Sale of property in TRNC

spooky


Joined: 21/07/2008
Posts: 1

Message Posted:
21/07/2008 12:10

I sold my apartment in Catalkoy almost a year ago , but have so far only received 30% deposit due to the fact that the developer has not split the total site title deeds into individual apartments . Is this a usual way to sell because Im getting concerned now , and I can't get any info from my agent ?

davidoff


Joined: 21/04/2007
Posts: 438

Message Posted:
21/07/2008 12:35

Hi spook,



What does your lawyer say about this?



Take care d

TimothyCadman


Joined: 13/12/2007
Posts: 1040

Message Posted:
21/07/2008 12:49

Spooky,



No it's not normal.



You either sold your apartment with or without a kocan (title deed) in place.



Either way you are entitled to every penny at time of signing of the contracts, or a date stated within the contract for completion, whether you have an individual Kocan (title deed) or shared Kocan.



Get the other 70% from the buyer or give them their 30% back and sell it again, this time as a 100% cash sale only.



Someone, somewhere is trying to pull a fast one here. For what major purpose I'm unsure, unless the new owners only want to put down 30%, live in it for a few years, decide they don't like it and pull out of the deal, thus leaving you with a property that could have been used and abused a lot in your absence and as you are still the majority share holder you are still responsible for everything that goes on inside that property.