All reports tagged with: "title deed"
Further help for trapped buyers is provided by a Ministerial decree enabling Certificates of Approval to be issued for residential properties that fail to comply with the permits issued for their construction.
Following the many emails I’ve received this article explains how buyers may apply for the Title Deeds to the property they purchased under the provisions of the ‘hidden mortgage’/’trapped buyers’ law.
More than 8,000 trapped buyers of property in Cyprus have applied for their Title Deeds under the provisions of the ‘hidden mortgage’/’trapped buyers’ law that was introduced last September according to the Cypriot Interior Ministry.
As the Cyprus Property Action Group discovered much of the blame for the Title Deed scandal rests with conveyancing lawyers whose duplicity earned them their designation as one of the largest criminal classes in Cyprus.
We have to ask the question who is the Cyprus parliament trying to protect following the decision of the House Finance Committee not to put the ‘hidden mortgages’ bill before a plenary meeting of the House.
I have written an open letter to Interior Minister Socratis Hasikos following his announcement that the government intends to bring in legislation to address the problem of home buyers trapped without Title Deeds.
MPs have voted to protect home buyers who are unable to obtain the deeds and who face the threat of losing their homes if their developer fails to repay his loans or becomes insolvent.
Parliament has asked the Cyprus government to exempt from foreclosure buyers who bought property from insolvent developers and who risk losing their homes even though they may have paid for them in full.
The Land Registry should complete its revaluation of all properties by June 2014 and the Finance Minister expects it to complete the issuance of Title Deeds as agreed with the troika by the end of the year.
Update 24 April. MEP Robert Sturdy has raised a question in the European Parliament requesting the Commission for an update on the current state of affairs concerning the clearance of Cyprus’ Title Deed backlog.