Cyprus Property Forum for Buyers, Sellers & Investors

Bearing in mind that on buying my off plan apartment I made it clear that it was my intention to sell it on completion, should I have been informed that;

1.I would not receive the title deeds on completion
2.The developer would not sign any assurance that they would release there claim on the property (once title deeds became available) to allow a mortgage to be placed on the property, thereby limiting the resale market

I realize that I should have conducted more research myself but I placed my trust in the agent (well known and I thought reputable) who assured me that the legal system was based on our own in the UK and therefore did not envisage any of the above problems.

Is there anything to be gained by investigating the issues with an independent solicitor, as the original was the one recommended by the agent?

Be most grateful for any advice

Thanks

Peter

Hi Peter,

If you bought from the UK, then I suspect that it maybe worthwhile getting advice from a UK lawyer about how to approach the problem with your agent. In my opinion, he should have advised you of the situation - but what he's legally required to do may well be another matter.

The 'Title Deed' issue is a huge problem - and as the Interior Ministry reported last year, the local laws favour the property developers.

In the opinion of one lawyer, it is possible to take the developer to court if he does produce the Title Deeds in a 'reasonable' time, even though the property is mortgaged. But I've not heard of anyone perusing this course of action.

(It's a public holiday here today - Greek Independence Day. So I don't expect Louise to be around until tomorrow. She may be able to provide further advice).

Regards,