- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Simplifying co-ownership on property

THE HOUSE Legal Affairs Committee is examining a law proposal that will enable owners of a co-owned plot to develop their share of it as they wish, without having to present the signatures of the remainder of the co-owners.

The proposal, which was tabled by Committee Chairman, DISY’s Ionas Nicolaou, will be led to the Plenum soon, he said yesterday.

Until now, if a plot was co-owned, for someone to build in his part of the land, he would have to seek the approval of the other owners, otherwise the Town Planning Department would not grant authorisation.

But with the new law, which Nicolaou said had secured the approval of Town Planning and the Cyprus Land Registry Office yesterday, people will be able to develop without needing the co-owners’ signatures.