All reports tagged with: "title deeds"
There is still considerable work to be done on what the EC refers to as “the currently dysfunctional Title Deeds issuance and transfer system” in its post-programme surveillance report on Cyprus.
Local authorities are preventing the Land Registry from issuing Title Deeds to trapped buyers by refusing to issue Certificates of Approval for properties suffering from trivial planning infringements.
Following the troika’s recent mission to the island, the ECB and EC have urged Cyprus to accelerate the reform programme in a number of key areas including setting up a sustainable and efficient title deeds transfer system.
Daniel Dalton, MEP for the West Midlands, raised a question in the European Commission relating to the costs of obtaining Title Deeds in cases where developers have failed to complete projects.
The European Commission has issued Cyprus with a number of recommendations to speed the issuance of Title Deeds, reduce NPLs, eliminate impediments in the insolvency and foreclosure frameworks, etc.
Nefarious individuals are deceiving ‘trapped buyers’ in Cyprus into believing that they will not be offered the Title Deeds to the property they purchased under the provisions of the ‘hidden mortgage’ law if they bought by way of a housing loan.
Around 4,000 ‘trapped buyers’ who have paid for their property but cannot get their Title Deeds have submitted applications since the ‘hidden mortgage’ law came into force on Thursday 3rd September.
The solution to the Gordian Knot is simple, no property transaction without a Title Deed should be legal – and a state that respected the rights of its citizens would not have waited for a solution to be imposed by the Troika.
At today’s plenary session of the Cyprus parliament MPs approved the hidden mortgage bill designed to resolve the issue of ‘trapped’ property buyers who are unable to obtain Title Deeds due to their developer’s debts.
The hidden mortgage bill, designed to assist trapped home buyers who were duped into buying property built on land that nefarious developers had earlier mortgaged to the bank, is expected to pass at tomorrow’s plenary.