Property and Shared Deeds in North Cyprus

Dreamydiver



Joined: 30/08/2010
Posts: 306

Message Posted:
01/09/2010 13:11

Still researching and, if the answer to the following question has been posted, apologies I couldn't find it as some of the threads seem to go off subject very quickly!



The property we wish to purchase is a resale, buying from a Brit who has never used it.

I approached the construction company who are selling some that they still own [all 22 villas are completed barring the unlived ones being connected to utilities] asking what the deeds were.

I got the following reply which, once more has confused me (sorrry)



"The property deeds are shared deeds. We gave all the deeds to our customers, there is no problem. You can sell your property or give rent [sic] very easily. According to the new laws there is no problem with shared deeds."



What new law? Appreciate all this will need to be verified but I would like to know as much as possible about shared deeeds and this new law before engaging an advocate!

Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
01/09/2010 14:46

Don't do it.

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
01/09/2010 14:56

Hi Dreamydiver,



Because the property is on a small complex of houses, it doesn't sound like the area has been parcellised yet. So all the houses are on one title deed. The builder is offering you shared title, eg. 1/22th of the complex. There is nothing wrong with this and I myself would be over the moon if our developer were to offer me this until our parcellisation took place and individual title deeds could be issued.







The butlers wife

jacko99


Joined: 26/06/2009
Posts: 52

Message Posted:
01/09/2010 15:08

they mean share title which everyone gets until parceliseation and that can not be done until everyone has paid all there taxes

sunnyday


Joined: 14/03/2008
Posts: 269

Message Posted:
01/09/2010 16:31

Shared deeds are much better than no deed at all. When parcelisation is eventually done, you will then get a proper individual deed. With a shared deed you cannot actually get your shared deed until everyone has either signed paperwork at the land registry or put an advert in a daily paper. As we recently discovered & had to put 8 adverts in a paper.

Has the person that you are buying from actually got his deed? If not you will have to have a contract between the builder & you. Then you will not be able to get any deed until you get you permission to purchase in 2 or 3 years time. You risk the builder selling or mortgaging your property in that period. although the new laws should stop that.



A lot of the smaller local builders are issuing shared deeds, as they don't want to pay for the parcelisation & often final approval. The bigger (especially the Isreali) developers are doing it properly & doing the parcelisation & transferring individual deeds.

Dreamydiver



Joined: 30/08/2010
Posts: 306

Message Posted:
01/09/2010 17:11

thank you Sunnyday.



I beleive [we are still at the very early stages of talks!] that the seller has his share deeds paperwork.

can you explain what the purpose of the advert is? As far as we know [obviously will get it all confirmed] out of the 22 properties.

20 have been sold and 2 remain with the builder who has begun to readvertise them [he has attached large vinyl for sale posters to both properties].



What I really need is a step by step list of things to do:

get an advocate

apply for PTP

and so on



is there an idiots guide on what to do, stage by stage, in the buying process



thanks,

cyprusairsoft



Joined: 22/06/2009
Posts: 2066

Message Posted:
01/09/2010 17:31

message 4 is in correct as 2 outof 4 house including mine have shared deeds the others havent payed taxes yet so thats not applicable



shared deeds are fine

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
01/09/2010 19:28

Dreamydiver,



Google HBPG TRNC. Here you will find a step by step guide which is based on Government guidelines for property purchase. There is an excellent section on the DO's and DON'TS of buying in the TRNC.



Slow down, stop thinking of sunshine and fun and take a balanced view. Ask yourself how will you and your family feel if you lose the 80 grand you had put aside for property purchase? You can still have a fantastic life in the TRNC renting the many luxury villas on offer, without risking your savings.



Would you buy a car without the log book being handed over for 2 years? That's how silly the buying process is. You also need to consider the political implications of buying in the TRNC.



HBPG would be a good start. Note the information on advocates and PTP.

honestie


Joined: 22/02/2009
Posts: 468

Message Posted:
01/09/2010 19:56

dreamydiver



the message above from Bradus is 100 per cent correct you couldnt get better advise

sunnyday


Joined: 14/03/2008
Posts: 269

Message Posted:
01/09/2010 20:47

When you do a shared deeds transfer, unless all those who have already transferred also come with you to the tapu office & sign some papers, you have to put an advert in a local daily paper. The tapu office supply the wording (its all in Turkish). You then have to take the paper with the advert to the tapu office & they tell you that 30 days later you can collect your deed.



If he already has his deed, then he has already done it.

Dreamydiver



Joined: 30/08/2010
Posts: 306

Message Posted:
01/09/2010 21:16

Thank you for all the advice and support given from people who have gone through traumatic experiences obviously beyond their control.

I am reading and learning and the more I read the more I realise I know very little!

I am fortunate to have the opportunity to be

"thinking of sunshine and fun"

but I am taking a balanced view too. I do have friends who have purchased off plan [I'm not] who have had 'hic cups' but came through the other side; two couples now live in TRNC the other has her holiday home.



But, forewarned is forearmed so thank you for the words of wisdom ....I just wish they didn't come from experience!

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
01/09/2010 21:16

Dreamydiver/Msg 1:



You've had all the best 'Caveat Emptor' warnings from all of us who have been cheated by the TRNC lawless 'legal system' - why the Hell are you still determined to become 'another statistic' - or, may I coin the phrase: 'Cyprus Lemming'?



Apart from that, the diving restrictions imposed on you in TRNC should be enough to put YOU off - have you checked these rules/laws out?



It sounds like you're hopelessly 'narked' on TRNC - time to clamp on the oxy cylinder to get back to reality!



And buying unparcelised property, which the rest of the world acknowledge still belongs to the former Greek Cypriot owner(s), is, I'm afraid, still fraught with massive risk - even if the previous GC owner has already received compensation from the IPC.