Cyprus Property Forum for Buyers, Sellers & Investors

xxxxxxxxxxxx have just sent me an e-mail offering an answer to the problem concerning the issue of Title Deeds. They tell me that the issue has been resolved now by legislation and that we can "skip" developers and apply for the issue of seperate Title Deeds ourselves. They are offering to do this for a "small" fee and it is outlined in 3 parts:

1. 1,500 euros for an architect/civil engineer to inspect the property.
2. 1,500 euros for Tax Clearance and "other" accounting expenses.
3. 1,000 euros for Legal and document preparation

(all of the above subject to 15% vat)

They say that because of the predicted rush to get Title Deeds they are limiting the initial batch of applicants to 1000 and payment should be received before 31st August 2011.

ERGO 1000 x 4,000 euros = 4,000,000 euros (plus vat)

Any thoughts!!!!

My thoughts are unprintable!

On top of these outrageous charges, buyers will have to pay the fine/penalty imposed for the planning infringement + lawyers fees and court costs associated with suing the developer to recover their costs.

No-one with a brain cell is going to accept this preposterous offer.

If the developer has infringed the planning regulations, it is he who should be applying to regularise them under the 'Town Planning Amnesty'. If the buyer has made changes that prevent the issue of the final completion certificate, then they should pay.

But regardless of who you pay and how much it costs, legalising planning infringements is pointless if the developer has mortgaged the land on which he is building because the bank will not release the deeds until the debt has been cleared. Similarly, the Land Registry will not allow the transfer until they are presented with a 'tax clearance certificate' confirming that the vendor has paid his Capital Gains Tax, etc.

People should also bear in mind that if the planning infringement is serious, the Title Deed issued for the property could prevent its sale.

Regards,

Don't do it, you'll get nothing for your money and you will still be at square 1.

Save your money and trouble.

better to approach your developer and find out where you are with the deeds situation, maybe they have done much of the work, but you won't know until you ask.