Instead of the government taking radical steps to solve the root of a problem it is happy to resort only to half measures to fix some of the old problems.
I am referring to the bill tabled by the government to protect trapped real estate buyers.
We as an association fully support the content of such a bill, to protect those who have or are willing to fulfill their obligations towards developers but cannot obtain a title. The problem arises because banks or the tax department are blocking the transfer of titles to the buyers when the developer has overdue liabilities.
A simple fact is causing 99% of the problems and is making the relations between developers, buyers, banks and municipal authorities problematic. The fact is that title deeds are not issued on time. A lot of things take place between the day a sales contract is signed and the day titles are issued. The longer the time that lapses, the bigger the problems. Let us not forget the numerous cases of foreigners, especially British expats, who wanted to sell their properties after 2008 but could not do so as they had no title deeds.
In order to solve this problem the day the developer delivers the keys into the hands of the buyer must be the same day the title is issued and transferred in the name of the buyer.
This is the best policy and is followed internationally, in