new law what does elko think or others please??

john_good


Joined: 15/08/2010
Posts: 176

Message Posted:
16/08/2010 16:27

http://www.hbpg-trnc.net/documents/Law_floor%20ownership.html

john_good


Joined: 15/08/2010
Posts: 176

Message Posted:
16/08/2010 16:28

please amend title to



new law what does elko think or others please??





DONE HAROLD2555

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
16/08/2010 16:38

I have just read this on another site, it takes some wading through it and I am not a lot wiser after doing so.

Hopefully Ismet will be able to clarify things for us but I can't see it making any difference to rogue builders, mafia style banks and dodgy lawyers.





The butler

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
16/08/2010 18:17

Does anybody know of a good translation machine to put the text back into its original form? As it is it is impossible to make any sense of it but I suspect its the new law which was passed recently. If this is the case, from what I heard, it will be possible to give title deeds to units planned on paper.

This is how it is intended to work:

1. The developer will find a financial institution to finance the project.

2. The buyer will pay a deposit to the financial institution and get the title deeds straight away (yet nothing built on the ground) and will in turn make an agreement with the financial institution and also the FI will get a mortgage on it.

3. The developer will get his money from the FI as the site develops. If he goes bust, the financial institution who has all the title deeds or the mortgages will take over and give it to another developer.

4. The buyers will pay the FI as the site is built. If any buyer defaults, the FI will call in the mortgage.

So everybody will live happily ever after

ismet

john_good


Joined: 15/08/2010
Posts: 176

Message Posted:
16/08/2010 18:23

here it is in turkish



http://www.hbpg-trnc.net/documents/Law_floor%20ownership_tr.html

john_good


Joined: 15/08/2010
Posts: 176

Message Posted:
16/08/2010 18:27

is it retrospective ??

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
16/08/2010 18:28

Ummmm, I will never understand how the powers that be minds work in the TRNC. So new owners buying property, even off plan will be protected and will get their title deeds as soon as they have paid a deposit. Those who have paid in full and have ptp but have been waiting years for our Kocans will not. When are they going to make builders and developers hand over the deeds for the money they received 4, 5, 6 and even 7 years ago?





The butlers wife

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
16/08/2010 18:39

No it does not make sense to have it retrospective.

There is a very good part about the common expenses. It states clearly that an advance payment can be collected to meet the expenses and those who do not pay can be taken to court and if judgement obtained against them a memorandum can be put on that property and it will have priority over everything else. Is this applicable to present sites? I would think so provided that the site management is elected democratically. Howe ver in orderr to play it safe, those planning to sue non-payes, they should have their demand in the alternative:

a) So much per month in arrears, (according to new law)

Alternatively

b) So much has been spent on essential repairs and maintenance and they have not paid their share.(according to old laws and accounts must be supplied to satisfy the court)

ismet

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
16/08/2010 19:02

What a load of Sh----e. With apologies for my thoughts!



Why not register your property(stamp duty, hand in pocket time) so it is protected from any further encumberances, precisely



what we were promised at the time, under the Estates Agents Law. ANY ENCUMBERANCES means just that!



Is a "memorandum" (builders debts) not an encumberance? IT IS AN INTERNATIONAL DISGRACE.



Whatever they will change the laws to deprive hard working (predominatley British) of their hard earned savings and what is



worse, their committment to the TRNC. They do not want us any more, but they are intent to deprive us of our investments



and lifetime savings. !ITS A DISGRACE DR ERGOLU AND IT ISNT GOING TO GO AWAY. This time it is financial rape!!



wynyardman

john_good


Joined: 15/08/2010
Posts: 176

Message Posted:
16/08/2010 19:05

THEN THE T/CS MOAN THE GREEKS CYPRIOTS DID THIS THAT AND THE OTHER AT US.





if they behaved like they are doing now is it a wonder ?????????????

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
16/08/2010 19:27

Where are these 'Financial Institutions' that will fund the project? Non TC banks wont grant mortgages on non Turkish title land for starters. Who will get the title deeds, the FI or the buyer? I can't see the FI not wanting the security of having the kocan. If the FI has a mortgage on the land, how could the buyer sell if all goes wrong? What will be the interest rates charged on the mortgage? Where will the builders come from if the first one goes bust?

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
16/08/2010 20:03

.....'and they'll all live happily ever after!'



Of course, providing future buyers are prepared to write off their life savings with a smile!

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
16/08/2010 20:18

The New Law

It has more holes than a sieve and is about "funding a project" as opposed to protecting the buyer. What a ridiculous way to do business. Why should people have to take out mortgages to purchase property and to safeguard it?



What is wrong with speeding up the PTP process and exchanging money and deeds simultaneously? The window for taking out memorandums would then be closed. It worked well for the TC when we sold! Why can't this be the standard procedure for all purchasers?



The more complicated the system being introduced the less effective it will be like the memorandum saga left the judiciary able to put different interpretations on the law and we are still waiting to see if a memorandum takes precedence over a registered contract! Look how this "new" law set out to protect from mortgages and allowed tactics to be changed so memorandums could be taken out instead.



No kochan, no money. Settle for nothing else!

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
16/08/2010 20:33

Perhaps the 'surplus' [now defunct] CTA workers could be gainfully employed to deal with PTP applications?



Or, are they all functionally illiterate, as well?



Dammit - I just forgot.............that 'sticky' issue re builders/'landowners' not being required, by law, to tranfer title on fully paid for property - puts the 'kybosh' on the whole deal.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
16/08/2010 20:45

Wyn. Don't apologise - I think the same. )

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
17/08/2010 08:40

ismet does this new law in msg 1 just apply to apartment complexes ?

Geoff


Joined: 25/06/2008
Posts: 1370

Message Posted:
17/08/2010 08:46

Here we go again, more micky mouse stuff. Bradus (No 13) is right, no Kocan no money. Wish I had adopted that stance when we bought our house over here!

Geoff

Famagusta City

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
17/08/2010 08:51

msg. 1

Cooper,

It should apply to aprtments and sites/estates.

ismet

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
17/08/2010 09:08

Thanks for clarifying that ismet, does it also mean apartment owners and sites/estates need to take steps to register their floor ownership rights in the floor ownership book of registry -



NINETH PART



Provisional and final rules







Provisional article conversion of common ownership rights to floor ownership and its entry into the floor ownership book of registry





1. It is obligatory for entry into the District Lands Office floor ownership book of registry and conversion to floor ownership within two years, of common ownership rights which have been established under any one title in accordance with common ownership principles f the plot share which has been allocated in its project as proportunal to their estimated values in accordance with their sizes and location of each one of the immovable sections of a main immovable before the date when this Law went in force. The rights which are not converted to floor ownership due to failure of one or a few of the joint

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
17/08/2010 09:12

owners to apply to the District Lands Office, is entered in the floor ownership book of registry by the District Lands Office upon the application of one of the other joint owners and by the judgment to be given by the court.

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
17/08/2010 09:48

Does all the foregoing not make you wonder if in seeking a settlement with the South those who hold a Kocan and, and in theory, 100 % equity, will be sacrificed so that the claims of the South are diminished ? I fear the intentions of the North towards foreigners as much as I do the intentions of the South. Whilst trying to watch "backs" also beware the thrust to the "front" !

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
17/08/2010 10:51

deputydawg/Msg 21:



A future hypothetical scenario could unfold that even if the GC had received compensation from the IPC for land/property sold to a foreigner [without title deeds], the IPC [under current TRNC law] could place a memorandum against said property; the property would then be auctioned to recompense the IPC for their pay out to the GC! This is a possible reason why the government seems reluctant to grant PTP, or legislate that builders/landowners must transfer title upon payment in full by the purchaser. There would be only one loser - the purchaser!

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
17/08/2010 13:27

Tenakoutou. I just knew you would be keeping an eye on the end game as well as the barbed wire hurdles before the vinegar strokes !

Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
17/08/2010 15:06

Foreigners need not apply!!



It is of no benefit to foreign purchasers - permission to purchase is still required and therefore the current problems may still prevail.



Only Cypriots will be able to get the title deeds straight away.



Hey ho.



How long has it taken for this new law to be passed? So much for addressing the real issues. It's good to know that we are in safe, competent hands.

honestie


Joined: 22/02/2009
Posts: 468

Message Posted:
17/08/2010 15:16

am I just having a blonde day as am confused .the link to hbpg is to the legislation re floor ownership



Is this law relating to to upkeep and maintenace by owners in complexes and when was it passed.



Or is this new law also relating to the purchasing of properties.



apologies if Ive missed something



honestie

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
17/08/2010 15:16

msg. 24

Molly,

Spot on. With the need for PTP, presumably the Financial institution will have the title deeds for the benefit of the buyer until PTP is granted. what will happen if it is refused? Same old same old....

ismet

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
17/08/2010 16:03

Elco2



I gather you are not to impressed with this new law document !!

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
17/08/2010 18:21

msg. 27

Pipie,

I have not examined it closely yet but I am sure it is a very good way forward. Of course the PTP is something else and has to be dealt with as a separate issue.

My main problem is this: when a developer presents plans to the land Registry office and asks for separate title deeds how many hours will it take to have them ready? Sorry, I meant days, months or years?

ismet

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
17/08/2010 18:36

Cheers Elco2 !!

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
17/08/2010 19:04

When you think about it , from a pure business perspective the TRNC have played a blinder !



In the case of Exchange title deeds,they've sold land and property to foreign buyers,that wasn't really theirs to sell , pocketted the proceeds , and then either issued meaningless,internationally unrecognised title deeds,or allowed the properties to be taken back and auctioned after the new buyer has paid in full !



In the case of Pre-74 Turkish Title deeds which WAS theirs to sell,they've allowed foreign buyers to pay in full,but then denied them title deeds !



And all this duplicitous,corrupt activity fuelled the building boom from 2004 which brought much needed revenue to the country.



Thankfully the world is waking up to what the TRNC has been up to,and the pretence of being a poor little victimised,ostracised and embargoed country is wearing a bit thin.



The truth will out.

MUSIN M


Joined: 26/06/2008
Posts: 1352

Message Posted:
17/08/2010 20:03

cronos



the world will soon wake up and find out what the turkish have been up to,is that before they find out what the greeks have been up too.





grow up.





musin



long live the KKTC

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
17/08/2010 20:45

Musin....what has this got to do with "what the greeks have been up to" ?



This thread is about TRNC laws and the failings thereof.



Stop trying to deflect the issue and don't defend the indefensible.



Wake up.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
17/08/2010 20:55

This is not a question about TC versus GC and who did what in the past! Two wrongs do not make a right.



It is about the sad state of affairs regarding property purchase today and the many existing scams that are happening in the TRNC. It is about the Government not behaving in a way that will instill confidence in possible future buyers.



It is about the destruction of the construction industry and the inability to stop the corruption we are all witnessing.



You can't excuse this behaviour Musin and nor will the international community.



The TRNC is being painted in a bad light, unfortunately it is deserved.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
17/08/2010 21:07

Bradus and Cronus,



You are naughty, but I like you. Message 30.



Game set and match........Hole in one.........GOT THE TRNC GOVERNMENT BANGED TO RIGHTS!



OK Dr Ergolu....................Get out of that!



wyn

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
17/08/2010 21:22

Unfortunately, the 'Powers That Be' seem incapable of realising that all their short-term, ill gotten gains have earned them such universal adverse publicity, that swift remedial action needs to be instituted immediately in order to stave off a further decline in the country's economy, reputation and, crucially, the 'sympathy vote'.



'Up Sh*t Creek without a paddle' comes to mind!



A rotten reputation, too, sticks like sh*t to a boarding-house blanket.



Can we possibly hope that there will be an attitude change before it's too late?

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
18/08/2010 13:19

Can somebody please tell me why they cant just abolish the ptp system.You buy a house you get title ,end of story.

All this tinkering at the edges is just trying to satisfy everybody, the people who buy and and those who screw them, at the same time.



Look ,the Govt know the problems ,there can be only one reason for doing nothing serious to address them, The 'establishment' prefers it that way.



As in the UK, where do the politicians go when they leave politics?They work for the very people whose greed they are supposed to control while in power.

Geoff


Joined: 25/06/2008
Posts: 1370

Message Posted:
18/08/2010 16:10

Back to the top

MUSIN M


Joined: 26/06/2008
Posts: 1352

Message Posted:
18/08/2010 21:18

cronos



wake up to what exactly ,that the turkish government is corrupt ,of course they are ,but then you will find all governments all over the world are.



we just learn to live with it ,wherever we are .



so you see i am quite awake.



musin





long live the KKTC

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
18/08/2010 22:12

Musin,



You keep referring to the Turkish government....I'm talking about the TRNC government specifically.



And because corruption exists in other countries we ought to just shrug and accept it?



As a TC,it must be easy for you to live with the corruption in the TRNC....whilst living in London !



Stop making excuses for a rotten and discriminatory system.



If you want the KKTC to live long ( as your strapline states ),then you and other TC's need to join in the protests,and not support the corruption with your silence.

MUSIN M


Joined: 26/06/2008
Posts: 1352

Message Posted:
18/08/2010 22:47

cronos



you talk as if you know me ,you do not, and i am talking about the kktc,yes it,s corrupt i have stated that ,

what i am saying to you is simple name one country which isn,t .



the kktc will live forever ,despite it,s rotten goverment,so i suggest if you do not like what you see ,if you have ties in the kktc ,break them and stop making excuces .





musin





long live the kktc

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
18/08/2010 22:58

Musin,



Thankyou for at least admiiting that the TRNC is corrupt and has a rotten government.

Hopefully people will bear this in mind before making an informed decision as to whether to invest there.