Cyprus Property Forum for Buyers, Sellers & Investors

Hi Nigel

I have been sent the title deeds from the developer and now have to make an appointment ( or appoint a power of attorney ) in order to transfer them into my name .
However there are 6 of us with names on the sales contract so does this mean that each of us pay 3% of the first E85,430.07 ( figure given by the developer )?

cgib wrote:Hi Nigel

I have been sent the title deeds from the developer and now have to make an appointment ( or appoint a power of attorney ) in order to transfer them into my name .
However there are 6 of us with names on the sales contract so does this mean that each of us pay 3% of the first E85,430.07 ( figure given by the developer )?

No, if there are 6 names then you will all get a 1/6 share on the title. Each person will have their own named title deed showing this share.

You take the price that was paid, divide it by 6 and each person will pay accordingly. If each share is less than 85,430 euros then it's 3% of their own bit.

Ex. you bought the property for 240,000 (say) divide by the 6 names equates to 40,000 each. (6x40,000=240,000)

Then it will be 3% on the 40,000 that'll be 1,200 euros each

Hope that helps

Brilliant and clear

Thank you for your prompt reply