Welcome to the Louise Zambartas Legal Discussion Forum. If you have any quick legal questions regarding conveyancing or related matters that you would like one of our lawyers to answer, then please do not hesitate to post your question here. Please note that all enquiries relating directly to individual cases should be emailed directly to the member of our team responsible
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Anonymous
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Hi,Is there a way that a non Cypriot resident can purchase more than one property? and how many years does it take until the title deeds are released? Thanks for your help.
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Anonymous
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Hi
As mentioned under the previous posting, purchasers can enter as many binding Contracts of Sale as they like. However, they are restricted from transferring title to more han one property if they fall within certain categories of citizen.
Once entered into the Contracts can be placed in the hands of the Land Registry and cannot be withdrawn by anyone, and therefore the property is legally registered in law as unequivocally belonging to the buyer, it cannot be leased, sold, transferred or mortgaged without the consent of the buyer - only the buyer can alter the property status. Once the Contract of Sale is at the Land Registry, the buyer acquires a right of “specific performance” against the developer meaning the developer can be compelled in law, to perform his side of the Contract. The property can be sold when held in this manner.
HOWEVER - as mentioned above, the current rules may restrict you from actually transferring more than one property into your own name!
It can take at least 5 years to get your title deeds, depending on the region.
Kind regards
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