In the Cyprus property market the lack of title deeds has been in issue for many years without being settled. Now there is hope for action to be taken, as George Coucounis describes

There is very little demand for acquiring immobile property in Cyprus at the moment and no one can foresee how much the circular worldly recession will impact Cyprus property market

. The indications are minus and, as a result, the prices of all categories of properties are being dropped down

Everyone understands that there are no expected purchasers and that most of the alien purchasers who endowed in properties in Cyprus now care to trade. The question now is who will be concerned in purchasing these properties, especially with no abstracted title deeds

The lack of title deeds has been in issue for many years without being settled. More and more people bespeak this problem and that a solution must be happened, expecting the Government, the applicable authorities and the vendors to act. Up to now, they have all been at ease, the developers making profit and the Government and the authorities rolling up taxes and charges. Now that times are arduous, there is hope for action to be taken so that the incumbent procedure will get down for this problem to be resolved

The issue of title deeds within a little period of time, with uncomplicated procedures will benefit all, the Government, the developers, the purchasers, the creditors and will better the property market

Committees could be created in every town, municipality and district, under the supervision of the Ministry of Interior, with the participation of the District Officer, the Town Planning and Housing Department and the Cyprus land registry , to record and class within 3 months all the properties for which an abstracted title deed has not been published. At the same time, people could be inquired to assist them in their effort, by giving particulars of the properties and of the problems which forestall the issue of separate title deeds. Anyone could give particulars, the vendors, the purchasers, the contractors, co-owners, even if the agreements are composed or buccal, disgruntled at the Land Registry or not, including the cases where separate title deeds be but the vendors reject to transfer the properties

There could also be a fresh legislation letting building amnesty and relaxation so that through uncomplicated and fast procedures the applicable permits, certificates and title deeds to be published without any further delay. Where it is incumbent, the Director of the Land Registry to be given arbitrary power to settle any dispute raised

The Committees, after examining and evaluating the situation, to be entitled to make recommendations, call the obliged vendors and every other person who unreasonably withholds or prevents the issue of title deeds to take up the relevant procedure within 3 months for the relevant permits, certificates and the title deeds to be issued. In the event they reject or neglect to do so, court-ordered steps should be taken against them, for the enforcement of the applicable law, which should render punishment for every day that goes by without them taking action, even to render for their imprisonment

The following unacceptable situations must be eliminated, such as vendors to refuse to complete a building complex, not caring to construct the roads, the pavements and communal areas, not to repay their mortgages or to become bankrupt and thereafter to re-start business, to construct part of the building and leave its completion for later, or to try to keep for themselves the communal areas or to sell part of the roof as garden, or even the co-owner to refuse to sign the relevant documents with his co-owner or for his purchaser

On the other hand, the appropriate authorities should be obliged to examine every application as quickly as possible and to issue any relevant permit or certificate within 3 months. Every application before the apropos authorities and the Land Registry to be signed and submitted by any interested person without the need for the registered owner of the land to sign it. The certificate for the completion of the works should not be incumbent to be subscribed by the overseeing architect or civilian engineer for little developments, much as houses. Moreover, the procedure before the Land Registry for the issue of the abstracted title deeds should not take longer than 3 months so that within a year, everybody acquires their personal title deed

Provided the above is done and the Specific Performance Law is amended to meet the new requirements, the Cyprus real estate market will benefit

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