deeds in the south

hds.trnc


Joined: 26/05/2009
Posts: 175

Message Posted:
23/02/2010 07:27

i recall an article which suggested that property owners in the soiuth i think 100,000 were still waititng for their deeds.some over 15yrs....that the govmnt were going to introduce legislation to deal with that ...exageration aside..does anyone know if this is true and why are they still waiting for the deeds...

briano


Joined: 05/05/2009
Posts: 32

Message Posted:
23/02/2010 07:38

Yes and yes; some up to 15 years but more typically 8. However, because of the impending financial problems the country is facing, Land Registry is being told to speed up transfer of Deeds - overlooking minor irregularities - to that the substantial Property Transefr taxes, roll in.

briano


Joined: 05/05/2009
Posts: 32

Message Posted:
23/02/2010 07:42

Sorry, forgot to anser the 'Why' question: briefly, no TD can be issued until every property on a plot is completed - which can take several years, the Municipality has been out to check the the property has been built in accordance with Building Permits and Permissions, then the Land Registry get the Surveys' Department to go out to check etc etc. Given muliple involvemnet of Cypriot government employees, ten yeras is not bad going.



There are real problems when Developers go bankrups before Deeds have been issued as the Creditors can claim them as assets....

hds.trnc


Joined: 26/05/2009
Posts: 175

Message Posted:
23/02/2010 09:43

thanks....wow quite cumbersome and risky re developer going out of business....

Woodspeckie


Joined: 25/01/2009
Posts: 2263

Message Posted:
23/02/2010 11:41

Msg 4.. Does that happen in NC?