roc deeds law new one just like the old one USELESS

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
19/01/2011 11:35

he law stipulates that when a person buys a flat in a block for which there is a mortgage, he would be able to pay the lender, the value of the flat (which would be a percentage of the developer’s/seller’s total loan) and the buyer would be deemed to have priority over any mortgage, in the event that the bank takes ownership of the block. But what happens if the sale price is lower than the value placed by the bank on the specific property? Would the buyer have to pay a surcharge to the bank in order to obtain a title deed? Then there is the certificate of final approval for the building, that is issued by Town Planning, and without which no title deeds could be issued.

This is just an example of the problems that would be created if the proposed law is finally approved.

& will it be adopted in the north

http://www.cyprus-mail.com/title-deeds/our-view-trying-please-all-sides-title-deeds-recipe-disaster/20110119

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
19/01/2011 12:25

Cypriot law is made for the benefit of CYPRIOTS ONLY - North or South. It's long past time that the EU stepped in and insisted that equality of HUMAN RIGHTS is strictly adhered to, otherwise ALL EU funding will be suspended until it is.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
19/01/2011 21:13

Too true Tenakoutou. Yet again Cypriot laws that protect developers but leave foreign buyers at risk. More holes than a sieve as usual.



Whats to bet the same version hits North Cyprus soon and we see them promoted as the solution to all the TRNC's property problems? Just like the Estate Agents Law.