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Why would you buy a property without title deeds ?

Posted by taurian165 - Created: 9 years ago
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3 replies (Showing replies: 1 to 3)

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Posted by Nigel Howarth - 9 years ago

You also need to be aware that the banks in Cyprus have been restructuring unpaid loans to avoid them having to be classified as ‘non-performing’ as required under the Basel II Accord.

In an attempt to prevent this “fictitious restructuring” that might affect the level of Non-Performing Loans that the banks include in their accounts, the Central Bank of Cyprus issued a circular asking the banks to register new loans granted for the restructuring of existing ones some weeks ago.

According to the latest figures, domestic banks have injected new loans amounting to €4 billion in the construction and real estate sector over the last 12 months.

It appears that this “fictitious restructuring” has been applied to loans in the construction and real estate sector, where the sharp shrinkage together with large investments over the past three years has left hundreds of businesses exposed.

The banks have asked the Interior Minister if they could make the liquidation process easier - fortunately he turned them down.

You need to be very cautious when buying property here and it's essential that you take independent legal advice (The British High Commission publishes a list of English-speaking lawyers on its website - email me if you want a copy).

And you must instruct your lawyer properly insisting that they carry out a search at the Land Registry and also into the financial standing of the property developer.

Regards,

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Posted by achilleas - 9 years ago

Whatever you do, wherever in the world, it is always buyer beware.In this case, you can hire an independent lawyer who will make a check against the developer and the property and the land.This will let you know of the land is mortgaged, etc.
Everyone should do this when buying property or land for piece of mind at least.

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Posted by johnners-660966 - 9 years ago

Hi Taurian,

In answer to your post title: 'Why would you buy a property without title deeds?'

Answer: Only if I had money to lose and didn't take, or ignored, independent legal advice.

Question 2: What happens if the bank owe the owner/developer money?

Answer: You're stuffed!

Question 3: what happens if the same property was sold to another as well?

Answer: See answer to question 2

Question 4: what happens if you want to sell it?

Answer: More than likely... see answer to question 2

Question 5: what happens if I die ?!

Answer: More than likely your family are stuffed.

You're risking too much unless you don't mind, or your family don't mind if you're pushing up the daisys, losing oodles of €uros and having to spend even more money on legal battles to sort the mess out.

Personally I wouldn't go anywhere near a deal to buy a property without title deeds.

I'm sure others will have views on this too.

Johnners