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Why have sales contracts for buying property in The TRNC?

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» North Cyprus Property Development Reviews

» Property Buying Guide to North Cyprus



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
08/06/2008 10:58

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Message 1 of 28 in Discussion

Hi all,



Close analysis of this board(and others) shows that an alarming number of people claim to

"have done their research, before buying" only to file shortly therefter that "the contract is

not worth the paper it is written on. This point is usually reached after they have paid 90%

through stage payments.)



It seems the developers DEMAND that we fulfil our contractrual obligations, to the word

but then think that they are not bound, to their side of the bargain.(once they have your cash.)



Could it be because of the ineffefectivness of The TRNC Law to enforce contracts, and to subsequently enforce any judgements gained?



It is clear that for the buyer to have a fighting chance, that there needs to be an ammendment of The Specific Performance law of 1885 to extend the period from 2 months to 6 years, to allow the buyer to sue for the deeds. Whilst it is currently only possible to

sue for compensation (which can be avoided by unscroupulous developers) THIS

AMMENDMENT IS ESSENTIAL..



WHAT CAN THE POTENTIAL PROPERTY BUYER DO, TO PROTECT HIM/HERSELF.



1. BUY A COMPLETED PROPERTY WHERE ALL SERVICES AND KOCHANS ARE AVAILABLE.



2 DO NOT BUY OFF PLAN.......UNTIL.......THE GOVERNMENT AMMEND THE SPECIFIC

PERFORMANCE LAW 1885 (as earlier outlined)



IF THIS GOVERNMENT WANT A THRIVING PROPERTY DEVELOPMENT SECTOR, BRINGING

IN MILLIONS OF POUNDS IN MUCH NEEDED REVENUE, THEN THEY MUST DO THEIR PART. AMMEND THE SPECIF PERFORMANCE LAW OF 1885.



If you should be one of the poor unfortunates currently bogged down in this less than adequate system, remember that you can pay what your developer demands, to get posession of your villa. THEN SUE RETROSPECTIVELY FOR YOUR CONTRACTRUL RIGHTS!

but remember that you still have to get your Kochan from your developer!



a useful tip......Many builders use the revenue from their NEXT development to finance their

current developments. Make sure that new sales are good, if you wish to see YOUR property finished. DO NOT accept the developers or estate agents, word for anything.



DO NOT think that your advocate will protect you. They have to operate within a system

that is flawed (that is if they can be bothered)



YOU HAVE BEEN WARNED........................CAVEAT EMPTOR...............



GOOD LUCK



wynyardman



kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
08/06/2008 11:15

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Message 2 of 28 in Discussion

Very true! Come on everyone - sign the petition! There are only 423 names on it, but this law affects thousands of people who have bought here. Where are they all? It takes 2 mins of your time to sign it.



McSteviet



Joined: 11/05/2007
Posts: 1089

Message Posted:
08/06/2008 12:38

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Message 3 of 28 in Discussion

Sibel,



Where is the petition?



MC



kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
08/06/2008 13:38

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Message 4 of 28 in Discussion

The link to the petition is below







http://www.ipetitions.com/petition/petitioncyprus/index.html



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
08/06/2008 20:24

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Message 5 of 28 in Discussion

kibressibel,



Do not despair. 432 x say 100,000 average =43,200,000



Still more than the Brinks Matt Robbery!



This is important PLEASE SIGN NOW.



wyn



Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
08/06/2008 22:27

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Message 6 of 28 in Discussion

What good will it do to sign ?

I sorry to be negative but all these new laws that are passed have done absolutly nothing to sort this ongoing property problems out.

I think the only way to deal with these people is hit them where it hurts.........in the pocket



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
08/06/2008 22:50

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Message 7 of 28 in Discussion

Hi Turtle,



Very difficult to argue with your sentiments.



Do you not think it best to do what positive can be done. I think we all should sign the petition.

It would be a good step in the right direction but if you are not committed, and at risk of loss,

then I would NOT buy until The Specific Performance law is ammended and they sort out the

PTP situation, on which I wholly agree with Bradus. That is shameful, when people have paid so much money in good faith.



wynyardman



Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
08/06/2008 23:22

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Message 8 of 28 in Discussion

John

I am told that to take action against a builder in TRNC commomly take 3 to 5 years to complete and then the builder usually disapears with nothing to show for the action taken

Will anything be different with the specific performance law passed ?

I seem to sign petition after petition for one thing after another but things seem to get worse.



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
08/06/2008 23:57

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Message 9 of 28 in Discussion

Turtle,



Once you pay your Stamp Duty and register your property with the DLO, PROVIDED there are no encumberances on the deeds, at that point, you are protected. Your builder cannot encumber that property without your permission. This includes mortgage, gift, sell etc.

This came in with the Estate Agents Law last January.(Good move)



Once you commence legal action under current legislation, you can only sue for money back, plus interest legal costs etc. During that period, your builder can go bust,transfer assets etc,

and this is why they threaten you. That and delay after delay.



A new law is being introduced in September, that should significantly lessen the builders ability to delay legal proceedings. This will help.



YOU CAN PAY ANY AMOUNT YOUR BUILDER ASKS, TO GET POSESSION OF THE PROPERTY, AND SUE RETROSPECTIVELY.



Ammendment to The Specific Performance Law would allow The Judge to appoint someone over the builders affiars, and transfer the deeds to you.



This should give the buyer adequate protection.



As if this is not enough, there is now The Pre 74 (gold standard) property for which buyers paid a premium PTP scandal. See Bradus postings . She explains in detail, what has been done, and the ramifications. I think this is an a despicable act by a Government that rely on the income and taxes generated by property sales. THEY NEED TO RETHINK THIS STRATEGY.



That my friend is how I understand it. THE BIG QUESTION IS......CAN YOU TRUST A GOVERNMENT THAT ALLOW THESE PRACTICES.



We of course can go and ask OUR MPs, WHAT THIS MOTLEY BUNCH ( our Government) are doing to protect British Citizens abroad. Back to The Efes, I think!



All the very best luck to you.



wyn.



Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
09/06/2008 01:14

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Message 10 of 28 in Discussion

Wyn

All stamp duty paid, registered the sale etc etc, no emcumberances everything in place etc etc but guess what ...............still no property ?

Sorry mate but go through all the crap thats set before us and still nothing happens.



Perhaps its time to accept wev'e be had.



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
09/06/2008 01:22

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Message 11 of 28 in Discussion

Turtle,



E mail off board details of your Developer and advocate.



wyn



eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
09/06/2008 01:26

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Message 12 of 28 in Discussion

Hi people,l

went to nc last year looking at property, could not believe what i saw and heard. Thought i must living in past times.

Got out as soon as poss,,

Have now bought a property in yalikavak...bodrum penninsular.

Same price

No water shortages

No electricity problems

I have my deeds

Lovely place to live



Nunu1


Joined: 31/03/2008
Posts: 536

Message Posted:
09/06/2008 02:31

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Message 13 of 28 in Discussion

Already signed it! Property is a big issue and revenue generator, as always the authorities plus Government always get their cut and say wherever in the World......Fair enough...But they should get their act together especially when it comes to Kochan Title deeds!



Its job creation, Authorities Admin departments.....? Yes/No?



So come on Mr Talat (Whom speaks sense and I have respect for) Please sort this important issue out!



Come on folks, sign the form and help ALL out to get things in order.



Nunu1



Alison


Joined: 21/05/2008
Posts: 49

Message Posted:
09/06/2008 08:53

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Message 14 of 28 in Discussion

Tried to sign this petition but it is saying that someone has signed it in my e-mail address ????



breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
09/06/2008 12:31

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Message 15 of 28 in Discussion

Hi Alison

mine said the same but when I checked the list of signatures I was on it!



kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
11/06/2008 19:25

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Message 16 of 28 in Discussion

I have spoken to Ian Shepherd from Cyprus Today re the important issue of the SP Law and I hope that he can publicise it in an attempt to raise awareness.



Until the SP Law is amended, we cannot sue the developer/builder for our title deeds and it affects the thousands of us who don't have them yet. Some people seem reluctant to sign petition after petition, but we have to try something constructive until we find something that the powers that be will sit up and take notice of.



Marian and HBPG can't do it on their own. Ismet or Wynyardman can't do it on their own. Collectively we have to do something. There is strength in numbers. Why should we all accept that we haven't got what we were promised in our contracts and we haven't received what we have spent our life savings on? I can't just sit back and do nothing. Please sign the petition. If it doesn't work then we'll just have to try something else.



Sibel



jamie012002


Joined: 13/12/2007
Posts: 223

Message Posted:
11/06/2008 19:54

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Message 17 of 28 in Discussion

I am buying off plan, and have not got to make a final payment (45%) until i am satisfied that my apartment is completed and has all the required services.

Kind regards

Jamie



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
11/06/2008 21:18

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Message 18 of 28 in Discussion

BUYING OFFPLAN CAN SERIOUSLY DAMAGE YOUR WEALTH.



SIGN THE PETITION DEMANDING THAT THE GOVERNMENT AMMEND THE SECIFIC



PERFORMANCE LAW OF 1885.



INSIST THAT THE GOVERNMENT RESOLVE THE PTP SCANDAL.



UNTIL THIS GOVERNMENT SUPPORT US...........DO NOT BUY OFFPLAN.



Pugsey


Joined: 22/03/2008
Posts: 173

Message Posted:
11/06/2008 21:36

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Message 19 of 28 in Discussion

I've signed. I agree with Sibel there is strength in numbers and we have to keep on trying to achieve what we want.



ilovemydogs



Joined: 20/04/2008
Posts: 514

Message Posted:
11/06/2008 22:10

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Message 20 of 28 in Discussion

it won't let me sign. it keeps saying web page can't be found



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
11/06/2008 22:10

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Message 21 of 28 in Discussion

Thanks Pugsey,



ITS IN ALL OF OUR BEST INTERESTS.





wyn



cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
11/06/2008 22:26

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Message 22 of 28 in Discussion

Whist I agree with the sentiment of this petition, I fear it is a total waste of time.



The current government, like a certain other one in western europe, are so bankrupt they are doing everything in their power to maximise their income before the next election. Certainly one person will be available for repairing your refridgeration equipment!!!!!



Sorry Ismet, but history tells us that right now a governement is not going to fight for capitalist ideals ie house ownership by largely a foreign contingent. Especially a left wing one as this is.



Another view. If you were living in UK and a petition was presented to the government by a foreign group asking for rights to housing etc what would you say. Be objective and real about it, you would say "tell them to F*** off back to where they came from"!



I read a post earlier along the lines of "we bring income to this country", so what!!!!! We have no right to tell the government, people or whatever what to do. There are less than 5% of the population that is perhaps British. Think about and then call me names if you like, has happened many times before on the North Cyprus BB's.



I am not a hypocrite like a minority of former British people are. I am a guest here and have to abide by the laws and culture.



Now going to bed and no doubt will wake up dead cos I am prepared to voice my opinion.



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
11/06/2008 22:52

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Message 23 of 28 in Discussion

Hi Cyprusishome,



I agree about being guests in their Country, but that does not mean that we should be fleeced unmercifully. My pleading for an ammendment to The Specific Performance Law 1885 it would

at least level the playing field somewhat when/if legal proceedings become nescessary.



Money talks. The Construction Sector puts many millions of pounds into The TRNC coffers, as well as significant amounts of ongoing revenue in taxes and duties. If we stop buying then they will have to give consideration to our concerns.



DO NOT BUY OFFPLAN PROPERTIES UNTIL OUR CONCERNS RECEIVE CONSIDERATION.



SIGN THE PETITION.



wynyardman



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
11/06/2008 23:11

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Message 24 of 28 in Discussion

Jamie012002,



Thank you for your posting. Very wise indeed if you can get your developer to accept such a large amount (45%) after satisfactory installation of your services.



Provided your developer has sold all the apartments on your development, you have made a smart move. Where however the developer runs out of cash, or fails to sell apartments around you, that is generally when trouble starts. You could still lose 55% of your money.



It is still very much in your interests to sign the petition, to ask the Government to ammend

The Specific Performance Law of 1885. It levels the playing field significantly should

legal action become nescessary at any point in the future.



Good Luck,



Wyn



cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
11/06/2008 23:42

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Message 25 of 28 in Discussion

wynyardman,



Sorry you are wrong about masses of money going to government.



Yes they are getting our taxes as and when due but a lot of the construction money does not stay here.



Stupid as it sounds, the current governemnt is giving subsidies to developers building all of the new hotel/casino complexes. Who are the developers of these places - Turkey, Russia, Israel, Greece. So these places are being built from the revenue of OUR taxes. They employ foreign labour, the guests stay within the 5* complex so no monies are passed into the local economy. Why? Guests are collected at the airport, given full resort services, full access to casino and no need to leave the resort until return to Ercan!!



Result to local economy, closure of all those quaint little hotels we all fell in love with.



As I have said before, may be a right wing and extreme view but if you live here look around, if not ask why all the BB's here say the same thing about hotel and restaurant closure.



wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
12/06/2008 00:10

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Message 26 of 28 in Discussion

cyprusishome,



I find your argument very difficult to accept, that the construction industry has had a negligble



effect on the economy of The TRNC.



I would be interested to hear other peoples views, who maybe have a somewhat less

jaundiced outlook on life.



wyn



jamie012002


Joined: 13/12/2007
Posts: 223

Message Posted:
12/06/2008 12:31

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Message 27 of 28 in Discussion

Thanks Wyn, I have signed the petition. I have bought at the Caesar Resort, and from the look of things the apartments are all selling quickly, with not many left so fingers crossed !!



kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
12/06/2008 17:46

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Message 28 of 28 in Discussion

Cyprusishome - actually this problem is not just affecting foreign buyers, I am TC and it is affecting me too. I agree that when you are a guest in another country you should abide by their rules, however, the difference here is that the majority of people were not informed by their estate agents or lawyers when they purchased that they may have absolutely no chance of getting their title deeds and therefore potentially losing their life savings. Maybe it was a case of them not knowing this either, if this was the case, then I'm sure the lawyers/estate agents are now telling people this so that they can make an informed choice. I wonder how many people were told this?



If the government change the SP law to increase the time limit from 2 months to six years for taking court action to sue for their title deeds, and include all sales agreements past and present then this will solve the problem. They also need to change the procedure so that the KDV is payable directly by the purchaser to the tax office and not to the developer/builder. If the government were trying to get in as much money as possible, they they will gain millions of pounds of much needed revenue from transfer of titles, KDV and stopaj tax from the purchaser and the vendor overnight. I for one would be happy to pay my taxes as soon as the kocan is transferred. As far as I am concerned, this could be tommorrow, and myself and my family have got 4 properties here.



Sibel



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