My advice to new buyers

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
06/04/2009 10:43

1. Ask if the land belongs to the Developer. Walk away if it does not.

2. Ask if there is a mortgage on the land. Walk away if there is any.

3. Ask if they are prepared to receive the first payment after the contract has been registered with the District Land Office free of any encumbrances. The first payment will be paid to the lawyer to be handed over to the Developer after registration. Walk away if they do not agree.

4. Ask if the Developer agrees to get the last 10% of the cost at the time of the transfer of the title deeds. Again the lawyer can hold it during the transfer. Walk away if he does not.

5. Ask if the Developer agrees to let the "owners" i.e. those who have to pay for the maintenance decide on the choice of the maintenance company. Walk away if he does not.

6. Ask the developer if he agrees to have a definite completion date stipulated instead of evasive words like "endeavour", "try" etc. etc. and also agree on a reasonable penalty for late delivery. Walk away if he does not.

7. Ask the Developer if he agrees to have all these points in writing as part of your contract. Walk away if he does not.

ismet

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
06/04/2009 10:47

Good advice Ismet its a pity that some didnt do this before. A lot would have walked away xxxx

simbas



Joined: 16/07/2007
Posts: 5943

Message Posted:
06/04/2009 10:49

Really sound advice made easy Ismet .

Regards , Pat

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
06/04/2009 10:54

elco 2.

This is really good info for all new buyers and i do hope all take heed .

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
06/04/2009 11:00

msg. 5

Firestarter,

I have not heard of any and don't expect anyting until a new government is sworn in after the elections 19th April.



There was some move by developers to have the registration of contracts expire after two years which would have made a mockery of the registration process. I have alerted hbpg to be ready to challenge such a move at the Constitutional Court if it ever happens. hbpg has a right to do that as a registered association with a valid interest in the subject.

ismet



PS: what happened to msg.5 by Firestarter? Its gone!!!

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
06/04/2009 11:06

Well done izmet I would add if contract not completed in full by a given date then 450 pounds Stirling per month to be deducted from the purchase price.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
06/04/2009 11:07

thanks elko

where did that post go?

maybe the moderators know something we don't?

moderated into silence,lol.

stevemac


Joined: 21/07/2008
Posts: 99

Message Posted:
06/04/2009 13:01

Very good advice as usual. It's just a shame that many buyers didn't know this before they purchased. But from now on hopefully it will improve things.

mmmmmm



Joined: 19/12/2008
Posts: 8398

Message Posted:
06/04/2009 14:25

Dear Izzey, re msg 1



While you'll know *I* think one should only buy on pre 74 Foreign / Turkish Title - as a GC can't say THEY own the land, wouldn't be good advise to say "don't buy, until you've rented first"....?

Milou


Joined: 15/10/2007
Posts: 425

Message Posted:
06/04/2009 17:09

Dear Elko 2



This is such wonderful advice and as this will be of great assistance to any new buyer, is it possible to have your advice to new buyers more prominently displayed so that people can easily see it - sadly this advice has come too late for me!



Kind regards

Moira

Tiggy


Joined: 25/07/2007
Posts: 1994

Message Posted:
06/04/2009 17:17

As usual sound advice from a sound fellow.

Howmuchlonger


Joined: 08/11/2008
Posts: 61

Message Posted:
06/04/2009 17:45

Our developer had a specific delivery date in the contract and now almost 6 years later when we mention it he just laughs! According to this contract which specifies a delivery date, there is also a late delivery penalty that he should pay (£35k + to date) and again, it's all just a barrel of laughs for him.



The best advice is don't buy in this country unless you have a genuine desire to spend the rest of your life worrying about it.

Howmuchlonger


Joined: 08/11/2008
Posts: 61

Message Posted:
06/04/2009 17:47

Oh - and our 'advocate' finds it all very funny as well.

MimoMar


Joined: 26/01/2009
Posts: 150

Message Posted:
06/04/2009 18:02

Howmuchlonger, sadly, builder's like yours, are the reason that the TRNC is on its a**e!

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
06/04/2009 18:05

1)Why not cut out all of these problems and buy completed properties with deeds in the owners name and everything connected. Plenty around.

2) there is no 2!!

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
06/04/2009 18:27

Breezyboy....generally sound advice about buying resale properties.....but remember that this does not mean that you as a buyer will automatically get Permission To Purchase.

The granting or otherwise of PTP is assessed both on the property concerned and you as an individual.

sienna


Joined: 09/01/2009
Posts: 1627

Message Posted:
06/04/2009 18:35

good advice - do you think any of them sell anything now !! ;-(



Interesting point Number 5 but a good one

Quarmby


Joined: 15/09/2008
Posts: 975

Message Posted:
06/04/2009 18:42

Well I think elko's advice is excellent but there would probably not be many properties being bought if purchasers stick to his rules!!

keithcaley



Joined: 13/06/2008
Posts: 2521

Message Posted:
06/04/2009 18:47

Breezyboy,

as cronos implied, it would be best to stick to Ismet's 'rules' whether it's a private resale or a new build.

Just because they live in it and have the deeds, doesn't mean that they're not going to'stiff' you!

Regards,

Keith.

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
06/04/2009 21:39

only buy completed or resale!

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
07/04/2009 13:28

Very good advice Ismet. If only we knew then what we know now...wouldn't be wise

gates


Joined: 08/12/2008
Posts: 1096

Message Posted:
07/04/2009 13:49

well done that realy is good advice to all you get another star

Carbotec


Joined: 28/02/2009
Posts: 98

Message Posted:
07/04/2009 14:10

Msg 1 Points you have missed.

Is there water to the site?

Is there electricity to the site?

has the developer applied for both?



I know people that had moved in 12 months ago and still have no water and electricity.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
07/04/2009 14:25

Sibelle,

I am not claiming any copyrights on these points so you may put them up on HBPG page as "Ismet's Rules for Buyers"

ismet

Tiggy


Joined: 25/07/2007
Posts: 1994

Message Posted:
07/04/2009 14:34

Msg 20. Pilgrim you are quiet right, the other ways are like minefields.



hope life is treating you well in Iskele.



P.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
07/04/2009 14:43

Re various comments.

There are less people lining up to stiff you with a resale. The solicitor is less likely to be related to the vendor. You have all the taxes sorted and paid for. The government moving the goal posts mid purchase is less likely to have an effect.

Hopefully the snaging has been done although I know one on the market which has more snagging faults than positive points, but in any case you just need a surveyor as you would in the UK.

You probably dont need to landscape the garden or provide the dozens of little things which are not present in a new build when handed over.

You can see what you are buying!!

You may be able to buy furniture and fittings for a combined deal saving further money. And you can negotiate more easily with an individual as opposed to a developer.

If PTP and Kocan have previously been granted then there is less likelyhood of any problems unless your past has something untoward involved.

Smiffy


Joined: 07/04/2009
Posts: 47

Message Posted:
07/04/2009 15:08

My advice to buyers would be to do your research, find the right area for yourselves, then hang on 'til the current talks are over, the dust has settled and we all know what is safe to buy and what is not.

Not exactly the speculators route I know, but most buyers I have met have been more genuinly interested in the security of the property than the quick buck.