Cyprus-Forum.com

[Tim Drayton]

I think this is the procedure I am talking about above:

http://www.cyprusconsulting.com/en/irppc.php

After stamping, a copy of the sale agreement will then be deposited at the Land Registry in Cyprus. For the purchaser’s protection the Land Registry in Cyprus provides a simple and effective legal instrument called “specific performance”. As soon as the Contract of Sale is stamped and deposited at the District Land Registry Office, the purchaser’s ownership rights are protected until the Title Deeds are finally issued and transferred into the purchaser’s name. The Contract of Sale is in the hands of the Land Registry and cannot be withdrawn by anyone, and therefore the property is legally registered in law as belonging to the purchaser, it cannot be leased, sold, transferred or mortgaged without the consent of the purchaser - only the purchaser can alter the property status. Indeed “specific performance” is particularly useful as many purchasers are more than happy to have the security it brings and delay the issuance of Title Deeds for as long as possible to avoid paying the Transfer Fees!

[Peterc]

im not doubting a word of this Tim, however i am aware of 2 instances where land has been remortgaged and the developer has gone bust/disappeared. The bank therefore have claim to the land.

[YFred]

I think this is the procedure I am talking about above:

http://www.cyprusconsulting.com/en/irppc.php

After stamping, a copy of the sale agreement will then be deposited at the Land Registry in Cyprus. For the purchaser’s protection the Land Registry in Cyprus provides a simple and effective legal instrument called “specific performance”. As soon as the Contract of Sale is stamped and deposited at the District Land Registry Office, the purchaser’s ownership rights are protected until the Title Deeds are finally issued and transferred into the purchaser’s name. The Contract of Sale is in the hands of the Land Registry and cannot be withdrawn by anyone, and therefore the property is legally registered in law as belonging to the purchaser, it cannot be leased, sold, transferred or mortgaged without the consent of the purchaser - only the purchaser can alter the property status. Indeed “specific performance” is particularly useful as many purchasers are more than happy to have the security it brings and delay the issuance of Title Deeds for as long as possible to avoid paying the Transfer Fees!

Isn't the solicitor professional indemnity insurance liable if they have not protected their client properly in the transaction.

[Tim Drayton]

im not doubting a word of this Tim, however i am aware of 2 instances where land has been remortgaged and the developer has gone bust/disappeared. The bank therefore have claim to the land.

Agreed. Developers in Cyprus are notorious for doing this, and as you point out the banks then have a prior claim on the property. I am only saying that, as far as I know and touch wood, there are steps that the purchaser can take to prevent this.

[Tim Drayton]

I think this is the procedure I am talking about above:

http://www.cyprusconsulting.com/en/irppc.php

After stamping, a copy of the sale agreement will then be deposited at the Land Registry in Cyprus. For the purchaser’s protection the Land Registry in Cyprus provides a simple and effective legal instrument called “specific performance”. As soon as the Contract of Sale is stamped and deposited at the District Land Registry Office, the purchaser’s ownership rights are protected until the Title Deeds are finally issued and transferred into the purchaser’s name. The Contract of Sale is in the hands of the Land Registry and cannot be withdrawn by anyone, and therefore the property is legally registered in law as belonging to the purchaser, it cannot be leased, sold, transferred or mortgaged without the consent of the purchaser - only the purchaser can alter the property status. Indeed “specific performance” is particularly useful as many purchasers are more than happy to have the security it brings and delay the issuance of Title Deeds for as long as possible to avoid paying the Transfer Fees!

Isn't the solicitor professional indemnity insurance liable if they have not protected their client properly in the transaction.

I don't think that anybody has yet successfully prosecuted a solicitor for negligence in this kind of case. I am afraid that a lot of foreign buyers have simply accepted the contract drawn up by the developer's solicitor at face value and signed on the dotted line, without seeking independent legal advice.

[Peterc]

I think this is the procedure I am talking about above:

http://www.cyprusconsulting.com/en/irppc.php

After stamping, a copy of the sale agreement will then be deposited at the Land Registry in Cyprus. For the purchaser’s protection the Land Registry in Cyprus provides a simple and effective legal instrument called “specific performance”. As soon as the Contract of Sale is stamped and deposited at the District Land Registry Office, the purchaser’s ownership rights are protected until the Title Deeds are finally issued and transferred into the purchaser’s name. The Contract of Sale is in the hands of the Land Registry and cannot be withdrawn by anyone, and therefore the property is legally registered in law as belonging to the purchaser, it cannot be leased, sold, transferred or mortgaged without the consent of the purchaser - only the purchaser can alter the property status. Indeed “specific performance” is particularly useful as many purchasers are more than happy to have the security it brings and delay the issuance of Title Deeds for as long as possible to avoid paying the Transfer Fees!

Isn't the solicitor professional indemnity insurance liable if they have not protected their client properly in the transaction.

I don't think that anybody has yet successfully prosecuted a solicitor for negligence in this kind of case. I am afraid that a lot of foreign buyers have simply accepted the contract drawn up by the developer's solicitor at face value and signed on the dotted line, without seeking independent legal advice.

My point exactly!

[YFred]

I think this is the procedure I am talking about above:

http://www.cyprusconsulting.com/en/irppc.php

After stamping, a copy of the sale agreement will then be deposited at the Land Registry in Cyprus. For the purchaser’s protection the Land Registry in Cyprus provides a simple and effective legal instrument called “specific performance”. As soon as the Contract of Sale is stamped and deposited at the District Land Registry Office, the purchaser’s ownership rights are protected until the Title Deeds are finally issued and transferred into the purchaser’s name. The Contract of Sale is in the hands of the Land Registry and cannot be withdrawn by anyone, and therefore the property is legally registered in law as belonging to the purchaser, it cannot be leased, sold, transferred or mortgaged without the consent of the purchaser - only the purchaser can alter the property status. Indeed “specific performance” is particularly useful as many purchasers are more than happy to have the security it brings and delay the issuance of Title Deeds for as long as possible to avoid paying the Transfer Fees!

Isn't the solicitor professional indemnity insurance liable if they have not protected their client properly in the transaction.

I don't think that anybody has yet successfully prosecuted a solicitor for negligence in this kind of case. I am afraid that a lot of foreign buyers have simply accepted the contract drawn up by the developer's solicitor at face value and signed on the dotted line, without seeking independent legal advice.

....and there was me thinking roc was a proper country, when infact they have exactly the same problem with builders as the north with the northen ones with a slight added problem.

[Peterc]

I think this is the procedure I am talking about above:

http://www.cyprusconsulting.com/en/irppc.php

After stamping, a copy of the sale agreement will then be deposited at the Land Registry in Cyprus. For the purchaser’s protection the Land Registry in Cyprus provides a simple and effective legal instrument called “specific performance”. As soon as the Contract of Sale is stamped and deposited at the District Land Registry Office, the purchaser’s ownership rights are protected until the Title Deeds are finally issued and transferred into the purchaser’s name. The Contract of Sale is in the hands of the Land Registry and cannot be withdrawn by anyone, and therefore the property is legally registered in law as belonging to the purchaser, it cannot be leased, sold, transferred or mortgaged without the consent of the purchaser - only the purchaser can alter the property status. Indeed “specific performance” is particularly useful as many purchasers are more than happy to have the security it brings and delay the issuance of Title Deeds for as long as possible to avoid paying the Transfer Fees!

Isn't the solicitor professional indemnity insurance liable if they have not protected their client properly in the transaction.

I don't think that anybody has yet successfully prosecuted a solicitor for negligence in this kind of case. I am afraid that a lot of foreign buyers have simply accepted the contract drawn up by the developer's solicitor at face value and signed on the dotted line, without seeking independent legal advice.

....and there was me thinking roc was a proper country, when infact they have exactly the same problem with builders as the north with the northen ones with a slight added problem.

HMMMMMM!!!!!!!

[YFred]

I think this is the procedure I am talking about above:

http://www.cyprusconsulting.com/en/irppc.php

After stamping, a copy of the sale agreement will then be deposited at the Land Registry in Cyprus. For the purchaser’s protection the Land Registry in Cyprus provides a simple and effective legal instrument called “specific performance”. As soon as the Contract of Sale is stamped and deposited at the District Land Registry Office, the purchaser’s ownership rights are protected until the Title Deeds are finally issued and transferred into the purchaser’s name. The Contract of Sale is in the hands of the Land Registry and cannot be withdrawn by anyone, and therefore the property is legally registered in law as belonging to the purchaser, it cannot be leased, sold, transferred or mortgaged without the consent of the purchaser - only the purchaser can alter the property status. Indeed “specific performance” is particularly useful as many purchasers are more than happy to have the security it brings and delay the issuance of Title Deeds for as long as possible to avoid paying the Transfer Fees!

Isn't the solicitor professional indemnity insurance liable if they have not protected their client properly in the transaction.

I don't think that anybody has yet successfully prosecuted a solicitor for negligence in this kind of case. I am afraid that a lot of foreign buyers have simply accepted the contract drawn up by the developer's solicitor at face value and signed on the dotted line, without seeking independent legal advice.

....and there was me thinking roc was a proper country, when infact they have exactly the same problem with builders as the north with the northen ones with a slight added problem.

HMMMMMM!!!!!!!

Mr Sense of Humour deserted us today has it?

[Peterc]

wasnt that funny