80,000 prop­erty own­ers to get ti­tle deeds

Financial Mirror (Cyprus) - - FRONT PAGE -

More than 80,000 prop­erty own­ers will soon se­cure their ti­tle deeds af­ter par­lia­ment is ex­pected to ap­prove on Thurs­day the bill re­gard­ing trapped prop­erty own­ers by in­sol­vent land de­vel­op­ers.

The dis­cus­sion of the bill was com­pleted on Tues­day and the bill will be brought be­fore the ple­nary where it is ex­pected to be passed unan­i­mously, ac­cord­ing to por­tal Stock­watch.

Dur­ing the com­mit­tee meet­ing the gov­ern­ment sub­mit­ted a re­vised ver­sion of the bill which in­cludes the ma­jor­ity of sug­ges­tions by po­lit­i­cal par­ties.

AKEL is ex­pected to sub­mit a pro­posal for a two year sus­pen­sion of the law on prop­erty fore­clo­sures in cases where buy­ers re­paid 80% of their debt to the devel­oper and are un­able to re­pay the re­main­ing 20% due to the eco­nomic cri­sis.

On the other hand, the Demo­cratic Party (DIKO) will sub­mit an amend­ment which pro­vides that the re­pay­ment of trans­fer ex­penses be made in 12 equal, in­ter­est-free in­stal­ments and if an in­stal­ment is not paid, the buyer will owe the re­main­ing amount.

Ac­cord­ing to data sub­mit­ted in the joint ses­sion of the House Fi­nance and In­te­rior com­mit­tees, the di­rec­tor of the Land Reg­istry An­dreas Socra­tous said that of the 48,000 prop­er­ties with­out a ti­tle deed, 4% of the cases, or 2,000 prop­er­ties re­late to de­vel­op­ments that have been ap­proved but not com­pleted, or de­vel­op­ments that are in­com­plete and will not be able to se­cure a ti­tle.

Another 14,000 prop­er­ties re­fer to cases where land de­vel­op­ers ini­ti­ated the pro­ce­dure for is­su­ing ti­tle deeds vol­un­tar­ily. For 12,000 cases, a pro­ce­dure for is­su­ing a ti­tle deed has started by the di­rec­tor of the Land Reg­istry in­clud­ing 8,000 cases for which plans are pre­pared.

For some of the 20,000 re­main­ing cases, de­vel­op­ers will ini­ti­ate the pro­ce­dure for is­su­ing ti­tle deeds, while for another num­ber of prop­erty units the di­rec­tor of the Land Reg­istry will ini­ti­ate a pro­ce­dure for is­su­ing ti­tles.

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