How is title deeds transfer done?

kiria


Joined: 15/01/2009
Posts: 19

Message Posted:
18/01/2009 18:02

Can someone describe in detail how title deeds are passed from one oerson to another?

A buyer pays the full price, gets the keys, registers the contract, applies for PTP, gets his PTP, what exactly happens next?

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
18/01/2009 18:29

The plot has to be parselised, then you have to hope that the land owner will pay his taxes (if a proffessional seller) and you must pay your KDV. Then you have to hope that he is willing to transfer the deeds to you because if he isn't willing to, the restrictions of the specific performance law means that you cannot compel him to transfer the deeds to you.



The specific performance law states that you must register your contract with land registry within 21 days and you must start proceedings to compel specific performance (transfer of title) within 2 months of the date of the contract. Because foreign buyers have to wait for PTP this cannot be done. Also the title deeds have to be available for transfer but if you are buying off plan, unless the plot has been parselised prior to construction, which is quite rare here, the deeds will not be ready and available within 12 months. Because these restrictions are to the detriment of the buyer, this is why the laws needs to be changed.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
18/01/2009 18:59

kiria

it is slightly different ordepending on what you purchase.

if you buy a house already built with a kochan in the sellers name it is easyer.

kiria


Joined: 15/01/2009
Posts: 19

Message Posted:
18/01/2009 18:54

If it is a resale. The seller has the deeds in his name. Is there any way to make sure he will transfer title once the buyer gets his PTP? i.e. signing up the deeds, etc.? does the seller have to be present when title is transfered? what if the PTP is received after 3 years, and the seller is not anymore in the TRNC? or if he died in the meantime?

Is there nothing the seller could do when he gets the money, to make sure the buyer will be able to transfer the deeds to his name, once he got the PTP, and do so regardless of what happens with the seller?

cocos


Joined: 04/04/2008
Posts: 129

Message Posted:
18/01/2009 19:06

Just because its a resale doesnt mean its in the new owners name. Lots of resales havent got the deeds from the original builder etc. Theres nothing you can do to make them give you the deeds when youve paid your money. The seller can give someone power of attorney to transfer the deeds on their behalf but if they die in the meantime it will be more complicated

kiria


Joined: 15/01/2009
Posts: 19

Message Posted:
18/01/2009 19:15

Can the seller give a power of attorney to the buyer (or to the buyers lawyer) allowing a transfer of title whenever the buyer is ready?

Is it legaly valid?

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
18/01/2009 19:28

our seller left the title deeds in the hands of our lawyer until our ptp was done and then the sellers lawyer did the transfer as she had power of attourney.

everything was checked and double checked with the kochan office and the deeds were put into our name.

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
18/01/2009 19:29

Yes the seller can give POA to the buyer, but until the buyer is ready to receive the deeds (i.e has their PTP) then this would not really benefit you. The seller can give POA to your lawyer or representative along with the original kocan, but obviously you would have to trust the person holding the POA. If the seller is reputable and honest, there should be no reason why they should not agree to this.



If you are in TRNC come along to the HBPG surgery at the Pia Bella, Girne on Tuesdays 12-3pm for help and info. Also see the HBPG website for info http://www.hbpg-trnc.net/



Sibel

lippylush


Joined: 29/12/2006
Posts: 197

Message Posted:
18/01/2009 19:42

Have searched for previous information regarding do-it-yourself transfer of Title Deeds or using a Notary rather than an Advocate but can't find previous postings on this subject. Can anyone help/advise especially if they have gone through the process themselves.

Regards Sue and Dave