Should I get my Title updated?
A Title Deed is a document officially issued by the Department of Lands and Surveys which verifies not only the Registered Owner(s) of a property but its details and characteristics as well. The details and characteristics of a property will include its exact location, the covered internal and external square meters of the buildings erected on the land and any third-party rights. Such a right would be to maintain water pipelines which is granted to the Community Council.
On some occasions when you are purchasing a property, the description on the available Title Deed may differ from what is currently on site in terms of the physical characteristics and appearance of the property; and, therefore, it may not reflect the current situation of the property such as the buildings erected and/or constructions and/or additions of the property as they stand today.
In such an event, it is advisable for any Registered Owner of a property to file an application at the Department of Lands and Surveys for the updating of his Title Deed so as to fully register the current state of the property.
WHO IS ELIGIBLE TO SUBMIT THIS APPLICATION:
Any Registered Owner of a property is legally eligible to file an application in order to update his Title Deed. For the purposes of the application, the applicant will need to clarify the reason for requesting the updating of the Title Deed and provide the following documents:
- The Title Deed of the property
- Building permit with all the officially approved architectural plans of the property reflecting the physical state of the property as it stands today and the terms which accompany the Building Permit.
- The Certificate of Final Approval which confirms that the property and its additions were constructed in accordance with the Building Permit terms.,
WHAT DO YOU NEED TO HAVE IN MIND:
The application for the updating of your Title Deed can only be submitted at the Department of Lands and Surveys provided that the Registered Owner(s) has obtained the below listed documents in reference to any additions/extensions/alterations which have been completed at the property:
- A Town Planning Permit issued by the Town Planning Department and;
- A Building Permit and;
- A Certificate of Final Approval
The issuance of the above mentioned documents can be obtained through the appointment of an Architect, licensed by the Cyprus Architects Association, who will monitor the construction and ensure that all the relevant work which has been or will be completed is carried out in accordance with the regulations and provisions of the Law. Nevertheless, the issuance of the above-mentioned documents will sometimes take several weeks to be finalized which means that the actual submission of your application will be delayed.
WHY SHOULD YOU PROCEED WITH THE UPDATING OF YOUR TITLE DEED:
There are several advantages in updating your Title Deed and for the purposes of this Article we have chosen the most notable ones for your consideration:
- Having an updated Title Deed means that all the information which is held by the Department of Lands and Surveys is reflected and gives more clarity in matters which may arise in the future.
- Along with the update of your Title Deed the Department of Lands and Surveys will also draft a site plan which will illustrate the property.This makes it easier to identify the boundaries of your property and check your understanding of the extent of the property.
- Selling your property can be a challenging and stressful process. With an updated Title Deed, you can avoid delays as the Legal Representative of the Purchaser(s) will not have to undergo through a time consuming due diligence check over the property.At the same time you will facilitate the negotiation process of your sale by avoiding scenarios where the Legal Representative of the Purchaser(s) may insist on you filing an application for the updating of your Title Deed prior to the completion of the transaction. Furthermore, it can make your property more attractive to a Marketing Agent for listing purposes and exposure to prospective Purchasers.
- The updating of your Title Deed will essentially increase the Market Value of your property making a future sale more profitable to you.
Last but not least, once submitted an application for the updating of a Title Deed will usually take approximately 8-10 months to be reviewed and approved by the Department of Lands and Surveys. During that time your application will need to be processed by different Officers who will inspect your property on site and revaluate it so as to obtain the necessary information which will form a part of your updated Title Deed once updated.
Overall, we strongly believe that updating your Title Deed will be highly beneficial to you regardless of any challenges that you may face while processing it and, therefore, we unreservedly recommend it.
HOW CAN WE HELP
Here at Andreas Demetriades and Co LLC, we have an in-depth knowledge of the law and the procedures pertaining to Real Estate Law.
We can provide step by step guidance through the whole process of submitting your application for updating your Title Deed. The content of this article is intended to provide a general guide to the subject matter and does not constitute legal advice.