cyprus property title deeds legislation could be passed next month
News Posted On: 23 September 2010
The long awaited legislation aimed at solving the Cyprus title deeds scandal could be passed as early as next month.
The bills should be ready to go to the plenum by mid-October, chairman of the House Interior Committee Yiannos Lamaris said yesterday.
"The town-planning regulations have two directions," Lamaris said. "One leads to simplification of the procedures for issuing Title Deeds and of all those practices to which we had become accustomed so far."
This is something that the industry badly needs. The scandal exploded at the start of last year, shortly after demand from overseas buyers looking at buying property in Cyprus dropped off a cliff because of the international financial meltdown -- well, because the US crash crossed the Atlantic then the channel. The combination of the two crippled the property market, and the economy.
Basically the scandal involves thousands of buyers of properties in Cyprus who have not received their title deeds, including many who purchased up to and over 2 years ago (3 years ago now). The authorities have been blamed for much of it, but it was made worse by fraudulent developers selling properties multiple times without ever obtaining the deeds.
The new legislation aims at setting out clearly who is responsible for obtaining and issuing deeds, how long it should take to get your deeds, and simplifying the law to make it easier to go through legal channels if you don't have them in this time.
There is a lot of scepticism about whether or not the legislation will work, but me being an optimist, I will say that time will tell.
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