Cyprus-Forum.com

[Get Real!]

yes

Excellent, now go to that bank and remind them that they've forgotten to give you your title deed or tell you were it is!

I think you are missing the point here GR -- issue of the title deeds is dependant on many factors ( see Nigels post ) -- one of the biggest problems is usually the developer -- 5 to 10 years is not unusual from the date you move in and in some cases it can be much longer -- unlike the UK where you get your deeds straight away -- or should I say the bank gets them until you have paid off the mortgage.

To lots of Cypriots it doesn't seem to matter if they have the deeds or not and view it as a unnecessary expense that they will put off as much as they can-- I personally don't like the idea of paying for something and not being able to call it my own because the developer still owns it for up to 10 years after I've paid for it

The system in Cyprus really needs a shake up and there must be some way of preventing developers from taking out a mortgage / loan on property when it's already been sold or selling it with a mortgage attached
Bill

Hmm, no I haven't read the full thread... that does suck!

[Peterc]

Without scaring you too much, if the developer has a mortgage/loan on the land and fails to pay back that loan, guess who can lose their property? Apparently there ia a 20000 backlog on deed applications due to the boom in property prices over the last five years.
Dont get me started on final approval certificates.

[paul1978]

i also heard that they are now computerising the way, they process the title deeds from which i thought this would speed up the process.

[Peterc]

There was a seminar in Paphos last Saturday ran by Anthonis Loizou. The minister of Interior was guest speaker and was good enough to have a q & a session. Apparently they are currently reviewing the whole system as it has spiralled out of control.

[nhowarth]

Hi Peterc

Fancy seeing you here

I'm pleased the Minister stayed and listened to everything that was said.

But I wasn't that keen on the solution of speeding things up. All that will do is speed up the conveyor belt - when the stuff on the conveyor belt is a load of rubbish. And when the talk of flexibility of changing the boundary from 3 metres to 2.5 - I know exactly what will happen - 100% guaranteed. All the developers will build to the 2.5 metre mark (because they can build bigger houses by doing that - and so get more money).

Regards,

[nhowarth]

there must be some way of preventing developers from taking out a mortgage / loan on property when it's already been sold or selling it with a mortgage attached Bill

That is the major problem that must be resolved to protect the interest of the buyer.

Then there must be a way of stopping developers charging like wounded bulls if the buyer wants to sell the property before completion. And then there's the issue of Immovable Property Tax.

I know developers exist to make money for their shareholders - they can't be blamed for that. But the current system leaves the buyer with very little protection - the Specific Performance law prevents buyers from being gazumped or the vendor selling it twice, but that's about it.

Cheers.

[Peterc]

Hi Nigel, I think what AL was saying about the 2.5 metres was concerning an amnesty in order that people get their deeds if this was due to errors made by the builder.

[geoffm]

Nigel.
Does it cost the developer anything to apply for vertical division or do there make anything out of it, also is it posible to check to see if he has.
geoffm

[nhowarth]

Nigel.
Does it cost the developer anything to apply for vertical division or do there make anything out of it, also is it posible to check to see if he has.
geoffm

It costs the developer CYP 35.00/property (plus VAT possibly).

And it is possible for 'Interested Persons' (I.e the owners and those in whose favour an encumbrance is registered on the building - e.g. deposit of a Contract of Sale for 'Specific Performance') to find out if the required Form N259A has been submitted for the division.

Cheers,

[nhowarth]

Hi Nigel, I think what AL was saying about the 2.5 metres was concerning an amnesty in order that people get their deeds if this was due to errors made by the builder.

I hope so Peter - maybe I misunderstood.

Cheers,