CYPRUS TITLE DEEDS – PROBLEMS AND SOLUTIONS
Following on from the first interview on the Title Deeds issue (click here for a report on this), in this highly informative 25 minute second interview, Giovanni Kouzali offers existing and future buyers really positive and practical advice.
If you have not yet purchased a property, we strongly advise that you watch this DVD in order to avoid the pitfalls which have occurred for some past purchasers of Cyprus property. However, for those who have bought and have already experienced problems, he also shows that all is not lost. Change is afoot and everybody who is involved in the cycle – from agents to banks – has a role to play in bringing about change.
So who are the key players in the process of buying and selling property in Cyprus? In this interview, Giovannis lists all of them. Buyers, agents, developers, banks, land registry offices, government departments, mayors offices and solicitors. All of these parties, according to Giovannis, must bear a larger or smaller degree of responsibility for the current situation, all must take action to change the situation for the future and all especially must show their own “due diligence”. “First of all the Title Deed situation is everybody’s responsibility. If anybody says it is not their responsibility, that is definitely the person to blame … But we will not kill this market, we will make this market much better and more efficient. That is our priority and our task!” (Giovanni Kouzali)
What can a buyer do to avoid problems in the future? Coming primarily from the UK and other western European countries, where the legal, banking and government authorities are more highly regulated, many new buyers will perhaps be surprised to hear on this DVD a top Cyprus lawyer informing them that they themselves must take responsibility and show this due diligence in making sure that they way they buy is as free from pitfalls as possible. This is some of the advice he gives to new buyers: Giovannis expands on one of the main ways in which property developers must take their share of the blame for why this title deeds problem has developed in Cyprus. All too frequently on a large development, when the developer receives payment for the first houses completed, instead of taking this money to the bank and asking the bank to issue a “waiver” for that part of the mortgage (effectively cancelling out that part of the debt), he has used that money instead to buy other land to start new developments. This means that neither the developer nor the owner can in turn apply for the Title Deed on that property.
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