Shared Deeds ...clarification please

Dreamydiver



Joined: 30/08/2010
Posts: 306

Message Posted:
23/01/2011 03:06

You apply for PTP and wait.

PTP is approved and you receive shared deeds (some villas not yet sold so builder not willing to parecelis plot)



BUT.....can the builder take out a memorandum on ALL properties on plot regardless of:-



1. PTP applied for OR

2. PTP received but wating for shared deeds OR

3. PTP AND Shared Deeds Kocan received.



on just those at stages 1 and 2 above?



thanks

AnthonySmith


Joined: 14/05/2009
Posts: 455

Message Posted:
23/01/2011 08:36

Technically, no. The law says they can't.

But that doesn't mean....

Dreamydiver



Joined: 30/08/2010
Posts: 306

Message Posted:
23/01/2011 18:04

sorry to be dim Anthonytsmith (and if anyone else is reading), are you referring to points 2 and 3 I made or all three points?

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
23/01/2011 18:15

Dreamydiver,



a little bit late in the day to be asking these questions?



Until you have the deeds legally transferred into your name the builder legally owns the property. This is regardless of any of the above reasons causing delay.



You are at risk of memorandums until your deeds are transferred. To add to the above, memorandums take precedence over contract registration so you have zilch protection if your builder runs into financial difficulties and fails to pay his debts. His debtors will seize his assets, one of which will be your house. For examples of this just read the Boyut, K5 or many other examples of homes being auctioned or the buyer having to pay of the memorandums.



Lets hope the above doesn't take three years to complete.............its a long time to wait with uncertainty and risk.



Were you not warned of this?

Dreamydiver



Joined: 30/08/2010
Posts: 306

Message Posted:
23/01/2011 21:21

Bradus,



the information I asked wasn't for me...., surely collecting information can't be a wrong thing to do..though your tone implies so. Perhaps I'm being a little too sensitive or unrealistic to expect this forum is the right place to ask for information .



Oh,,, and sorry if previous 'warnings' didn't make sense to someone as obviously as dim as I am .... tell you what, should I ever post again, please save yourself the 'angst' and dont post a response.



So, back to the questions I originally asked ...answers not condemations please.

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
23/01/2011 21:47

You cannot be caught out by a memorandums once you receive the Kocan wheather it be shared or not, but until then you are at risk no matter what precautions you take.

TRNCvictim


Joined: 17/08/2010
Posts: 1417

Message Posted:
23/01/2011 21:53

Dreamydiver



Bradus was not condemning you! just trying to explain it as it is! and yes collecting information is very important!



You are at risk until you have your Kocan!



NO KOCAN NO MONEY! Sadly many before you were very dim!

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
23/01/2011 22:00

Sorry if my answer offended you. I was trying my best to put it as succinct as possible because you have asked the same question on other threads regarding memorandums.



I get the impression that you are seeking assurances that I'm afraid just aren't there. I wish you the best and hope your sale proceeds safely.

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
23/01/2011 22:02

Dreamy diver...msg 5



I seem to remember a while ago you asked similar questions about the buying process and received loads of information from several posters about the dangers of buying in the TRNC......the summation being NO DEEDS, NO MONEY.

Until the time at which you receive the title deeds in YOUR name,you do not OWN the property and it is at risk of memoranda.



This forum IS a great place to ask advice about the buying process....the problem is that too many people don't want to hear the advice that is given and choose to dismiss or ignore it because they've already set their heart on "the dream".



The TRNC is a great place to holiday and live, but DON'T BUY a property there....the "Law" is stacked heavily against you.

Perry


Joined: 27/01/2007
Posts: 413

Message Posted:
23/01/2011 22:26

In stages 1 and 2 you are absolutely at risk. Once you have your shared deeds transfered I believe you are safe.

Dreamydiver



Joined: 30/08/2010
Posts: 306

Message Posted:
23/01/2011 23:00

Yes, I have asked similiar questions before but obviously didn't fully understand the responses as replies often go off thread;



Bradus, I am NOT asking questions in order to get the response I want (and in this case, the question and answers, though of interest to me, were for someone else) just asking Q until I understand.



Perry, thank you for you short but to the point answer!



Cronos / TRNC Victim ... I have heard your 'No Kocan no advice before ....and fully take on board what you say. However, I had a specific question I wanted clarified.

honestie


Joined: 22/02/2009
Posts: 468

Message Posted:
24/01/2011 13:01

shared title transfered to the purchaser by kocan holder is protected, parcelisation is the icing on the cake so to speak .Just getting the slice of the cake is the main thing. whilst the share is still in kocan holders name you are not protected until you win a court case and get a judgement and then place a memorandum on all the assets in the kocan holders name then you have some protection as long as there is not a list of memorandums before yours as if the worse happens and the property is auctioned because of debt owed the first at the top of the queue get paid first.



hope that explains it ok

CJtill


Joined: 02/05/2008
Posts: 836

Message Posted:
24/01/2011 13:20

So in a nutshell, if you are in possession of a property on a complex (lots of properties where a Management company are employed by the would be owners) and you have been waiting 4 to 5 years for the developer to carry our parcellisation, you would be better off trying to get shared title than to wait\wait\wait for the possibility that the developer might, out of the goodness of his heart, start the parcellisation process.

I think that sums it up.

Any views to the contrary would be appreciated.

Michael

bazilbrush


Joined: 29/03/2008
Posts: 404

Message Posted:
24/01/2011 13:52

Apartments are all on a shared deed, you only own 1/6th of the block if there are 6 apartments etc etc. The communal pool and gardens are never owned by you, so whats the difference on a site that has say 6 villas and a communal pool.

Sometimes in life we can be over cautious, as the majority of people here in the trnc I believe have bought property and are happy with it. Lets face it many have made a lot of money here over the years by taking a gamble when the times were a little better lets say. It will come good here eventually and those that are selling up cheap I believe will kick themselves for not hanging on in there.

Only my opinion so it doesn't count for much so please be kind to me with the replies.

Woodspeckie


Joined: 25/01/2009
Posts: 2263

Message Posted:
24/01/2011 19:23

bazil. would be interesting to know 1) how many in the majority are happy. 2) How many have made a lot of money 3) how many think it will come good and are hanging on in there.