The MoU agreed between the troika and the government of Cyprus requires that the backlog of Title Deeds waiting to be issued for more than one year is reduced to less than 2,000 by quarter 4 of 2014.
The Department of Lands and Surveys has published the first in a series of statistics relating to one of the provisions agreed between Cyprus and the troika in the Memorandum of Understanding (MoU).
In a speech made by the Cyprus Minister of Foreign Affairs Mr Ioannis Kasoulides at the House of Commons in London, he spoke briefly about the problem of the timely issuance of Title Deeds.
Will a reduction in the backlog of Title Deeds to less than 2,000 of cases pending for more than one year, as required by Cyprus' bailout terms, resolve the Title Deed problem once and for all?
Troika wants the banks to repossess homes held against non-performing loans within 18 months, but they cannot do this without taking into account the Title Deed mess that blights thousands of buyers.
I am often asked the question "how much do Title Deeds cost and are they worth the expense?"; there is much confusion particularly amongst buyers from overseas who may not appreciate the benefits.
The actions of Land Registry staff in Paphos who seem to be ripping off foreigners by demanding excessive amounts of Property Transfer Fees from them are damaging Cyprus' reputation and killing the overseas property market.
The tardy, dishonest and purposefully complex manner in which Cyprus chooses to sell property will rebound explosively on those involved in the supply chain; the town planning amnesty will bring no peace.
Interior Minister Neoclis Sylikiotis has said that around 28,000 Title Deeds have been issued since 2009 following the introduction of new mechanisms and greater coordination between the relevant services.
The number of properties in Cyprus transferred to their new owners fell during July, possibly as a result of the crippling power cuts that we all have to endure and the lack of office air-conditioning in the blistering summer heat.
A number of organisations have contacted buyers who have yet to receive Title Deeds for their property offering to apply for their issuance under the recently passed 'Town Planning Amnesty' laws.
Considering the problems experienced by many who have bought a property in Cyprus that has yet to be issued with a Title Deed, is it unreasonable for potential buyers to refuse to buy a property without a Title Deed?
The Cyprus government's revised Title Deed legislation provides for fines and the possible imprisonment of those found guilty of violating its provisions.
Rather than resolving the Cyprus Title Deeds-cum-fraud mess, the proposed legislation will destroy what vestiges of confidence remain in the Island's overseas property market and will possibly result in its collapse.
Although the Cyprus Land Registry issued 15,000 Title Deeds between June 2009 and November 2010, only 4,200 have been transferred. What is causing this problem and what can be done to resolve it?
The legal changes proposed to protect property buyers from the abusive practices of developers are sheer lunacy and will do nothing to restore overseas investor confidence in the Cyprus property market.
In efforts to promote sales in Cyprus, some developers are advertising their properties with ‘Guaranteed Title Deeds’; do not allow yourself to be fooled.
The Title Deed legislation under discussion by the Cyprus government cannot work because it fails to address several critical factors; it is nothing more than a planning amnesty designed to protect property developers who have broken the law.
New procedures introduced in Land Registries throughout Cyprus should make it much easier for prospective property buyers to discover whether their potential purchase is mortgaged.
Will the latest changes to the Cyprus Title Deed laws currently before parliament untie the ‘Gordian Knot’ as the Minister of the Interior has stated they would? Although they will bring relief to some people, it appears that those who have been duped into buying mortgaged property will be left to fend for themselves.
