Paphos People

Hi there

We are on a complex of ten town-houses, all the same size.

We have recently dispensed with the services of our management & pool contractors and have taken the management on ourselves as well as engaging new pool contractors.
This was decided by a meeting of 5 owners in October and agreed upon by another 4 via e-mail. It was also decided that we would open a joint bank account in three names.

We currently have a temporary bank account opened by the only resident owner. When I next visit I am going to go to the bank with the resident owner to set up a new communal account.
We have an 'owners agreement' with 5 pages of rules about the complex and we have minutes of the meeting from October.

I am going to ask owners to write to me saying that they agree with the owners agreement and the points decided at the meeting.

Is there anything else that we may need to have to enable the bank to set up a 'proper' communal account?

Do we need to register the committee with the Land Registry? Not all owners have their title deeds.

Thanks

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J B

When our committee set up our communal account,the bank asked that every owner come to the bank with their passports and sign the agreement that it could be opened.We could not get everyone in Cyprus to do this and the bank accepted the majority of owners consent,I believe we had around 70% of the owners sign that week and the others when they came out.
You cannot register with the land registry without all the owners having title deeds etc so not worth trying.

Although registering is a legal requirement, once everyone has their deeds, I understand from a press article that the land registry aren't accepting registration applications. I certainly don't know of anyone who has registered. Does anyone?

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Only two things are infinite, the universe and human stupidity, and I'm not sure about the former. - Albert Einstein

I would also recommend that you get a stamp made because for some reason our bank ( the one Beverley mentioned) likes us to stamp any rules , minutes, etc. that we give them. They did originally insist tgat we register the committee but once we explained we couldn't they opened the account.

I will look into the stamp idea - I've read Beverley's message three times and can't see the mention of the name of the bank

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J B

Sorry - my bad use of English - I knew the Bank Beverley was referring to. It's the Coop in Peyia. Not the one on the main street but up the side road next to the Peyia Tavern and beyond Sophies restaurant on the right hand side.

So, do you think that the one in Tala would be equally cooperative, if you will excuse the pun

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J B

Not sure as the Coops mainly operate independently. I would give them a try and you will quickly see how helpful they will or will not be.

But ... I'm in UK and they are in Tala

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J B

Dear JB

Everything is fine as you have it. It is no necessary to register with the Land Registry office.


Regards

Haris Kalogirou