.
» Read more: Obstacles Involved in Buying Cyprus Property Without Title Deeds

The advent of the Internet has greatly speeds up many processes that were previously done manually. An excellent example of the power of the Internet, as it streamlined the search for a title has. In the not too distant past, this requires that you spend many hours scanning record books. Now you can easily access information on a computer from home or office. Follow these steps for the efficient retrieval of Deeds:

1. Search for a house that you want to search. You can find a property by online research, reference or driving in the neighborhood.
2. Gather information about the property you need. This usually includes the complete address and legal description of the form. Always use complete address, including city and state. Avoid abbreviations, when he writes about.
3. It is important to note that the owner be required in certain situations.
4. Contact the office of the recorder and the treasurer’s office of your city and county to determine what is relevant to your needs. It is often advantageous to start with the county office building because they can help you get the information you need.
Five. Check with the appropriate office to see if they have a website you need for a property in your home or office allows you to search. It saves you a trip from the start.
6. You can usually expect to wait 1-2 business days to receive your results. If you have questions or problems, call your contact at the office.

Before signing any agreement or conclude any price on a foreclosure property, you have homework to make sure that you always make a bargain. A big mistake that some buyers in acquiring pre-foreclosure or at the same stage of the auction is a house without knowing she had additional privileges on this one and do not buy that the value of the house was less than they thought.

Here is how the error happened not to avoid you.

Review of the liens

A lien is a claim against the property made by a person in order to guarantee the payment of a debt. For example, the mortgage bank, which has the property a lien on the house. However, the privileges and placed against the property for unpaid taxes and unpaid debt. If a second mortgage was taken on the property, then this is another lien against him.

If you acquire property without knowledge of these additional permissions, ownership of the property will not pass to you until these debts are paid. That is why some buyers choose a property in the REO stage now, because at this time, the lien holder is usually the lender. » Read more: Checking Liens and Property Value: Doing Your Homework on Foreclosures