Are you thinking about buying a house in Northern Cyprus? Have real estate investments in Cyprus caught your eye? In order to buy or sell a house or a property, you will need to get the Title Deed of the Property in Northern Cyprus. The process of getting a Title deed issued is fairly simple but requires some important considerations. We will guide you about the importance of Title Deeds in North Cyprus and walk you through the process of getting them.
What are Title Deeds?
Many people come across the term Title Deeds when dealing with real estate properties in Cyprus. People often find themselves in a fix when they first come across the term ‘title deeds.’
A title Deed is actually the legal and formal document that confirms the ownership of a property and grants all the ownership rights of a property or a house to its designated owner. Without a title deed, you cannot claim the ownership rights of a property. You are a legal and official owner of a property only when you receive its Title Deed. Moreover, if you sell a property to someone else, the property’s title deed is transferred to the property’s new owner
That’s how important and significant title deeds are to your property’s ownership.
Land Registry System:
Northern Cyprus maintains a proper land registry system. In this system, all the immovable properties are registered in the department of land, which issues the official title deeds to the respective owners of these properties.
Therefore, it is obligatory for property owners to register their properties with the Department of Lands and Surveys.
Certificates of Immovable Property’s Registration:
Title Deeds are also known as the Certificates of Registration of Immovable Property and serve as evidence of a property’s ownership. Therefore, if you hear the term certificate of registration of Immovable property, do not get confused as it simply refers to the Title Deed. You cannot sell a property to another person if you do not have the property’s title deed.
Step-by-Step Guide to Obtaining Title Deeds:
Title Deeds for a New Property:
If a property has been newly constructed or is under construction, you cannot obtain its title deed straightaway. Instead, you have to wait till the completion of construction work. This is followed by a number of checks and clearances, following which the title deed is issued to your name. Here is a step-by-step guide through the process.
Completing the Construction Work:
Firstly, you need to construct the property or house completely so that the Department of Lands and Surveys may inspect it.
Applying for the Certificate of Completion at the District Office:
Once the property is fully constructed, you need to apply for the certificate of completion. The district office inspects the houses to confirm the completion of construction work and standards compliance.
Other Inspections:
A number of other inspections can be involved to ensure that your house conforms to all the community standards. For instance, the fire department would require you to meet the fire regulations in your building.
Payment of necessary Fees:
Once you have received the certificate of completion from the District Office, you need to pay all the fees for licenses and title deeds. It is important to mention that you can apply for the title deed only when you have paid all the fees.
Applying for the Title Deeds:
Once all the fees are paid, you can apply for the Title Deed in Northern Cyprus at the Land Registry.
The Land Registry department will start its process only when all the other conditions and requirements are met. You will have to pay the fee for the issuance of Title Deeds as per requirements.
Department of Lands and Surveys Visit:
The Department of Lands and Surveys will visit the property site to check the construction of the property. They will confirm the correct location of your property’s boundaries and the official plan and map of the property. This data will be registered officially and will be included in your title deed.
That’s the last step of the Title Deed’s issuance process. You will be issued the title deed after that.
Transfer of a Title Deed from one Owner to Another:
All the necessary land and property taxes must be paid to transfer a Title Deed from one owner to another. Once all the taxes and fees are paid, the seller and the buyer must submit their ID cards or passports (as confirmation of their identity) to the District Lands Office(DLO).
This step involves transfer fees that apply through the following formula.
Title Deeds Fees:
Title Deeds can be transferred from one owner to another as part of the property transfer process. It is important to note that more than one owner can be mentioned on the title deed, as that can help with the fees for the Transfer of Title deeds.
Please note that a minor cannot be named as the owner of the Property.
Bands of Fees:
There are three bands of transfer fees. Each person has an initial allowance of 85,430 Euros. For the first band, the fee is paid at 3% of the 85,430 Euros, which comes out to be 2,562.90 Euros.
The next two bands have tax rates of 5% and 8%, respectively.
Thus, if the same person is purchasing a property worth more than 250 000 Euros, he will pay 3% tax on the first 85,430 Euros, 5% on the next 85,430 Euros, and 8% on the rest of the payment.
Similarly, if there are two property buyers, the bands will apply separately, and two bands of a 3% transfer fee can be utilized for 85,430 Euros.
Similarly, three bands of the least transfer fee rate can be used for three owners.
The fee for the transfer of the title deed can be reduced significantly in the case of multiple buyers of a property.
Real Estate Agencies:
If you are looking to get title deeds for your properties in Northern Cyprus, a smarter option is to reach out to a reliable Real Estate Agency in Northern Cyprus that may help you out with the process of Title Deeds’ issuance and transfer.
These agencies can speed up the whole process significantly.
