Title Deeds

[Adi]

Hi Nigel

I have a question regarding 'Title deeds' - my in-laws purchased a property in Cyprus a number of years ago they paid cash for it, the seller was English and he sold it to my in-laws without title deeds.

The property is on a development which is incomplete, and has been for a number of years, the original developer began building 20-years ago and has completed a substantial amount of properties but he still has in excess of 10-plots to build on.

The developer is a well-established Cypriot developer and I do not think he will go out of business; however, he has been promising my in-laws (and others on the complex) their title deeds for years and has never come up with the goods!

My in-laws, surprisingly are not that bothered that they have no deeds, they say that everything takes time in Cyprus and that one day they will be issued the deeds. Unfortunately, I do not share their relaxed view.

Is there any reason to be worried that no deeds have been issued?

If they wanted to sell could they without deeds?

Are there any other issues they should be aware of?

Regards

Adi.

[Nigel Howarth]

Hi Adi,

I share your concern. Did your in-laws appoint a lawyer to act for them when they bought? And do you know if their contract of sale was deposited at the Land Registry?

(A number of people bury their heads in the sand and 'pretend' that there is nothing wrong. As you may appreciate elderly people who come here to retire don't want to think about these problems and don't want to discuss them).

At the present time, Title Deeds can only be issued for a development covered by a single planning application once all the properties have been built. I expect this may be the cause of the delay.

The government is talking about changing the law, but nothing has happened yet.

If you want to send me a private message (click on the PM button below this message) with the name of the developer - and the lawyer your in-laws used, and I'll let you know if I have heard of any problems with them.

Regards,

[Pantheman]

Hello Adi,

to answer your questions;

1. Should you be worried, well this depends on the developers financial strength and whether he has any mortages on the land the villa is placed on. Being a well known developer is no guarantee, but if the finances are sound then there is no real problem there.

2. Can you sell without deeds. Yes you can, but your in-laws will apy the developer a cancellation fee and depending upon your contract of sale, the developer can ley what he wants. There is no fix amount, can range from €1k - €5k or even more.

3. Will you get deeds, Well not until the developer completes the project. After he has completed it, he need so get a certificate of final approval and a permit of subdivision and this alone without any issues could take 3- 5 years.

Hope this helps

Pan

[andyp]

Adi. Possibly are more important question to ask is- Would anyone buy my in laws house without title deeds? With all the publicity of late the answer to that I am afraid might well be no.

[Pantheman]

Adi. Possibly are more important question to ask is- Would anyone buy my in laws house without title deeds? With all the publicity of late the answer to that I am afraid might well be no.

Property is still being sold and increasing sales compared to last year are being had. Much scaremongering is going on that spoils it for the sellers. yes there are issues, but sales are being closed. If the property is correctly priced and it is 'fancied' by someone, then yes it can get sold.

There are many people who do not even want to get their deeds and some are trying to sell quick before they are forced to, so deeds are no be all and end all for many.

If the devloper has no loans on the land you can write into the contract he cannot re-mortgage, if he has you ca get a bank waiver, there are techniques to protect yourself.


Good luck with whatever you wish to do Adi

[andyp]

Adi. Do not listen to pantheman. His own website, having just looked, does not even bother to post title warnings to buyers. some estate agents will not even put un titled property on their books. And yes get your in laws to check whether their developer has mortgaged the land on which their house sits. Not scaremongering. Reality

[Pantheman]

Adi. Do not listen to pantheman. His own website, having just looked, does not even bother to post title warnings to buyers. some estate agents will not even put un titled property on their books. And yes get your in laws to check whether their developer has mortgaged the land on which their house sits. Not scaremongering. Reality

I expected nothing less than a retort. It is typical when you don't really have any arguement. I already warned about the issues of Titles deeds in my earlier post. I am hardly hiding anything.

You seem to be another one of these hard done by people who just want to down tread the property market. Adi can make up his/her own mind, he/she does not need me or you to advise.

I doubt very much that there are many agents who carry only titled properties and the ones that do may have a very small selection or very exclusive properties.

I explain in detail to any prospective buyer about the title deed situation and theythen make up their own minds.

Let me ask you this, do you think that health warnings on cigarette packets actually make a difference? I doubt it!

[andyp]

Far from hard done by P. My pensioner neighbours are however. Absolutely stuffed and scared to spend a penny.

Adi obviously has concerns and rose tinted glasses will not help. No point in burying head in sand. Might as well find out what the problems are, as you well know. Their in laws may be affected they may not but probably are. So as an agent what are the first two questions you are asked? i would guess
1 Does it have a title?
2 Does it have a developers mortgage?

Where are your warnings on your web site? Even Rightmove and Homes in The Sun now have them but you would rather get a sale and pass the buck to someone else.

Health warnings on fag packets? Does that mean you will still sell a mortgaged home to someone else? That says it all

[Pantheman]

Well, seems my example on the Cigarettes packets was wasted, since you couldn't understand what I was saying.

Warnings are placed upon the FCO website as well, did they help?

Again you ovbiously have an axe to grind, and I don't intend to have a slanging match here. I am sorry about your neighbours though, and I do sincerely hope they can sort out whatever problem they have.

I always advise if title deeds are available or not, and mortgage status is verifiied by the search the solicitor will do.

I take exception to your insinuation that I would knowingly sell someone a bad deal, but then, when you have no real argument, you can only resort to insults.

The person asked some basic advice and you have sort to turn this into yet another title deeds palava (sp?), go figure.

[andyp]

Yes P. I do understand.

Yes P Adi did ask a question. The clue to the concern was actually in the title and indeed paragrph 5 and the answer to that is YES.

Have a good day. Bye.

[Nigel Howarth]

some estate agents will not even put un titled property on their books.

Who might they be?