Cyprus-Forum.com

[elko]

Buying a share of a plot is possible and it is not section off. It has a name (excuse the spelling) its called "moushterekiko".

"moushterekiko" comes from Turkish "Mü$terek" which is derived from Arabic and it means "Joint ownership".

I think in the case of Ku, it is not a joint ownership as such but an agreement to buy-sell a certain plot in the whole. I understand that the agreement was lodged with the Land Registry, hence giving a chance to apply to court for "Specific Performance". From what I understood from the Cyprus Mail article is that now the High Court Decision has opened up the way for Ku to apply to court and have someone appointed to do the necessary work to divide up the land in place of the Vendor if this is possible at all. So it may not be as bad as the case described by pantheman i.e. there is no title deed for joint ownership, only an agreement for a specific plot.
ismet

[elko]

Pantheon,

To do anything with the plot you need to get the agreement of all those people that own a share, bloody nightmare if you ask me. It would seem you do not know if the deleoper has sold on more shares to others too!

For whatever reason (like not able to trace owners or not able to reach an agreement) if you cannot get it sorted out you have the option as a share owner to ask the court to put the whole lot on sale. Then you get the share of your money or if you have the money you buy the lot. I believe that after the bidding is closed, you have a certain time to raise the money and buy it yourself if you can equal the highest bid. I think as a share owner you have this privilege.
ismet

[nhowarth]

What it means is you have a share, you should get title deeds for the share (it won't say where this share is but within the 40000 m2 and you will own a fraction of it.

Now, you cannot build on this share until it gets broken up into plots, because no one knows which part is your!

It is possible to build on the land - I recently came across this situation in Trachoni. Fortunately, the co-owners agreed to divide the land so that the person buying could get Title.

Buying a share in a plot of land is not recommended as:

The Land Registry cannot distinguish which part of the plot is yours.

If you build a property on your share of the plot, the owner(s) of the other part(s) will automatically become part-owner(s) of that property as you will become a part-owner of their share of the plot and anything they may build on it.

You will remain a partner in perpetuity with the owner(s) of the other part(s) of the plot.

You will always need their approval to sell, apply for permits and in general for anything you may wish to do with your share of the plot.

Such problems can be avoided with detailed contracts between the partners. However, it will remain an informal agreement rather than a formal transaction lodged and recorded at the Land Registry.

As you say a "bloody nightmare".

Cheers

[pantheman]

Elko,

thanks for your reply, it confirms what i already new, in fact my understanding was the plot went up for aution. Would you know by any chance, what would happen if you didn't agree with the final price ? Could you just not accept it ? Also could the could application be undertaken by any one of the co owners or do they all have to agree ? sounds starnge i know, but anything is possible in cyprus !!!

Thanks in advance.

Pantheman

P.S. I have been told that in order to get any planning consent then all the owners my sign up to it. I don't see how one could build anything without the OK from the others ???? Just curious


Any direction would be most welcome, bacause as i have said trying to get it sorted is very difficult.

[elko]

Pantheman,
My information is based on Laws of Cyprus of 1959 in preparation for the setting up of ROC. However I do not think much has changed. When a piece of land is up for compulsory sale, the Land Registry Office fixes a minimum price and it is know. If nobody offers that amount, it is put up for sale 6 months later with 30% lower minimum price and so on. The shareholders have no choice.
Just one share holder can apply for cumpolsory sale. If they cannot agree amongst themslves to divide up or to let the one with money to build on it, then any one owner can apply for the sale of the lot. Fair enough, otherwise the disagrement will last for ever just like the Cyprus Problem. Good idea, can we put up Cyprus for sale and keep the minimum price very low otherwise there will be no offers
ismet

[pantheman]

Pantheman,
My information is based on Laws of Cyprus of 1959 in preparation for the setting up of ROC. However I do not think much has changed. When a piece of land is up for compulsory sale, the Land Registry Office fixes a minimum price and it is know. If nobody offers that amount, it is put up for sale 6 months later with 30% lower minimum price and so on. The shareholders have no choice.
Just one share holder can apply for cumpolsory sale. If they cannot agree amongst themslves to divide up or to let the one with money to build on it, then any one owner can apply for the sale of the lot. Fair enough, otherwise the disagrement will last for ever just like the Cyprus Problem. Good idea, can we put up Cyprus for sale and keep the minimum price very low otherwise there will be no offers
ismet

Elko,

thanks for the reply, but could you just clarify this part as i'm not sure what you mean :

"When a piece of land is up for compulsory sale, the Land Registry Office fixes a minimum price and it is know."

Thanks again.

Pantheman

[elko]

Elko,

thanks for the reply, but could you just clarify this part as i'm not sure what you mean :

"When a piece of land is up for compulsory sale, the Land Registry Office fixes a minimum price and it is know."

Thanks again.

Pantheman

I meant "and it is known", just a typo. In other words, the Land Registry fixes a minimum price and make it public. the bidding starts from that minimum price and if there are no bids at all, another sale will take place after 6 months with 30% lower price as the initial bidding price and so on.
ismet

[sylvia]

dont wont be a party pooper but I've had my house for 15 years or more and still have no deeds. despite two sets of solicitors extracting huge amounts of money from us (residents committee) still no deeds. We heard different stories, developer hadnt paid taxes, we are in a pecking order etc etc. 3. people have died waiting for their deed . AND we are not allowed to do any improvements to the properties. Obviously after 10, 15 years its not possible not to make improvements but those residents that have covered their areas are now obliged to uncover them ........what a laugh......well you have to dont you.

[Svetlana]

You can make improvements in advance of Title Deeds, it is just that you require revised planning permission, as you still do, strictly, after issue of Title Deeds.

Lana

[sylvia]

TO ELKO

good reading but its funny that Coucounis is our solicitor (working for the residents committee of our estate of 42 houses). (.hes the 2nd solicitor for the last 5 years) Its been going on for 17 years in all and cost the residents in excess of 30,000. Hes been to court, the land inspectors have been but still we are no further forward.

ANYBODY GOT ANYTHING ELSE TO TELL ME ON HOW WE CAN GET OUR DEEDS. LAWYERS ARE HOPELESS