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Doug,
Thank you for the post.
1. The specific performance expires six months after the issue of the separate title deed. So the purchasers must transfer the title deed into their names within this time.
2. Once the separate title deeds have been issued the developers are not allowed to sign cancellation agreements, so the owners must first transfer the title deeds to their names before they sell it. I do know of some cases where the developer has agreed to sign a cancellation agreement after the issue of the separate title deeds, but this is not the norm.
3. The sale price is agreed between the parties and a contract of sale is drawn up showing this price. When the new purchasers transfer the title deed to their names the land registry will have the contract of sale. The transfer fees are usually calculated on the contract price, but the land registry office does have the right to value the property at a higher amount than the contract price, and if this should happen then the transfer fees will be calculated on the higher valuation.
4. If the purchasers do not agree with the higher valuation, then they can lodge an object with the land registry office. This can only be done after the transfer, so the purchasers must pay the transfer fees on the higher valuation and then lodge their objection and the land registry office will review the case. If the land registry office keeps to the higher valuation the only option after this is to appeal the decision through the Supreme Court.
5. Once the separate title deed has been transferred into the names “Purchasers” they will only be liable for immovable property tax if the value of their property was more than Euro170.860,14 on the 1st of January 1980. This valuation will be shown on the title deed.
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