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Many home buyers in Cyprus buy their homes without evidence of ownership because of the system in Cyprus, and the long process that is involved. Many home buyers go through the process out of alignment with the understanding it until you have to sell. Most buyers do not think that this problem when they buy, and many believe that for many years to take over their property and have received certificates of ownership by then. Then, for some reason the owner wants to sell without legal documents. What to do? Here are the details of the procedure that will be presented during the sale or purchase process that is good to know in both scenarios. The Cypriot legal system requires that any sale of the property is to pass through a tax system that is useful to capital or income tax. Income tax is imposed on dealers, developers or individuals can buy and sell more than 2-3 property. Return on capital is valued in the region of 20% after the following deductions are made-to original purchase price for all costs that you can prove that have been made to the evolution of structural properties 10.000CYP permits a person as the personal 'inflation for the period you had possession of the property. In addition to the above, you should know that in the absence of evidence of separate ownership, the only way to sell is to cancel your contract and a fresh contract to be signed between the developers and the new buyers. This may create additional costs denominated cancellation fees. The amount to be paid depends on the developers who bought from you. Further be asked to pay the tax stamp and cancellation of the contract which is CYP 150 for properties up to 100, 000 and 2% per thousand more than 100,000 CYP. The procedures regarding sales should be handled by lawyers who are familiar with the procedures and could assume responsibility for both the legal and financial issues. Therefore, you should be prepared to pay the fees, which in our experience should be in the region of CYP1000 more about VAT. The procedure to sell a property for which no specific legal document exists on the line coperture the prior approval of the following A-shares is signed between the seller (first buyer) and the new buyer (purchaser). In this preliminary agreement the parties commit to price, payment conditions, date of delivery and storage. The filing in this case should be considered non-refundable and should be at least 10% of the purchase price, to generate adequate commitment. The seller cancels its contract with the developers and shall deposit all outstanding shares including any cancellation fees. The agreement of cancellation is stamped at the office of tax (stamp tax) and a request is made with the office of tax assessment for the profit of capital. The contract of sale the seller signed original is removed from the register. The new contract is signed between the developers and the new buyers, and is housed with the Office of the cadastre of keys and payment of balance occurs. At the same time the seller delivers the copies of receipts of payments of bills from utilities. The issue of ownership is a concern for many and a system that many have wanted to see the variable. He only meant to receive the full ownership of all property to be bought. In the meantime, we hope that this aid.