Real Estate Law Terminology in Cyprus essay
The αγοραίααξία (market value) of the Cyprus real estate property market is growing. The market value is the price at which the real estate property in Cyprus is traded in a competitive environment. Companies operating in the industry have to obtain the άδειαοικοδομής (building permit) which is the legal permission to construct buildings and άδειαδιαχωρισμού (division permit) which is the building permit that allows reconstruction or change of existing buildings. Constructing companies or owners of buildings can obtain the division permit, unless the building is αδιανέμητο (indivisible), i.e. unless the building cannot be changed because it is the part of historical heritage, for example. Buildings and other facilities comprise ακίνητηιδιοκτησία (immovable property) which are solid buildings that cannot be removed or deconstructed.
At the same time, owners of the real estate property should be aware of αναγκαστικήαπαλλοτρίωση (compulsory acquisition) that means the right of the government to own the property from private owners under certain conditions, such as construction projects of the national scale or historical value of the land, where property is locate. The government may also use αναγκαστικήδιανομή(compulsory partition) which is the obligatory government acquisition of a part of the real estate property under certain conditions, such as war, historical heritage, national projects, or other reasons. In such a situation, real estate property owners have to accept the αναγκαστικήπώληση (compulsory sale) which is the obligatory sale of the property, as a rule to the government. The compulsory sale is used to compensate the loss of property for private owners. In addition, there is a possibility of αναγκαστικόςδιαχωρισμός (compulsory division) when the real estate property undergoing the compulsory acquisition undergoes restructuring with the preservation of a part of the property for private owners and a part of the state. At this point, the definition of the price of the real estate is very important. The price may be established in terms of αναδασμός (consolidation), when the price is determined as the period of indecision ends with a price of the real estate property breaks beyond the restrictive barrier. However, sellers and buyers may confront the risk of απαγόρευση (prohibition), which is the legal ban of sale of real estate property. If there is no prohibition, the real estate property may undergo απόκτηση (acquisition), when the real estate property is purchased by a buyer from a seller. After the acquisition, the new owner can have απόλαυση(enjoyment), which is the benefit obtained from the real estate property. There are the following types of types of real estates and respective benefits owners canreceive: αραζίμιριέ (arazimerie), αραζίμεβάτ(arazimevat), αραζίμεβκουφέ(arazimevkoufe), αραζίμεμλουκέ (arazimemlouke).
At this point, it is worth mentioning the fact that αρχαιότητες (antiquities), which are historical items belonging to ancient epoch, are not sold in terms of real estate. The αλλοδαπός (alien) is the property that may be estranged from its owners under existing legal norms. βακούφικηπεριουσία (vakf property) is the form of property in Cyprus, which implies the unconditional and permanent dedication of property with implied detention of the property in the ownership of God. The property and benefits from it can be extinguished from the owner and applied for the benefit of mankind, unless prohibited by Islam.
The γη (land) is the physical area defining the location of the real estate property is subject to sale. γενικήεγγραφή(general registration) is essential for the real estate property in Cyprus after the construction or acquisition. After the acquisition, the new property owner should send the γνωστοποίησηαπαλλοτρίωσης (notice of acquisition), which is the legal form of informing the authorities about the purchase of the property.
The δεσμευτικήρυμοτομία (road widening scheme), for example, may be essential for the safety of the local transportation system that will involve compulsory partition or acquisition to buy out the real estate property in Cyprus. Another example of such purchase of real estate property is the construction of δημόσιος δρόμος (public road) which naturally involves the deconstruction of some buildings including real estate property of private owners.
Nevertheless, δέσμησυμφερόντων (bundle of rights) has to be respected that means that all stakeholders should respect the property and related rights of property owners. In this regard, one of the main stakeholders’ rights is the right to δεσπόζονακίνητο (dominant tenement), which is the right to have the property, where the individual resides and which is the main property, where the property owner is registered. Furthermore, ιακατοχή (tenure) comprises the core subject to legal issues associated with the ownership and transition of rights of real estate property because tenure is the residence that is in one’s possession.
The property may be purchased not only in terms of compulsory sale but also by means of δημοπρασία (auction), which is the public trading of the real estate property, where the buyer offering the highest bid purchases the real estate property. In fact, the real estate property at the διάθεση(disposal), i.e. legal ownership or the right to manage and trade the property, can be traded in any way, either through contract with buyers or through auctions. The διάταγμααπαλλοτρίωσης (order of acquisition) is another step in the purchase of the property which involves steps leading toward the full or partial ownership of the real estate property. The rights to real estate property may be also transited to heirs of the real estate property after his/her death by διαχειριστήςαποθανόντος (administrator of a deceased). The administrator of the deceased may be replaced by or perform the role of the εκτελεστήςδιαθήκης (executor of will), who acts according to the will of the deceased person.
The διάταγμαεπίσχεσης (Retention Order) determines how the real estate property remains in the ownership of the property holder. The διαχειριστής (administrator) can manage the property at the stage of the transfer of the property from a δικαιοπάροχος (transferor), who is the current owner of the property to the δικαιοδόχος (transferee), who is the future owner of the property. The δικαίωμα (right) to real estate property becomes intact as soon as a buyer and seller or a transferor and transferee sign a contract. The δικαίωμαδιόδου(right of way)= δικαίωμαδιάβασης (right of passage) provides an individual, for example an administrator, with the right to transmit the real estate property to a transferee or buyer.
At this point, it is worth mentioning the fact that real estate property owners have the δικαίωμα επικαρπίας (right of usufruct), which is the right to use two property interests of usus and fructus, which are interests of possession and obtaining profits from the property. In addition, real estate owners have the δικαίωμα επιλογής συγκυρίου (co-owner’s option), which is the option of mutual possession of property and respective exercising of this right. At the same time, citizens of Cyprus as well as foreigners have the δικαίωμαοίκησης (right of habitation), which is the right to reside in real estate property, without having the right of possession of that property. In addition, they have the right of δουλεία(easement), which is the right to enter and use the real estate property without owning it. The easement involves the concept of δουλεύονακίνητο (servient tenement), which is the land subject to easement. The owner of the property that is subject to easement is the εγγεγραμμένοςκύριος (registered owner), who possesses the real estate property but may not necessarily live there. The εγγραφή (registration) is the official assignment of the real estate owner to the particular property, where he/she is supposed to reside and which is the address of his/her judicial reference. The εγγραφή δικαστικής απόφασης (memo) regulates relationships and agreement between owners of the property and individuals living there. The memo may regulate relations between εκμισθωτής (lessor), who gives his/her real estate property to use to individuals, who wanted to reside in the real estate property by means of the εκμίσθωση (lease), which is the agreement between parties that determine owners and residents of the real estate property. Parties signing the memo are εκδοχέας (assignees). They should also sign a security agreement that makes them εκδοχέαςεξασφάλισης(assignee of security), who assigns the agreement as the resident of the real estate property, and the εκχωρητήςεξασφάλισης(assignor of security), who is the owner of the real estate property. The individual who initiates the assignment of the agreement is an εκχωρητής (assignor). Parties involved in the agreement have to determine the εκτιμημένηαξία (assessed value), which comprise the marketing value of the real estate property as assessed by the parties and agreed with both parties. The εκχώρησημίσθωσης(assignment of a lease) is the agreement between parties involved in the lease relations. Each part has the ελευθερία(liberty) either to sign or not to sign the lease agreement. At the same time, the agreement is based on the εμπίστευμα (trust), which implies that parties involved in the agreement trust each other in terms of the execution of the agreement. The owner and leasor of the property have the right to εμπράγματοβάρος (encumbrance), which is the right to, interest in and legal liability on real estate property that does not prohibit passing title to the property but diminishes its value. The agreement may take into consideration such financial issues as the εμπράγματοδικαίωμα(real interest), which is the nominal interest rate minus inflation to secure profits of the property owner.
At the moment, Cyprus attempts to balance its real estate property legislation with that of the EU. Cyprus attempts to match European legal norms and coordinate its legal regulations with legal norms and policies introduced by the ΕυρωπαϊκήΕπιτροπή (European Commission), the head body of the executive branch of power in the EU, and the ΕυρωπαϊκόΚοινοβούλιο(European Parliament), the head body of the legislative branch of power in the EU. The introduction of common rules is essential because of Cyprus’ integration in the EU. The disrespect to EU legal norms may result in lawsuits filed by citizens of Cyprus to the ΕυρωπαϊκόΔικασήριο (European Court), which is the major body of the judicial power of the EU. For the same purposes, Cyprus focuses on the ενοποίησηκαιαναδιανομή (unification and redistribution), which implies αναδασμός (consolidation) in terms of the implementation of the harmonized rules and norms of Cyprus and the EU.
Citizens of Cyprus can purchase the real estate property through mortgages, which are bank loans obtained from banks to purchase the property. The ενυπόθηκοςδανειστής(mortgagee) is a person, who takes the loan to purchase the property, while the ενυπόθηκοςοφειλέτης(mortgagor) is the bank or another financial institution, which provides the loan to purchase the property. At the same time, citizens of Cyprus should take into consideration the concept of εξαδιαιρέτουμερίδα (undivided share) which comes into action, when one co-owns the property and has his/her undivided share that cannot be taken or bought from him/her without his/her consent. The επίταξηιδιοκτησίας(requisition) is the request to perform certain legal actions in regard to the property, such as the request to sell one’s share in the property. The επίτροπος (trustee), i.e. the one who wants to take legal right to manage the property, can request such a right from the owner of the property. The owner, in his/her turn, can use his επιφύλαξηδικαιώματος (reservation of right), which allows him to reserve some rights, such as the right to sell the property, for him/herself and this right will not be trusted to any third party. Along with the private owners of the real estate property there are ευρωπαϊκό (κοινοτικό) κεκτημένο (community acquis) , which are public owners of the property and such property is owned by local communities and managed by their authorities.
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