Division Of Property Title Deed

Jessie


Joined: 14/08/2008
Posts: 145

Message Posted:
25/10/2008 09:13

I am considering purchasing a property in NC. However, rather than giving us a title specifically relating to our individual plot the developer is proposing I take a shared title deed in the site as a whole although the villa will have its own boundaries. Has anybody else purchased under similar circumstances? Is such a practice commonplace?

RedSnapper


Joined: 12/08/2008
Posts: 540

Message Posted:
25/10/2008 11:35

I`m no property law expert but it`s something i`ve never heard of and it sounds as though it has inherrant difficulties, maybe it`s something to do with the maintainance of the whole site... is there a monthly fee for this? I`ts definitely one for a proper lawyer to carefully look at before you go any further.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
25/10/2008 11:48

It's quite common... the good thing is your builder appears to want to give a share of the kocan (deeds).... many buyers find the builder less than forthcoming when it comes to deeds...



Elko (Ismet) is your best bet to give the pros and cons...

Jessie


Joined: 14/08/2008
Posts: 145

Message Posted:
26/10/2008 02:55

Thanks both of you. Hopefully Ismet will be able to expand a bit more.

jacktheladett


Joined: 01/07/2008
Posts: 528

Message Posted:
26/10/2008 10:14

So does that means you will have a share in everyone else's villa, and they will have a share in yours!?



I would imagine when it comes to registering the house on the land it could be very complicated.



As I understand it, once the land is parcelled, tax is paid.

Beths


Joined: 20/04/2007
Posts: 37

Message Posted:
27/10/2008 22:14

Bumping this one up Jessie, since we have a vested interest.



Have you any plans to visit the site this year at all?



Regards



Beths

The butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
28/10/2008 01:02

Hi Jesse,



I think you will find that you will get title deeds for your home and a share in the communal land. We have 57 properties on our site and we are expecting to get title on our property + 1x57th share of the remaining land. You will be asked for the VAT when you receive title unless you have paid it already.



The Butlers wife

Jessie


Joined: 14/08/2008
Posts: 145

Message Posted:
28/10/2008 10:24

Hi Beth I'm hoping to get out mid november but not confirmed as yet. I will let you know.