Cyprus Property Forum for Buyers, Sellers & Investors

Nigel

With all the horror stories of people losing their homes due to developers debts, etc, (where this is no fault of the owner) I am becoming more and more nervous (and wary) of purchasing in Cyprus. One of the fundamental safeguards seems to be to buy a resale property with title deeds. If I buy for cash (no mortgage) and have the title deeds, am I 100% secure from a third party repossession?

kempo23 wrote:If I buy for cash (no mortgage) and have the title deeds, am I 100% secure from a third party repossession

In a word - YES.

Once the deeds to the property are registered in your name, no-one can repossess the property (unless, of course, you use it as collateral to raise a loan and then fail to repay the loan - or lose it playing poker

Regards,

kempo23 wrote:Nigel

With all the horror stories of people losing their homes due to developers debts, etc, (where this is no fault of the owner) I am becoming more and more nervous (and wary) of purchasing in Cyprus. One of the fundamental safeguards seems to be to buy a resale property with title deeds. If I buy for cash (no mortgage) and have the title deeds, am I 100% secure from a third party repossession?

Please give a link to where this has occurred. perhaps there is the potential to lose, but who have actually lost their homes due to this.

Of the many thousands of homes sold how many lost them? I agree even 1 is too many, but please, let us keep this in perspective and not generalise.

Thanks

Pantheman wrote:

kempo23 wrote:Nigel

With all the horror stories of people losing their homes due to developers debts, etc, (where this is no fault of the owner) I am becoming more and more nervous (and wary) of purchasing in Cyprus. One of the fundamental safeguards seems to be to buy a resale property with title deeds. If I buy for cash (no mortgage) and have the title deeds, am I 100% secure from a third party repossession?

Please give a link to where this has occurred. perhaps there is the potential to lose, but who have actually lost their homes due to this.

Of the many thousands of homes sold how many lost them? I agree even 1 is too many, but please, let us keep this in perspective and not generalise.

Thanks

Thats all well and good Pantheman,maybe no one has lost their home (YET) through developer loans and lack of title deeds etc.But lets not forget when you come to SELL yourself. Then you will realise that buying a resale with title deeds could be the best bet.
I would not advise anyone against buying off plan off a developer,we did, and nothing has gone wrong i can only put good words about our developer.But alas it took us eight years for us to get our title deeds.

We were looking to buy an apartment with title deeds and have found out that there are memos against the property.
I always thought that with title deeds you were secure against any charges of the developer, but maybe this is not the case???

Welcome to the forum cyprusforme.

Anyone can apply for a court order against a debtor. If they get a judgement they can then lodge a claim against the title of the property registered in the name of the judgement debtor at the Land Registry.

In this case, the registered owner of the apartment (not the developer) owes someone some money - possibly they have failed to pay their communal charges - and the Management Committee has placed a memo for the amounts outstanding.

The best way to deal with this matter is to deduct the amount of the memo from the the price you are offering and then pay that amount to the Management Committee on the written understanding that they will remove the memo(s).

You'll need to discuss this beforehand with the Management Committee.

(But the memos could have been raised by someone else - you need to check this out).

Regards,