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A very Cypriot problem

Land sales contract. Sumerian clay tablet, ca. 2600 BC

Land sales contract. Sumerian clay tablet, ca. 2600 BC

The Cyprus Property Action Group (CPAG) in south Cyprus condemns the government’s proposed legislation as being nothing more than an amnesty for developers who have failed to follow planning laws. They argue that the law fails to address the main problem of developers taking mortgages on properties they have already sold to unsuspecting buyers. Buyers then wait years to obtain title deeds and if the developer goes bust and the buyers cannot pay off the mortgage on the property then they stand to lose their homes. Well doesn’t that sound familiar to those living in the north.

CPAG goes on to argue that the government has “totally abandoned” enforcing the Completion Certificate law which is designed specifically to protect buyers and the integrity of the planning system. On top of this if three categories of title deed are created then the rights of buyers would be undermined if they find their property classified with anything less than a clean title. These proposed titles would be: “complete” or clean title; “imperfect” title, presenting minor irregularities in relation to the building permit; and “limited” title, presenting substantial illegalities in relation to the building permit.

This could mean that buyers may find their contracts negated and instead of having bought a property which could easily be sold they would be stuck with a sub-standard title deed and the builder, having broken planning laws, could walk away untouched. CPAG accuses the Cyprus government of “consistently misleading” the UK government and the EU by pretending that the property problem is now resolved. They believe that should this legislation be passed then the image of the Cyprus property market will be seriously damaged.

Source:
Cyprus Property Action Group – www.cyprus-property-action-group.net
Cyprus Mail – www.cyprus-mail.com/news/main.php?id=48679&archive=1

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