Cyprus-Forum.com

[Beth_Josephine]

Approach the developer in question, with all relevant paper work and ask him (demand) that he visits the bank with you. This is so that you can get a bank gaurantee (as good as a title deed in a majority of cases), you can do this without them but it's an easier route (apparently).

Developers can be cheeky, with the last 40% payment a buyer puts down, the developer can on occasion take that money and place it as a deposit for another plot of land, meaning your title deed isn't going anywhere until the developer pays off that amount.

Therefore, getting a bank gaurantee, is just that, an extra guarantee to what is rightfully yours. IF THIS DOES NOT WORK, take a nice lawyer with you, should make the developer's ears prick up.

Like it has been said before - even though you paid for the property, it is not lawfully yours until you have the title deeds, therefore you can not sell or even adjust the property.

[nhowarth]

Hi Beth,

The thing that buyers need from a bank is a 'mortgage release certificate'. This will state that the part of the property they're buying is free of any mortgage.

A Bank Guarantee ensures that the liabilities of a debtor will be met. In other words, if the debtor fails to settle a debt, the bank will cover it.

Regards,