Cyprus-Forum.com

[Gasman]

For example:

Pottypot Court 1 - No TDs yet

Pottypot Court 2 No TDs yet

Pottypot Court 3 No TDs yet

Pottypot Court 4 No TDs yet

Pottypot Court 5 No TDs yet

Pottypot Court 6 No TDs yet

Pottypot Court 7 TDs issued this year (only an 8 yr delay)

Pottypot Court 8 - expected to feel reassured by the fact that Pottypot Court 7 just got theirs.

Pottypot Court 9 almost built

No Pottypot Court 10 - Developer pissed off to Greece to start building over there because cannot find enough buyers for his Cypriot properties.

[TALISMAN]

Street in Petridia near Emba, Paphos, 15 properties not a complex, mixture of owners British/Cypriot nine years now and NO TD's.

Developer has many other projects and into time share, debt 4 years ago was in the region of C£4,000,000++++.

Walks around the bank as if he owns it not owes it, bank happens to have the same name as first name of developer, co-incidence or what.

Been promised for years that next month/year deeds will be available, not a chance.

[bsharpish]

Maybe the 130000+ owners have got it all wrong and should sleep well knowing that developers of all sizes have our best interests at heart.
After all.... they would not sell the ground from under our feet, or borrow money (against our bought and paid for homes) to prop up there ailing sales would they ?

Anyway ....back , directly , to the topic heading

Tarnished ...... PAH..... rusty old nail of a product is more like it.

[Gasman]

Just another ABSOLUTELY TYPICAL tale Talisman, regarding Cypriot Property Sales.

But, not to worry, according to some of the stalwarts on this forum, there is only one Property Developer whose name has been besmirched and he is a good guy really and didn't deserve it.

Yeah, right.

I sometimes wonder if any of these posters even live or ever lived in Cyprus?

[repulsewarrior]

...big issue, good for Cyprus, and in modernising the legislation we can expect an increase in the value of Property overall. the law it seems, has not kept up with the changing patterns of buyers and sellers. banks and those who for their trade facilitate exchange, have adapted their needs to the existing Law. we've seen the worst in people in these positions all over the world and it shames me to say, as a Human Being, that we have not learned much since the First Word War. however, we live in interesting times.

...velocity, its relation to the buyer must change, example; transfer of all mortgages to the buyer at sale (or buyer buys all mortgages before sale). it will still allow developers, buyers and sellers, the ability to negociate other terms, like those today which further their expansion needs. banks will continue to have the security they need, yet in their operations more will be expected from their service.

...needles to say, the demands on the Land Registry will be greatly tested in the years to come when the impasse called the Cyprus Problem has been completely resolved. this variation on its reform is an important consideration as well.

[yialousa1971]

Don't get me started on Title Deeds......!!!


lana

Kafenes does,nt want to talk about them Paph is asleep and in a dream world as far as Cyprus justice is concerned, but I would like to hear your opinion

OK, this is my first hand experience. My developer has ceased trading; there were a number of reasons leading to his downfall, not all of his making. We remain good friends and we swopped 'Xristo Anesti' over the weekend, so this is not an anti-Cypriot or personal issue.

Because of the lack of protection of Cypriot Property Law- which even fails to match the standard of Third World countries such as Sri Lanka! - I and hundreds of others find myself in the position of losing our homes.

It goes like this: the Developer goes bankrupt or ceases trading with large debts - around €4,000,000 in this case. No Title Deeds have yet been issued because of the indefensible delays in TD procedures. The TD are therefore assets of the developer and the Creditors make claim on these properties - and we are talking about 100+ for this developer alone.
I checked at Land Registry and my record, along with all others lists the Creditors and amounts outstanding.

So, yes I used a long established and reputable Paphian lawyer and yes the Contract was lodged with Land Registry for Specific Peformance, yet although neither I. nor the developer, has ever had a mortage on it, my home may be taken away from me. How can the Law allow such a situation to occur?

Well, I am more fortunate than some, in that the developer had no mortgage on the land and I have sufficient funds to fight a legal battle.
So, since July, I have been fighting to save my home; Court Hearing after Court Hearing with, I hope, the final Court Order in the next couple of weeks. the cost so far: €25,300. I will then be faced with Property Transfer Tax of €xx,xxx but I will tackle that when I come to it!

So, I am luckier than some; but how will those who cannot afford legal proceedngs or have discovered there is a hidden mortgage on their home, survive. That's another point: how can the system allow someone else to take a mortgage out on your land/home AFTER you have bought and paid for it?

Conspiracy theorists have suggested that XXX Bank is taking a tough stance so that a lot of cheap properties will fall into its lap - but who knows, who is doing what to who!

Anyway, I will report back when I have a conclusion!

Lana

PM me the details of your property Lana and I will make you up some title deeds to go with the passport I made for you.

[bill cobbett]

Just read many of the stories from members above. Knew there was a big problem with this but really does bring it home to me to hear these personal stories. My very best wishes to all who have been effected by this scam, and that's a word I use intentionally.

Know it's a bit late for those above, but can just say this about this word kochan, which may help future investors, and there will come a time when the market picks up again and more people are drawn in by the sun and sea and a life of late-flowering and lustful sex with an aged partner brought on by the heat.

Interesting word "kochan", presumably one with roots in Ottoman days, but it's much more than a simple word. It almost comes with the CY blood-line, a word you hear from your earliest days, a word CYs grow up with, a word that is an extremely important part of the culture. A noun to most of us, but it's also a verb, and so from earliest days you hear it used in a verb form to describe old property transfers from dim and distant family histories, and sometimes you hear it being used in a future tense to describe a future transfer, a future promise to transfer.

Just to emphasise this point about this "kochan" way of life. Have often been party to conversations with Cys who rather than say "we own that bit of land over there and we also own that bit of land on the hill-side" will say ...."we have the kochan to that bit of land over there and we also have the kochan to that bit of land on the hillside".

Kochan .... A Very Important Word, can mean so much more than "title-deed".

[Svetlana]

Don't get me started on Title Deeds......!!!


lana

Kafenes does,nt want to talk about them Paph is asleep and in a dream world as far as Cyprus justice is concerned, but I would like to hear your opinion

OK, this is my first hand experience. My developer has ceased trading; there were a number of reasons leading to his downfall, not all of his making. We remain good friends and we swopped 'Xristo Anesti' over the weekend, so this is not an anti-Cypriot or personal issue.

Because of the lack of protection of Cypriot Property Law- which even fails to match the standard of Third World countries such as Sri Lanka! - I and hundreds of others find myself in the position of losing our homes.

It goes like this: the Developer goes bankrupt or ceases trading with large debts - around €4,000,000 in this case. No Title Deeds have yet been issued because of the indefensible delays in TD procedures. The TD are therefore assets of the developer and the Creditors make claim on these properties - and we are talking about 100+ for this developer alone.
I checked at Land Registry and my record, along with all others lists the Creditors and amounts outstanding.

So, yes I used a long established and reputable Paphian lawyer and yes the Contract was lodged with Land Registry for Specific Peformance, yet although neither I. nor the developer, has ever had a mortage on it, my home may be taken away from me. How can the Law allow such a situation to occur?

Well, I am more fortunate than some, in that the developer had no mortgage on the land and I have sufficient funds to fight a legal battle.
So, since July, I have been fighting to save my home; Court Hearing after Court Hearing with, I hope, the final Court Order in the next couple of weeks. the cost so far: €25,300. I will then be faced with Property Transfer Tax of €xx,xxx but I will tackle that when I come to it!

So, I am luckier than some; but how will those who cannot afford legal proceedngs or have discovered there is a hidden mortgage on their home, survive. That's another point: how can the system allow someone else to take a mortgage out on your land/home AFTER you have bought and paid for it?

Conspiracy theorists have suggested that XXX Bank is taking a tough stance so that a lot of cheap properties will fall into its lap - but who knows, who is doing what to who!

Anyway, I will report back when I have a conclusion!

Lana

PM me the details of your property Lana and I will make you up some title deeds to go with the passport I made for you.

Title Deeds!!!! You cannot even manage joined writing yet!

Lana