Cyprus Property | Cyprus Properties | Cyprus Real Estate | Cyprus Property Sales


cyprus property
   
Home
Quick Search
Company Profile
Legal Issues
Contact Us

Properties for Sale
Villas & Houses
Apartments
Golf Properties
Plots / Land
Commercial

Travel Services
Long Term Rentals
Holiday Rentals
Luxury Rentals
Hotel Bookings
Car Rentals
Mini Cruises
Sightseeing Tours

Useful Links
About Cyprus
Property Fees Calculator
Mortgage Calculator
Metric Conversion

Property Services
Sell my Property
Rent my Property
Manage my Property
Legal Services
Immigration Services

Receive Cyprus Properties for Sale by Email

 

news
Cyprus Government Abolishes Property Tax Read More
Reduction on VAT - for new
build properties.  Read More

Cyprus Property News 

 

24/06/2015 - Title Deeds Regulated

Thousands of “trapped” property owners, without titles, will be able - based on a bill adopted today by the Cabinet - to secure a title if they meet certain criteria. 

As Interior Minister, Socrates Hassikos explained at the end of today's session, “the bill covers thousands of citizens who have paid the full amount due for a house or flat purchase but could not get a title deed either because the seller (land developer) had mortgaged the property to the bank, or because the state itself could not proceed with the transfer due to the seller's debts to the state such as VAT, income tax, social insurance etc”. 
He noted that in both cases the result was all those who fully paid for the property bought could not get title deeds. 

He stressed that with this bill all these buyers will be guaranteed, will be able to ensure ownership of the property with title deeds and will be able either to sell their property or to transfer it or to mortgage it. 

According to the interior minister, the bill also covers those who paid a large percentage of the purchase amount, 80% or 90% for example, and who -provided they have the remaining money - will be able to deposit the rest into a special account and through the director of the Land Registry will be able to secure the title deed. 

As Mr. Hassikos explained, the difference of the promoted bill in relation to the law recently passed on the basis of a draft law by the parliament and was referred by the President of the Republic, is that while the law of the parliament dealt only with the aspect of the use of property by the “trapped” owner, the promoted bill establishes ownership and resolves once and for all the injustice against the owners. 

Invited to clarify, the interior minister made it clear that the law will cover all cases where the buyer paid the full amount or only part of the amount and can deposit the rest in the special account.

Article Source: Stockwatch