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| 100,000 still awaiting deeds to their homes https://mail.paphospeople.com/ppforum/viewtopic.php?f=2&t=36627 |
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| Author: | M.A.D [ Wed Jun 21, 2023 7:55 pm ] |
| Post subject: | 100,000 still awaiting deeds to their homes |
It is high time a comprehensive solution to the issue of ‘trapped buyers’ is found, the House labour committee concluded on Wednesday, as deputies stressed their determination to tackle the almost 100,000 property owners who remain without their title deeds. Deputy chairwoman of the committee and Disy MP Fotini Tsiridou said MPs are currently examining an amendment to the existing legislation that can help these homeowners in buying and transferring property. Most trapped buyers cannot obtain title deeds because developers had mortgaged the land to the bank. Buyers were unknowingly duped into buying property on this mortgaged land even though they paid for their properties in full. As such, they have been barred from obtaining title deeds thus rendering them trapped buyers. In other cases, title deeds were not issued because of irregularities with developers not adhering to building permits. Solving the long-standing issue is a prerequisite for the Recovery and Resiliency scheme, Tsiridou noted. “This bill does not tackle the problem of trapped buyers in its entirety, whether because buyers are trapped because of the mortgage or other illegalities, but it is a regulation towards a right direction. We are discussing it to see if we can improve this framework.” She added the matter will be discussed at a committee level again, with attendees who can help create the best framework for the buyers. FULL Story:- https://cyprus-mail.com/2023/06/21/100000-still-awaiting-deeds-to-their-homes/ |
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| Author: | Mouse [ Fri Jun 23, 2023 9:36 am ] |
| Post subject: | Re: 100,000 still awaiting deeds to their homes |
must admit when we obtained our deeds a few years back i watched how the land registry in Paphos operated it seemed to me, as a department they were able to process something like 80 applications a day, at the time i remember thinking it will take YEARS to catch up, this assuming no new applications came in ! i feel sorry for those who have purchased and are stuck with a developer who has conveinently ' ceased trading' and it would seem unaccountable in law. As a side issue i have read many articles about the Pissouri disaster and not once have developers been mentioned, maybe i read the wrong articles but i think not. |
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