Cyprus-Forum.com

[Svetlana]

It is beyond my understanding why immediate and effective action has not been taken by the Government - what do they do with their time!!!

Who benefits form the immediate transfer of Deeds on purchase:

i) The Purchaser, beacuse of the protection it gives.

ii) The Government because it would bring forward a much needed wave of revenue, through Property Transfer Tax.

iii) Developers and the construction industry, as the greater confidence would make the purchase of property in Cyprus, more attractive.

The disadvantages would be....?

Those benefits would be true if the systems were in place.

the disadvantages are;

1. You would be breaking the current laws
2. All the planning regulations will go out of the window
3. You would have total chaos
4. the land registry would be a mess
5. No one would know for sure where theri boundaries are
6. No one will know exactly how many sq.metres they had
7. The immovable properties law cap 224 would be rendered void
8. You would never known what you were buying or selling

I could go on, but you get the picture.

For the benefits to happen, the systems need revision in an orderly and timely fashion and this is what the RoC is trying to acheive, albeit, very slowly and painfully.

I was suggesting that the legislation be put in place to allow immediate transfer. If it can be done in Third World countries, surely it is not beyond the wit of a modern, sophisticated EU nation.

[Oracle]

It is beyond my understanding why immediate and effective action has not been taken by the Government - what do they do with their time!!!

Who benefits form the immediate transfer of Deeds on purchase:

i) The Purchaser, beacuse of the protection it gives.

ii) The Government because it would bring forward a much needed wave of revenue, through Property Transfer Tax.

iii) Developers and the construction industry, as the greater confidence would make the purchase of property in Cyprus, more attractive.

The disadvantages would be....?

Those benefits would be true if the systems were in place.

the disadvantages are;

1. You would be breaking the current laws
2. All the planning regulations will go out of the window
3. You would have total chaos
4. the land registry would be a mess
5. No one would know for sure where theri boundaries are
6. No one will know exactly how many sq.metres they had
7. The immovable properties law cap 224 would be rendered void
8. You would never known what you were buying or selling

I could go on, but you get the picture.

For the benefits to happen, the systems need revision in an orderly and timely fashion and this is what the RoC is trying to acheive, albeit, very slowly and painfully.

I was suggesting that the legislation be put in place to allow immediate transfer. If it can be done in Third World countries, surely it is not beyond the wit of a modern, sophisticated EU nation.

There is an effective immediate transfer. It's termed "Specific Performance" and it protects the rights of the purchaser until the deeds are issued (which take time in all countries -- except maybe some dodgy ones).

[Gasman]

As long ago as 1995:

Beware when Buying Cyprus Property

http://www.news.cyprus-property-buyers.com/2005/05/13/beware-when-buying-cyprus-property/id=0015

[Gasman]

2008:

Resale property scam warning

http://www.news.cyprus-property-buyers.com/2008/05/08/resale-property-scam-warning/id=00375

[Gasman]

Elderly widow victim of property scam

http://www.news.cyprus-property-buyers.com/2008/06/01/elderly-widow-victim-of-property-scam/id=00416

AN 83-YEAR-OLD British widow who has been waiting 29 years for the title deeds to her home was shocked recently to receive an Immovable Property Tax (IPT) bill from her developer, Korfi Mountain Estates Limited, for €25,000 when it should have been around €430.

The IPT bill amounts to nearly 50 per cent of the original purchase price of the house near Lania, which was bought around 1980 for some €60,000.

[Svetlana]

It is beyond my understanding why immediate and effective action has not been taken by the Government - what do they do with their time!!!

Who benefits form the immediate transfer of Deeds on purchase:

i) The Purchaser, beacuse of the protection it gives.

ii) The Government because it would bring forward a much needed wave of revenue, through Property Transfer Tax.

iii) Developers and the construction industry, as the greater confidence would make the purchase of property in Cyprus, more attractive.

The disadvantages would be....?

Those benefits would be true if the systems were in place.

the disadvantages are;

1. You would be breaking the current laws
2. All the planning regulations will go out of the window
3. You would have total chaos
4. the land registry would be a mess
5. No one would know for sure where theri boundaries are
6. No one will know exactly how many sq.metres they had
7. The immovable properties law cap 224 would be rendered void
8. You would never known what you were buying or selling

I could go on, but you get the picture.

For the benefits to happen, the systems need revision in an orderly and timely fashion and this is what the RoC is trying to acheive, albeit, very slowly and painfully.

I was suggesting that the legislation be put in place to allow immediate transfer. If it can be done in Third World countries, surely it is not beyond the wit of a modern, sophisticated EU nation.

There is an effective immediate transfer. It's termed "Specific Performance" and it protects the rights of the purchaser until the deeds are issued (which take time in all countries -- except maybe some dodgy ones).

Sadly, Specific Peformance does not protect you against you losing your home, merely against it being sold twice. Just had a long and emotional meeting with my developer, it now looks like dozens of people will be losing their properties.

This primarily a Pafos problem; a number of developers are over leveraged, with one well known company owing some €800,000 to XXXXX Bank and other major developers also exposed, to a lesser extent.

It is hearsay, yes, but from an informed source.

[Svetlana]

Further properties are to be auctioned in the north, on 13 June.

[EricSeans]

It is beyond my understanding why immediate and effective action has not been taken by the Government - what do they do with their time!!!

Who benefits form the immediate transfer of Deeds on purchase:

i) The Purchaser, beacuse of the protection it gives.

ii) The Government because it would bring forward a much needed wave of revenue, through Property Transfer Tax.

iii) Developers and the construction industry, as the greater confidence would make the purchase of property in Cyprus, more attractive.

The disadvantages would be....?

I blame the people who pay the money under these circumstances. If people did not pay the money without the title deeds then this problem would not exist.

Lets face it the too many developers, lawyers and the politicians on both sides are crooks.

Too right. This is especially the case in the north. The stupidity and greed of these selfish individuals has fuelled a corrupt system which exists on exploiting even more fools. Not only that but these outsiders have obviously contributed to the property barrier to final settlement. What kind of idiot hands over the money for a house without securing "permission" to purchase from the Turkish authorities or getting the title transferred into their name? I'm banned from every forum in the north apart from NCFP so I hope some of them read this and recognise themselves. Elderly, bewildered and special needs apart, they brought it on themselves and the sharks exploited them. With the odd exception, there's no reasoning with these people. Hell mend them.

[EricSeans]

Further properties are to be auctioned in the north, on 13 July.

Any links?

[Svetlana]

Further properties are to be auctioned in the north, on 13 July.

Any links?

www.hbpg-trnc.net/documents/tutuska.html

Auction date is 13 June, not July