important question on the law

rwilson


Joined: 14/04/2008
Posts: 87

Message Posted:
12/09/2010 14:14

I'd ask that only those with an actual knowledge/experience give an opinion.



Does the recent law introduced by the new Government provide the protection needed to property buyers by contract?



Does a registered contract now provide complete protection against the property being mortgaged or having memorandums applied without your consent.



I think this is a vital question.

jambo


Joined: 22/09/2008
Posts: 62

Message Posted:
12/09/2010 14:24

Hi, what new law? When was this published? How does it differ from previous law that itimated you would be safe if you registered your contract, but the probs still occured.



Thank you.

Washerman


Joined: 19/09/2008
Posts: 2301

Message Posted:
12/09/2010 14:25

Not without specific performance

clifhanger


Joined: 06/09/2010
Posts: 128

Message Posted:
12/09/2010 14:27

Does the recent law introduced by the new Government provide the protection needed to property buyers by contract?



NO



Does a registered contract now provide complete protection against the property being mortgaged or having memorandums applied without your consent.



NO

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
12/09/2010 14:40

rwilson,



NO!



memoranda, .... PTP on Pre 74 Turkish land..... Garnashee orders,...specific performance.....No PI Insurance for Advocates.



CAVEAT (For Gods sake listen) EMPTOR.



Now if the Courts granted BENEFICIAL OWNERSHIP for owners that have FULLY met their contractrual obligations.



Watch this spot



Wynyardman

honestie


Joined: 22/02/2009
Posts: 468

Message Posted:
12/09/2010 15:20

contracts registered have stopped the mortgages but it did not cater for memorandums which are court judgements won against the person who is holder of the kocan then the memorandum can be placed on the kocan holders assets which means your kocan you are waiting for! and without you knowledge and in a lot of cases without solicitors knowledge



As to registration of contracts taking priority to memorandums has yet to be tested in the courts and as to actual knowledge and experience the answer is yes I have.

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
12/09/2010 16:04

New laws which are allegedly introduced to put a stop to a legal mischief result in the ensnarement of more innocents who may have been reassured, if the Courts interpret them perversely. The only recommendation I can make is that if you consider taking on any legal commitment which has any history of leading to litigation take the cynical view that all Courts can deliver judgments but few times justice. Even a favourable judgment seldom brings successful enforcement.

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
12/09/2010 17:04

tee hee - haven't laughed so much since gary monger pulled a lady boy and thought she was the genuine article....

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
12/09/2010 18:35

rwilson,

Sorry but the new law will not provide protection for buyers. Indeed it will fail miserbly and will not give buyers the much needed confidence to invest.

The problem could have been so easily addressed. The main problems identified are: 1. Developers not giving buyers their title deeds despite having been paid in full. 2. PTP refusal especially on Pre 74 Turkish Title

3. Memorandums placed on properties.

Hence the new law should have made it a legal obligation to transfer deeds on completion. PTP process should have been speeded so that buyers did not enter a legal contract until PTP had been obtained. Finally once a contract is agreed it should be unlawful for the developer or his crediters to take out mortgages or memorandums.



This has not happened and until this is addressed buying in the TRNC will always be a risky procedure.

Basically if the builder wants to scam you........HE CAN.

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
13/09/2010 12:05

rwilson: If you want to lose your money, you've come to the right place!

Marisa


Joined: 23/04/2009
Posts: 545

Message Posted:
13/09/2010 17:39

We have not lost our money , have you Tenakoutou?

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
13/09/2010 18:18

Marisa: Lucky you!



We certainly have, due to the flawed legal system. I have posted the 'whys and wherefores' many times previously.



Add to that the refusal of PTP for our [genuine] pre '74 Turkish Title property and then you can maybe appreciate how we feel.



I trust the above satisfies your curiosity.