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Selling without Title Deeds need help!

Posted by lyork - Created: 9 years ago
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6 replies (Showing replies: 1 to 6)

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Posted by emba - 8 years ago

hope it all went ok for you, be good if you could share what happened with revoking sales agreement and submitting new one etc?and how easily?thanks

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Posted by lyork - 9 years ago

Thanks will contact her.

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Posted by stellaluna-664983 - 9 years ago

Louise Zambartas is an English lawyer who will do eveything to help you. I met her at the Cyprus Businesswomen's Organisation. She specialises in this and you will know she not in cahoots with any developers.

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Posted by lime-676998 - 9 years ago

About cancelling the agreements - it is a bit of a hassle (if you want to do that correctly, safely and not to pay extra taxes) but overall the process is not very complicated. After new agreements are in place, the contract of sale is getting revoked from the district lands office by the old purchaser and the new one is deposited. There are some fees (like stamp duties on new contract), but nothing really serious (except the lawyers' fees, which are likely to be over 2000 Euro).

About selling the property for lesser amount of money - again, it a bit more complicated as the developer is not going to accept any swapping of contracts on which he is going to loose money. However, if swapping is done properly, you won't have to pay any capital gains tax.

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Posted by lyork - 9 years ago

Thanks so much for this information.

It is the first time the title deeds are being issued & we've told the Developer exactly what this completion certificate is and also faxed him details but no luck yet.

I'm definitely going to ask my Developer about cancelling our sales contract I heard its quite simple as long as they agree and is it correct we just have to go to Land Registry to change the names there and pay a fee with them?

Regarding Capital Gains I've been told as we are selling the property for less than what we purchased it for we wouldn't have to pay any, does this sound correct?

Will definitely look into good Lawyer firms & stick to the bigger boys where possible and hopefully get something sorted soon.

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Posted by lime-676998 - 9 years ago

Regarding completion certificate - it must be issued before any title deed is given for the first time and it basically states that the building was constructed properly in accordance with the law. Assuming that all construction works were completed, I can see no reason why the developer cannot obtain it now, but generally speaking, I doubt that they will bother unless they get something out of it.

Regarding the mortgage over the property - it depends on exact terms of the mortgage. With any luck, the remaining mortgage does not appear to affect your property, but it is difficult to say for certain without actually reviewing the documents...

Why don't you agree with the developer to cancel your sale-purchase agreement and at the same time create a new sale-purchase agreement in favour of the new buyers on same/similar terms (i.e. what you called 'swapping' the contract)? It will save you some money on transfer fees and (quite probably) on capital gains tax upon resale, equivalent/part of which you can pass onto the developer, as to make them interested in that arrangement as well.

As for lawyers - there is plenty of good law firms mentioned in the 'Classifieds' section of this website... As always, consider going to the bigger/more reputable law firms, as they are generally a bit safer than the small ones...