ALTHOUGH more than 4,000 ‘trapped buyers’ have applied for their Title Deeds under the provisions of the ‘hidden mortgage law‘, many have been discouraged from doing so by inaccurate statements posted on the Internet.
These statements, which claim that “property buyers in Cyprus that bought by way of a housing loan are NOT offered title deeds whereas those that paid ‘in cash’ are finally being offered their deeds”, first appeared on an Internet forum and have been promulgated on Facebook and other social media sites.
Despite an exchange of correspondence with these people in October, they continue to promote their misguided views. Their reasons for doing this are unclear, but it appears that one of the perpetrators may be operating an unlicensed estate agency selling property in the Protaras area. This may be a ruse to drive traffic to his website.
I would like to assure everyone who has been deceived into believing that they cannot apply for their Title Deeds if they bought by way of a housing loan that:
If a purchaser wishes to apply for the Title Deeds to the property they purchased, the only requirements are that:
- their contract of sale has been deposited at the Land Registry
- they agree to deposit any outstanding financial obligations to the vendor into a suspense account set up by the Land Registry. (e.g. In their contract, some people were able to hold back a few thousand Euros until the Title Deed was available for transfer – they have to agree to deposit this money with the Land Registry.)
The fact that they have a housing loan is of no relevance.
You’ll find the application form and other information in the article ‘Applying for Title deeds‘.