cypriot title deeds issue to be solved by new legislation
News Posted On: 25 November 2009
Cyprus property is tarnished by the fact that many past buyers have never received their title deeds. This was solved to a certain extent earlier this year when it was revealed that buyers could get a court order to have the land registry issue their title deeds. However, new legislation from the Cypriot government promises to allow people to get their deeds issued from the land registry, even without going to court.
The so called, special execution order is new legislation currently being put forward by the government. It allows people to contact the director of the land registry direct, and have him issue their title deeds, if they meet the criteria, such as being able to prove they have paid what they were supposed to.
The special execution order is one bill of several aimed at clearing up all problems with Cyprus property title deeds, past present and future.
Another part of the legislation aims to separate units into individual entities, and to allow the issuance of different classifications of title deeds. For instance on a development with 100 apartments, if 70 are strictly adherent to the planning permission, 20 are only slightly out, i.e. parking spaces not classified, and 10 have illegalities, under the new legislation 70 will receive full title deeds, 20 will receive an incomplete title deed, and 10 will receive a limited deed to receive a full deed when the illegalities are removed or sorted.
The new legislation will also see buyers become the owners of their property from the moment they pay the deposit and sign the sales contract. This will stop developers from selling to multiple people.
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