130,000 without deeds in south bill to rectify it & get tax

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
26/03/2011 17:59

Some 130,000 title deeds are pending, due to developers not having paid mortgages to banks for property which buyers have already paid for, or to building irregularities such as exceeding the allowed building ratio.

The government expects to make some €150,000 per year from transfer fees if affected people apply en masse.

Under the general town-planning law passed yesterday, owners of houses or apartments may now legalize their property for a fee and thus secure a final certificate of approval and the deed; alternatively, a title deed issued will list on it the property’s irregularities.

Only ‘minor’ irregularities – such as closing up a balcony or building a garage – may be legalized in this way. This excludes cases where irregularities affect third parties or encroach on state property, or for flagrant violations such as the building ratio having been exceeded by 30 per cent or more.

http://www.cyprus-mail.com/cyprus/bulk-town-planning-amnesty-law-passed/20110325