80,000 property owners to get title deeds
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.