Would You Buy a Property in Cyprus which did not have a Deed? (20)
I wouldnt even think about buying till i have seen the deeds.
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Now that we all know about the problems that occurred in Cyprus, it would be crazy to buy a property without Title Deeds.
Moreover, I would never buy any property in the North part of Cyprus that is still occupied illegally by Turkey.
Moreover, I would never buy any property in the North part of Cyprus that is still occupied illegally by Turkey.
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Until a couple of years ago, buyers in Cyprus, especially the British, were under the impression that Cyprus had a similar legal procedure to that of Britain. We now know that is incorrect, but it is too late for those who have already bought from dishonest developers.
The boom in demand for property here led to a huge backlog of paperwork in the Land Registry Offices which process the title deeds. Many Cypriots in the past haven't bothered to get their title deeds, mainly because they have to be paid for,and they were not worried about any irregularities.
However, in the last 10 years, when nearly every tradesman suddenly became builders and developers, corners were cut and building went ahead often before planning permission was granted. It became common practice for some developers to re-mortgage the land even though they had been paid for the houses/ flats built on it. If the developer doesn't pay these mortgages, the bank technically owns whatever is built on it.
The title belongs to whoever owns the land, usually a developer. The idea is the title is then transferred into the buyer's name. If a block of flats has been built, then the title has to be divided into the number of properties and each one assigned their own part of the whole.
There have been some heart-breaking stories recently of buyers being defrauded by their developers and the increased publicity means it is less likely to happen now - buyers are more informed.
Despite all the pitfalls of buying in the free area of Southern Cyprus, there is no way I would have considered buying in the occupied area of Northern Cyprus even though prices were substantially less.
The boom in demand for property here led to a huge backlog of paperwork in the Land Registry Offices which process the title deeds. Many Cypriots in the past haven't bothered to get their title deeds, mainly because they have to be paid for,and they were not worried about any irregularities.
However, in the last 10 years, when nearly every tradesman suddenly became builders and developers, corners were cut and building went ahead often before planning permission was granted. It became common practice for some developers to re-mortgage the land even though they had been paid for the houses/ flats built on it. If the developer doesn't pay these mortgages, the bank technically owns whatever is built on it.
The title belongs to whoever owns the land, usually a developer. The idea is the title is then transferred into the buyer's name. If a block of flats has been built, then the title has to be divided into the number of properties and each one assigned their own part of the whole.
There have been some heart-breaking stories recently of buyers being defrauded by their developers and the increased publicity means it is less likely to happen now - buyers are more informed.
Despite all the pitfalls of buying in the free area of Southern Cyprus, there is no way I would have considered buying in the occupied area of Northern Cyprus even though prices were substantially less.
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TarotReader: There is a widespread risk for foreigners investing in North and South Cyprus property. This is caused by a general lack of enforced legal responsibility and bad working practices by all parties engaged in the property industry, namely estate agents, solicitors, banks, builders and developers.
The government are also guilty by allowing basic laws to be broken and improper working practices to carry on without control. No one in the industry will inform you about "what's really going on."
Many though buy property, paying out all their life savings without any guarantee whatsoever, just relying on "well, that's the way it's done in Cyprus" ...
Would you really buy a property without getting the Deeds in exchange?
Why would you hand over your money for something which isn't and will never be yours, only relying on a contract (the majority of which are broken)?
The government are also guilty by allowing basic laws to be broken and improper working practices to carry on without control. No one in the industry will inform you about "what's really going on."
Many though buy property, paying out all their life savings without any guarantee whatsoever, just relying on "well, that's the way it's done in Cyprus" ...
Would you really buy a property without getting the Deeds in exchange?
Why would you hand over your money for something which isn't and will never be yours, only relying on a contract (the majority of which are broken)?
I bought two property's in Cyprus in the last 5 year's.They were newly built and the deed's were not released yet.I was told by agency's that it takes 3 or more years for the deed's paperwork to be finalised,I handled them both by checking at the land registry that there was no unpaid loan's holding up the deed's and keeping some payment back until deed's were in my hand.I had the deeds within a year.
I wouldn't buy a property that a)wasn't finished/off plan,or b)when I checked deed's were held by the bank for loan's.
I think if you are investing your money,it is essential to research thoroughly what you are getting into.
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TarotReader: There is a widespread risk for foreigners investing in North and South Cyprus property. This is caused by a general lack of enforced legal responsibility and bad working practices by all parties engaged in the property industry, namely estate agents, solicitors, banks, builders and developers.
The government are also guilty by allowing basic laws to be broken and improper working practices to carry on without control. No one in the industry will inform you about "what's really going on."
Many though buy property, paying out all their life savings without any guarantee whatsoever, just relying on "well, that's the way it's done in Cyprus" ...
Would you really buy a property without getting the Deeds in exchange?
Why would you hand over your money for something which isn't and will never be yours, only relying on a contract (the majority of which are broken)?
The government are also guilty by allowing basic laws to be broken and improper working practices to carry on without control. No one in the industry will inform you about "what's really going on."
Many though buy property, paying out all their life savings without any guarantee whatsoever, just relying on "well, that's the way it's done in Cyprus" ...
Would you really buy a property without getting the Deeds in exchange?
Why would you hand over your money for something which isn't and will never be yours, only relying on a contract (the majority of which are broken)?
I have a house in a village in south cyprus and hold the clear title deed, and held back money until i got it and the process took 1 year, and was routine. I had a good advocate who had trained in UK and practiced in both countries and had no connection to the seller, which i would recommend always
i would not buy in the north where titles are so confused and could be owned by greek cypriots or turkish ( or both !!?)
i know so many people on the isalnd who were cheated i absolutely recommend great caution
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Would You Buy a Property in Cyprus which did not have a Deed?|/i]
Whats the saying about a fool and his money....
Whats the saying about a fool and his money....
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A similar cop out has been taking place in Dubai - the state said it was allowing foreigners to own property but essentially it is a 99 year lease - hardly the family heirloom one was hoping for. Amazing how many expats have been taken in, mostly by other expats to top it all.
We all have to watch out, it is a greedy world we live in!
We all have to watch out, it is a greedy world we live in!
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It's been a problem in Spain for yonks. Corrupt officials and builders. Even those that DID have the correct paperwork from the City Offices later found out that those 'correct papers' were obtained via backhanders and fraud.
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austria it is clear no deeds you cannot sell or buy a property the system here is very strict but fair and honest
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Would You Buy a Property in Cyprus which did not have a Deed?
Of course.
When I bought my car without a title the guy took 50 dollars off the price.
What a deal.
And that's how I came to own the Brooklyn Bridge too, for half-price.
I'm always looking for bargains like that.
Of course.
When I bought my car without a title the guy took 50 dollars off the price.
What a deal.
And that's how I came to own the Brooklyn Bridge too, for half-price.
I'm always looking for bargains like that.
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By the way.
For those who buy land without deeds.
I'll sell you deeds without land.
For those who buy land without deeds.
I'll sell you deeds without land.
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Poll Question: Would You Buy a Property in Cyprus which did not have a Deed?
Yes, I bought a property in the beautiful south without a Title Deed…...… but would n-e-v-e-r, e-v-e-r, buy in Cyprus again, with or without Title Deeds ….. renting is the way to go!
Don’t get me wrong…. I love this island and have absolutely no regrets in adopting it as my homeland.... The blot on the landscape presents itself in the guise of developers and lawyers.
7 years ago I bought my villa outright, i.e. no mortgage, handed over my hard-earned dosh, and still there is no news of when, if ever I will receive the Title Deeds to my property. There are those who will say more fool you for handing over all that dosh without receiving the Title Deeds… Well, Title Deeds (or lack of), are getting a lot more publicity over recent years than they did at the time of my purchase.
Of my 45 working years, 20+ of those years were spent in employment working as Legal Practice Manager or Personal Assistant at Director/Head of Department level in various departments of the legal sector, including 1 year as a Public Relations Assistant at the Law Society in London as well as free-lance conveyance administrator, so I'd say a got a very good idea of what the process should involve if conveyancing here in Cyprus was truly based on UK conveyancing practice.
Before actually paying a deposit on the off plan rubble that has now blossomed into my little haven, I did months of research, sought advice and joined in discussions on forums relating to buying property in Cyprus, all the while ticking boxes and feeling comforted by the fact that at that time all the literature being distributed by Cypriot lawyers and developers assured potential buyers like myself that Cyprus law was based on English law…. so another ticked box and on with my research…. after all, I was about to hand over my hard-earned dosh to a couple of foreigners in exchange for a 450sqm piece of land on whichh my future home was to be built.
Without due warning or knowledge, the Title Deeds volcano was waiting to erupt in Cyprus.... why would anyone be suspicious or question the fact that at the end of the purchase that piece of paper of ownership would not be handed over? After all, if you buy a car, you pays your money you get your documentation of ownership, you buy a trolley full of food, you pays your money at the checkout you get your receipt, etc etc etc….
In the UK, with a few exceptions, when you purchase a property, once all the paperwork has been carried out and monies from purchaser is paid to the vendor, Title Deed is issued… albeit passed to purchaser’s solicitor (or bank) for safekeeping… end of!
There are those purchasers in Cyprus who are fortunate enough to have received their Title Deeds within a period of 1-3 years after purchase; I am still waiting after 7 years, but an acquaintance of mine is still waiting for her Title Deeds 20 + years after purchase…..
Conflict of interest is the norm…. I gave my lawyer clear instructions verbally and in writing to retain the final £1,000 payment in his client account and under no circumstances should that money be paid to the developer without my permission; some months later I found out that not only was the solicitor related to the developer, but he had handed over my money to the developer against my wishes…..
Yes, I bought a property in the beautiful south without a Title Deed…...… but would n-e-v-e-r, e-v-e-r, buy in Cyprus again, with or without Title Deeds ….. renting is the way to go!
Don’t get me wrong…. I love this island and have absolutely no regrets in adopting it as my homeland.... The blot on the landscape presents itself in the guise of developers and lawyers.
7 years ago I bought my villa outright, i.e. no mortgage, handed over my hard-earned dosh, and still there is no news of when, if ever I will receive the Title Deeds to my property. There are those who will say more fool you for handing over all that dosh without receiving the Title Deeds… Well, Title Deeds (or lack of), are getting a lot more publicity over recent years than they did at the time of my purchase.
Of my 45 working years, 20+ of those years were spent in employment working as Legal Practice Manager or Personal Assistant at Director/Head of Department level in various departments of the legal sector, including 1 year as a Public Relations Assistant at the Law Society in London as well as free-lance conveyance administrator, so I'd say a got a very good idea of what the process should involve if conveyancing here in Cyprus was truly based on UK conveyancing practice.
Before actually paying a deposit on the off plan rubble that has now blossomed into my little haven, I did months of research, sought advice and joined in discussions on forums relating to buying property in Cyprus, all the while ticking boxes and feeling comforted by the fact that at that time all the literature being distributed by Cypriot lawyers and developers assured potential buyers like myself that Cyprus law was based on English law…. so another ticked box and on with my research…. after all, I was about to hand over my hard-earned dosh to a couple of foreigners in exchange for a 450sqm piece of land on whichh my future home was to be built.
Without due warning or knowledge, the Title Deeds volcano was waiting to erupt in Cyprus.... why would anyone be suspicious or question the fact that at the end of the purchase that piece of paper of ownership would not be handed over? After all, if you buy a car, you pays your money you get your documentation of ownership, you buy a trolley full of food, you pays your money at the checkout you get your receipt, etc etc etc….
In the UK, with a few exceptions, when you purchase a property, once all the paperwork has been carried out and monies from purchaser is paid to the vendor, Title Deed is issued… albeit passed to purchaser’s solicitor (or bank) for safekeeping… end of!
There are those purchasers in Cyprus who are fortunate enough to have received their Title Deeds within a period of 1-3 years after purchase; I am still waiting after 7 years, but an acquaintance of mine is still waiting for her Title Deeds 20 + years after purchase…..
Conflict of interest is the norm…. I gave my lawyer clear instructions verbally and in writing to retain the final £1,000 payment in his client account and under no circumstances should that money be paid to the developer without my permission; some months later I found out that not only was the solicitor related to the developer, but he had handed over my money to the developer against my wishes…..
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Who devises these inane questions? Please, there are more important things to worry about. Figure to get the US moving forward economically. How about some bright ideas, people!!!
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Surfergirl1: Who devises these inane questions? Please, there are more important things to worry about. Figure to get the US moving forward economically. How about some bright ideas, people!!!
For those of us who have bought, and live in Cyprus it is not an inane question. It is a subject which has had a huge amount of publicity lately and as it was posted in the EU section it was perfectly reasonable.
Since you are so worried about the US, why don't you come up with some bright ideas?
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TarotReader: There is a widespread risk for foreigners investing in North and South Cyprus property. This is caused by a general lack of enforced legal responsibility and bad working practices by all parties engaged in the property industry, namely estate agents, solicitors, banks, builders and developers.
The government are also guilty by allowing basic laws to be broken and improper working practices to carry on without control. No one in the industry will inform you about "what's really going on."
Many though buy property, paying out all their life savings without any guarantee whatsoever, just relying on "well, that's the way it's done in Cyprus" ...
Would you really buy a property without getting the Deeds in exchange?
Why would you hand over your money for something which isn't and will never be yours, only relying on a contract (the majority of which are broken)?
The government are also guilty by allowing basic laws to be broken and improper working practices to carry on without control. No one in the industry will inform you about "what's really going on."
Many though buy property, paying out all their life savings without any guarantee whatsoever, just relying on "well, that's the way it's done in Cyprus" ...
Would you really buy a property without getting the Deeds in exchange?
Why would you hand over your money for something which isn't and will never be yours, only relying on a contract (the majority of which are broken)?
If I can buy it in 50 cents..and take immediate possession:)
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Surfergirl1: Who devises these inane questions? Please, there are more important things to worry about. Figure to get the US moving forward economically. How about some bright ideas, people!!!
Everyone devises their own inane questions here.....
hahaaa..... do you really imagine the USA is really interested in what normal intelligent people would recommend for moving their economy forward .....?
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Here in Portugal the problems have been exactly the same as in Cyprus and Spain, if anything ,worse, it would be too long and boring to detaill the proerty scams, many similar are mentioned within the last few postings (for Cyprus read Portugal), my firend too enormous care when buying a large run down proerty in a Vallage here, they checked with the Mayor's Office and he said that the Village needed a Bed & Breakfast house. They bought the house and over two years put everything they had into it, they had applied for a B&B lincence well in advance of the opening date but were informed the house needed to be finished first but, "don't worry a licence is not a problem". Two years after opening they had run out of money and still no licence, they were forced to sell very cheaply and lost a lot of money, and guess what?, the Mayor's son bought it and opened the place with a licence two weeks after buying.
This story is not isolated it is very much what goes on here, however, we Expats who have been here for a while warn the newcommers to rent for a year first but somehow they get carried away and just cannot wait to give their money away, the saying here is that most of these Expats leave their brains at Heathrow Airport.
This story is not isolated it is very much what goes on here, however, we Expats who have been here for a while warn the newcommers to rent for a year first but somehow they get carried away and just cannot wait to give their money away, the saying here is that most of these Expats leave their brains at Heathrow Airport.
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It is foolish to buy property anywhere without proper recorded Deeds!
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Surfergirl1: Who devises these inane questions? Please, there are more important things to worry about. Figure to get the US moving forward economically. How about some bright ideas, people!!!
With the deepest of respect, you are in the EU Forums section and perhaps should expect the posts to be more centered towards EU or at least European topics, that's why the site provides two types of Forum, posts that are of a more International flavour are more often posted in the generall forum area.
The above may also explain why most people posting here are more concerned about the EU Economy which is faring no better then the US, I am sure that you did not mean to infer that the USA should always take precedence over other countries or that US citizens were less than caring in regard to other people's welfare.
Inane it may be to you, but believe me, the average person in Europe cannot afford to lose their home and be left with no money which is happening,perhaps a little understanding would help you to appreciate that Europe ic not America, (I nearly added "Thank God",but that would not be polite)
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It does seem very unbelieveable that someone can give away their life savings but it appears to happen quite a lot on the Island of Love called Cyprus:
Why???
Why???
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42 Votes
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in EU Forums
Created: Nov 2010
Last Viewed: just now
Last Commented: Dec 2010
Last Voted: Jul 2017
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Would You Buy a Property in Cyprus which did not have a Deed?(Vote Below)
The government are also guilty by allowing basic laws to be broken and improper working practices to carry on without control. No one in the industry will inform you about "what's really going on."
Many though buy property, paying out all their life savings without any guarantee whatsoever, just relying on "well, that's the way it's done in Cyprus" ...
Would you really buy a property without getting the Deeds in exchange?
Why would you hand over your money for something which isn't and will never be yours, only relying on a contract (the majority of which are broken)?