Title Deeds still with developer

tworowans


Joined: 14/11/2011
Posts: 3

Message Posted:
19/11/2011 12:55

I'm looking to buy a re-sale property and have had confirmation that despite being several years post Practical Completion the developer is still in possession of the Title Deeds



Presumably because the off-plan purchaser/seller had no intention of occupying and saw no need or did not recognise the need to mitigate the Title transfer risk of a future buyer when seeking an exit



I recognise that in less troubled times foreign TRNC property purchasers were often very laid back about Title risks - but would welcome up to date comment/opinion

mugged


Joined: 27/03/2009
Posts: 83

Message Posted:
19/11/2011 13:26

We have taken the title deeds in our lawyers trust fund awaiting out PTP , this leaves us free to sell ,

the buyer would know the title is safe and transfer once they have their PTP .

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
19/11/2011 13:39

Don't even consider it. People often dismiss the necessity of deeds but without them the developer still legally owns the property. If he runs into debt and many builders are finding themselves in this position because of the down turn in the construction industry, he will use your villa to pay off his debtors. Deeds are not held onto because:



"Presumably because the off-plan purchaser/seller had no intention of occupying and saw no need or did not recognise the need to mitigate the Title transfer risk of a future buyer when seeking an exit"



There are 1400 memorandums on the properties of foreign purchasers in the TRNC. Google the word memorandum in the search box at the top of the page to find out how this effects buyers and the real reason why developers hold onto the deeds.



Do you want to put yourself at risk or pay in full for a property you don't and won't ever own?

walkerscott


Joined: 13/08/2009
Posts: 901

Message Posted:
19/11/2011 14:42

http://no-deeds-no-money.moonfruit.com

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
19/11/2011 16:53

tworowans

Well done on doing your research and finding this forum. Take note of what Bradus and walkerscott are warning you about. Research more on the forum and other websites of those who have been left distressed, desperate and even homeless as a result of buying property in the TRNC.

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
19/11/2011 20:23

Message 1 Tworowans, forget all the maybe this and maybe that, lawyers trusts etc, take Bradus's and walkerscotts advice on board. Its simple, you do not own the property until you have the deeds in your name, whoever has title owns it,as far as the TRNC is concerned and setting aside international legality.



Dont touch a property with no ptp and title deed in the owners name and do not pay any more than 50% until they are transferred in your name.



You are quite right about past property purchasers were laid back in the past,and the building industry sharks sure took advantage of that.