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(EMAILWIRE.COM, June 17, 2009 ) Cyprus - Investors concerned about the notorious Cyprus property title deeds issue will be interested to hear that new legislation has been introduced in a bid to clear up years of problems – however, before you pop the champagne corks – the new rules will only apply to new purchases, meaning that vast numbers of owners will still be without legal documentation…
Thousands of overseas buyers have chased cheap property deals in Cyprus over the last five years, but buyer confidence has taken a knock after some owners found developers were hanging on to title deeds for their property in Cyprus.
As so many of the property owners in Cyprus are foreigners, this new legislation surrounding title deeds was crucial to their peace of mind about the ownership of their homes.
Up to 100,000 buyers – both locals and foreigners - have paid for their properties but have no legal documents to prove that they own them – which means that they are trapped as they are unable to sell them on without the documents.
But now, much to buyers’ distress, the Cypriot Government has seemingly reneged on a promise to sort out the mess and ‘help everyone,’ as it confirmed that the new law will not effect old transactions.
This means that buyers remain at the mercy of the developer who sold the property to them and the banks that hold their title deeds as collateral for loans.
The Cyprus Property Action Group, which is a collection of British nationals who have bought homes on the island and are campaigning for better protection for foreign property owners, are furious.
Back in February of this year, British Foreign Secretary David Miliband revealed that the British High Commissioner to Cyprus had ‘received assurances’ from the Cypriot Interior Ministry that they would introduce a bill to address the situation soon. At that point there was no mention of the new law relating only to future transactions, thus the buyers assumed the rules would help all of them.
Tasos Coucounis of law firm Andreas Coucounis & Co, said those denied deeds could file an action in court.
Cyprus Property Magazine reported that Mr Coucounis advised if vendors still failed to issue a deed after a successful action, buyers can “ask for Specific Performance of his sale contract from the court, in which case a Court Order for Specific Performance can be issued fast and presented at the Land Registry for transfer of the Title Deed without the vendor’s signature or participation”.
Now, they face a long court battle to get the rights to their title deeds and months more worry in the meantime.
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