Author­i­ties

Financial Mirror (Cyprus) - - FRONT PAGE -

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

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