DAMN TITLE DEEDS! - any answers???

[susieV3]

Hi

Purchasing & have found out Developers still have the land the complex is built on mortgaged......(which they lied to me about!)...Large developer so I thought I would be ok......holding back my deposit at moment, but have paid Resv fee and signed Sales Agreement...............I do have a good Solicitor (Now!) looking into this but just wondered if anyone has managed to get in writing confirmation of dates their Title Deeds will be released????

Any advise would be helpfull, as I DO want the property, but not on their terms!..........I want some proof I WILL get my Deeds!

thanks
susie V3

[Lysos]

susie,

Check out the forums on :

"cyprus living" (I'm not allowed to post the web address).

[susieV3]

Thanks will do.

Susie V

[Tim10]

Most titles should be delivered within 18 months of the key being turned over. In your case, I must ask if the developer wrote in the contract that the land was freehold. If so, this would constitute a breach of contract and you should be able to get all your money back -- by the way, who was the developer?

[susieV3]

Hi

No, nothing about freehold dont think in Sales Agreement (Solicitor is checking it at mo).........developer is Leptos!

thanks

Happy New Year to you.
Susie V

[Tim10]

If you want, send the contract to timhiggins10 @ gmail . com and I will be more than glad to look it over for you.

[Lysos]

Susie,

If you go to the site I suggested you will find a link to the Cyprus Property Action group, who have advice on matters like this. As for the 18 month timescale mentioned by Tim, this is most definitely not the case in the ROC; some people have waited years - and are still waiting !.

Anyone thinking of buying in the ROC should first purchase Nigel Howarth's guide, available from:

www. cyprus-property-buyers .com

[susieV3]

Thanks, I am already speaking to the Cyprus Property Action Group, who are most helpfull.

thanks for your advise

susie V3

[Nigel Howarth]

Hi Lysos,

Many thanks for the plug! I've only just found this forum and registered myself. I'm now running a forum and a blog as well as the site you mentioned.

And Susie, it's absolutely essential that you take independent legal advice when buying property in Cyprus - DO NOT use a lawyer introduced to you by the developer or an estate agent.

You need to instruct your lawyer to approach the developer and ask him to obtain a “release” from the financial institution that loaned the money stating that the part of the property you’re thinking of buying is free of a mortgage. In addition, you must ensure that the “release” is given when you sign of the Contract of Sale, or you may find it’s not issued.

Some people have the following clause in their contract:

"The bank which has a mortgage on the project will issue a declaration confirming that the separate Title Deed issued for the property will not be burdened with the existing mortgage which is currently filed on site."

This means that the property IS mortgaged - and the clause itself is absolutely worthless! The Bank indeed issue a declaration, but only after the mortgage has been cleared - so don't fall into this trap.

If your lawyer is unable to obtain a “release”, do not proceed with the purchase. If you buy a mortgaged property, you risk losing everything!

Take care,

Nigel

[kismet]

Hi susi,

There is a substantial backlog for issuing Titles to properties in Cyprus. Its not unusual to wait up to 10 years. Personally, I took matters into my own hands and badgered the land registry on a regular basis to move the process along. However, it has so far taken 4 years and I am expecting my Title in 08.

I would be much more concerned that your developer has a mortgage on the land. One way to overcome this is to ensure that your ownership ( signed sales contract) is lodged with the land registry. Even then if the developer goes tits up you will lose everything. But at least he cannot remortgage again as there will be a charge on the land registry file.

Kismet

Originally Posted by susieV3

Hi

Purchasing & have found out Developers still have the land the complex is built on mortgaged......(which they lied to me about!)...Large developer so I thought I would be ok......holding back my deposit at moment, but have paid Resv fee and signed Sales Agreement...............I do have a good Solicitor (Now!) looking into this but just wondered if anyone has managed to get in writing confirmation of dates their Title Deeds will be released????

Any advise would be helpfull, as I DO want the property, but not on their terms!..........I want some proof I WILL get my Deeds!

thanks
susie V3