PROPERTY TRANSFER

(The Transfer and Mortgage Law No. 9/65)

Transfer of property means the transfer of title to a property from one person to another, by voluntary act, both of the transferor (grantor) and of the one who accepts the transfer (beneficiary).

Necessary conditions for the transfer

Completing the Transfer Form (form N.270). Attached to this is the Registration Certificate (title) of the property being transferred. If the transfer takes place in a Land Office, other than that of the province in which the property is located, then two forms are filled out.

Completion of Form N.313

Presentation of proofs of payment of all rights, fees and taxes charged on the property being transferred. Such fees, charges and taxes may be one or more of the following:

➤ Immovable Property Tax.

➤ Capital Gains Tax (CGT). (For the above taxes, the certificate is provided by the Internal Revenue Department).

➤ Waterboard Settlement. (Certificate from the Sewerage Board).

➤ Municipal Taxes. (Certificate from the appropriate Municipality, within whose boundaries the property is located that all taxes are paid).

➤ Community Taxes Certificate (Village Authorities). (Certification from the Community, in whose boundaries the property is located).

Transfer

All the above documents, completed and signed by the interested parties, are submitted to the Acceptance Branch at any of the local Provincial Land Registry Offices or their branches.

 Acceptance

The transfer is accepted on a first-come, first-served basis. The simultaneous presence of the parties before the competent Land Registry

Officer, who accepts the transfer, is necessary. Interested parties may appear in person or by an authorized representative, (Power of Attorney) carrying their Identity Policy Sheet or other documents showing their identity.

Incapacitated natural persons are represented during the transfer by their Legal, Judicial or other representatives.

Legal entities are represented by the persons who, according to the Statute, the Law or the Regulatory Act that regulates their existence, constitute the Management of the legal entity.

Rights

The process of acceptance of the transfer is completed by the calculation and payment to the Department of Cadastre and Land Surveying of the registration rights by the licensee.

The rights depend on the type of transfer and are calculated either on the appraised value or on the market value of the property.

Appraised value means the value of the property as recorded in the Registers of the Department of Lands and Surveys.

Completion time

A hassle-free transfer is completed in approximately one (1) hour and the registration of the properties and the delivery of the titles to the beneficiaries can be done on the same day if the interested parties present themselves in time. There is a possibility that the issuance of the securities will be completed in the next few days, and this depends on the accumulated volume of work and the available staff.

Other information

For complicated cases, the public is advised to approach the concerned Reception Branch Officer of the District Land Office they are visiting.