Without Prejudice
Cyprus Property | Roll up, Roll Up to Play ‘Pass the Memorandum’
What’s that you say, someone has put a mortgage or memorandum on your villa, the villa you paid for and have a valid Contract with stamp duty paid and in some cases registered with the Tapu. Well I’ll go to the foot of our stairs, or are they your stairs or do they still belong to the builder/landowner/develop because the Ministry of the Interior has dragged its feet over issuing your Permission to Purchase and you have been unable to transfer title to put your property into your name and out of harms way? Well obviously that is all your own fault because no one in the system is ever wrong. Don’t panic, don’t panic, the answer is simple, you sue the builder, he will find another property he no longer owns but is still in his name and so you put an injunction on that, problem solved…..not!
This game of musical memorandums is the cause of so much grief for so many purchasers. Of course it keeps the Advocates busy and very well paid, but the sad fact is, it just does not work. You cannot solve a problem by passing it down the line. Eventually the line has no one left to pass it down to, and it really wasn’t a good idea to begin with.
How long can this unjust, unfair, unjust and totally impractical practice of ‘passing the buck’ be allowed to continue? Is there no one brave enough to challenge it? Where does the ‘buck’ stop?
Well it seems the most unpopular person on the island is about to be the first guinea pig….watch this space.
Anon
Recent Comments