Cyprus Property Forum for Buyers, Sellers & Investors

Hello all,
"The Title Deeds of many foreign buyers are held by the banks as security for loans given to developers and there is nothing the government could do about this as this is considered a private contractual difference between the buyer and developer that could only be settled in court."

I take it to mean that the above paragraph from todays newsletter infers that the Cyprus goverment really believes/insinuates that the property buyer knows that their proposed new build land has been morgaged and that they have gone into the contract willingly knowing that they won't get their title deeds until the loan is paid off or that if the developer goes bust the morgage lender may have a claim on their property. I THINK NOT !! I know that we have been nieve and taken in by the glib tongues and underhanded lies and promises of the developers and solicitors involved but this statement lets us see what the goverments past and present think of property buyers .( people to cheat, manipulate and all involved get a slice of the contract deal.)

"The Ministry has done all it could, but there is a suspicion that only people who were planning to sell their property would be prepared to pay the transfer taxes and possible fines to have a Title Deed issued. The rest might not be in a big hurry to get their Title Deeds."
This paragraph is only supposition of the situation, why don't they get on whith the job in hand and sort the mess out and while they are at it cut out the developers scam of asking too much money for his signature in the payment of taxes etc to the Land Registry for the transfer of deeds,also the developer is very guilty of encouraging the buyer to add other bits and bobs to their property for cash payments and not tell the buyer that they may have a problem later on when the final completion certificate is required. When these issues are addessed then they will see who wants their title deeds and the feeling of security it brings.
Regards,
Whirlybird Rtd.

Whirlybird2 wrote: "The Title Deeds of many foreign buyers are held by the banks as security for loans given to developers and there is nothing the government could do about this as this is considered a private contractual difference between the buyer and developer that could only be settled in court."

"The Ministry has done all it could, but there is a suspicion that only people who were planning to sell their property would be prepared to pay the transfer taxes and possible fines to have a Title Deed issued. The rest might not be in a big hurry to get their Title Deeds."

This paragraph is only supposition of the situation. When these issues are addressed then they will see who wants their title deeds and the feeling of security it brings.
Whirlybird Rtd.

I have recently purchased a property in Cyprus the third after viewing many.
The first no final approval certificate
the second land was mortgaged by the Developer.
The third and final after paying all solicitors costs involved in finding all the information on all three(costly) came with the Title Deeds on completion(thank god after all the hassle and expense I went through).
The reason for my posting having had two short conversations with my new neighbours concerning the Title deeds being available the first said he was in no rush to get his Title Deeds would not be asking for them and the second was of the opinion that the Cyprus goverment would sort the situation out where they would "give the Title Deeds away for free as many brits having purchased in Cyprus just didnt have the money to pay for them."
I bit my lip, (cloud cookoo land) didnt say anything to upset my new neighbours

Any idea what your new neighbours had been drinking???

Cheers,

Nigel Howarth wrote:Any idea what your new neighbours had been drinking???

Cheers,

Nigel, don't you mean smoking?