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Whether To Buy Very Cheap Cyprus Property Without Land Deeds.


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#1 pmcx9

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Posted 25 August 2011 - 06:38 PM

I have worked with a young guy for 4 years. His father has owned a holiday villa in Paphos for the last 8 years and has run into some financial difficulty here and wants to sell his villa. I have been aware of this for the last 3 or 4 months. He had found a buyer at what I thought seemed a very low price and everything was going through. It has just collapsed because it has become clear there is a problem with the deeds to the land the villa is built on.

He is getting desperate to sell, so desperate he is prepared to take a huge discount of the price I thought was cheap.

This is very early stages and so I don't know all the facts but would consider purchasing it myself if I thought the problem of the title deeds could be sorted out. This is not a land issue regarding Turkish Northern Cyprus however I am aware that Cyprus has become known for having problems with developers retaining land titles and the registry office being incredibly slow. Is this just a formality which can be sorted out with competent legal assistance or is this just one of those things too good to be true?

I will know a few more facts in a couple of days.

#2 BlinkTooFast

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Posted 25 August 2011 - 06:55 PM

I have a nice 4 bed detached house in Hampshire with views over the New Forest that I can sell you for 55,000 even though it's worth over 600,000. It will be a lot less trouble for you than buying a house in Cyprus, but unfortunately I cannot give you the deeds, as one of the ponies ate them. PM me if you are interested and we can arrange a bank transfer.

#3 dervis

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Posted 25 August 2011 - 07:01 PM

I have worked with a young guy for 4 years. His father has owned a holiday villa in Paphos for the last 8 years and has run into some financial difficulty here and wants to sell his villa. I have been aware of this for the last 3 or 4 months. He had found a buyer at what I thought seemed a very low price and everything was going through. It has just collapsed because it has become clear there is a problem with the deeds to the land the villa is built on.

He is getting desperate to sell, so desperate he is prepared to take a huge discount of the price I thought was cheap.

This is very early stages and so I don't know all the facts but would consider purchasing it myself if I thought the problem of the title deeds could be sorted out. This is not a land issue regarding Turkish Northern Cyprus however I am aware that Cyprus has become known for having problems with developers retaining land titles and the registry office being incredibly slow. Is this just a formality which can be sorted out with competent legal assistance or is this just one of those things too good to be true?

I will know a few more facts in a couple of days.


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#4 newbonic

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Posted 25 August 2011 - 08:25 PM

I have worked with a young guy for 4 years. His father has owned a holiday villa in Paphos for the last 8 years and has run into some financial difficulty here and wants to sell his villa. I have been aware of this for the last 3 or 4 months. He had found a buyer at what I thought seemed a very low price and everything was going through. It has just collapsed because it has become clear there is a problem with the deeds to the land the villa is built on.

He is getting desperate to sell, so desperate he is prepared to take a huge discount of the price I thought was cheap.
...


We were in Paphos in April this year, there seemed to be tons of holiday flats/villas for sale at 10-20% discounts. I got the impression that the market was tanking there and tourist numbers were falling year on year. I could be wrong, but that's my impression.
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#5 Kinky John

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Posted 25 August 2011 - 08:53 PM

I have worked with a young guy for 4 years. His father has owned a holiday villa in Paphos for the last 8 years and has run into some financial difficulty here and wants to sell his villa. I have been aware of this for the last 3 or 4 months. He had found a buyer at what I thought seemed a very low price and everything was going through. It has just collapsed because it has become clear there is a problem with the deeds to the land the villa is built on.

He is getting desperate to sell, so desperate he is prepared to take a huge discount of the price I thought was cheap.

This is very early stages and so I don't know all the facts but would consider purchasing it myself if I thought the problem of the title deeds could be sorted out. This is not a land issue regarding Turkish Northern Cyprus however I am aware that Cyprus has become known for having problems with developers retaining land titles and the registry office being incredibly slow. Is this just a formality which can be sorted out with competent legal assistance or is this just one of those things too good to be true?

I will know a few more facts in a couple of days.


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#6 24gray24

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Posted 25 August 2011 - 09:19 PM

Only a Greek lawyer who speaks fluent English can tell you that.

People who are used to winning are going to scam a greater fool rather than take losses.

The story doesn't make sense, as someone needing money will want to get the full value of any assets being sold. You are only being hooked by the promise of buying the prooperty below it's true value,but that only happens in real life in 3 situations. One, an elderly relative giving an inheritance. Two, a lover giving a gift. Which leaves us with 3, an attempt to defraud the creditors in a bankruptcy situation, which is a scam as you end up with no money and no house.
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#7 Tankus

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Posted 25 August 2011 - 11:11 PM

no deeds ? ..bet it is a turkish issue

#8 Number79

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Posted 27 August 2011 - 10:32 AM

cant remember why but there is an issue with cypriot property.

there is a real issue with deeds now that has made a lot of holiday places and investments pretty much worthless.

take the time to find out what the problem is and why so many estate agents are closing.

short version - bargepole.

#9 Mrs Bear

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Posted 02 September 2011 - 03:38 PM

I have worked with a young guy for 4 years. His father has owned a holiday villa in Paphos for the last 8 years and has run into some financial difficulty here and wants to sell his villa. I have been aware of this for the last 3 or 4 months. He had found a buyer at what I thought seemed a very low price and everything was going through. It has just collapsed because it has become clear there is a problem with the deeds to the land the villa is built on.

He is getting desperate to sell, so desperate he is prepared to take a huge discount of the price I thought was cheap.

This is very early stages and so I don't know all the facts but would consider purchasing it myself if I thought the problem of the title deeds could be sorted out. This is not a land issue regarding Turkish Northern Cyprus however I am aware that Cyprus has become known for having problems with developers retaining land titles and the registry office being incredibly slow. Is this just a formality which can be sorted out with competent legal assistance or is this just one of those things too good to be true?

I will know a few more facts in a couple of days.


Would you be happy to lose the money you're thinking of paying?
If not, personally I'd run a mile.

I knew someone, admittedly quite a while ago, who lost his entire life savings on a Cyprus property because the bloke he bought from didn't have the legal right to sell it. Which the seller knew perfectly well, while pretending to be all best mates with the poor mug while it was all going through.

#10 Tuberider

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Posted 06 September 2011 - 02:05 PM

I have worked with a young guy for 4 years. His father has owned a holiday villa in Paphos for the last 8 years and has run into some financial difficulty here and wants to sell his villa. I have been aware of this for the last 3 or 4 months. He had found a buyer at what I thought seemed a very low price and everything was going through. It has just collapsed because it has become clear there is a problem with the deeds to the land the villa is built on.

He is getting desperate to sell, so desperate he is prepared to take a huge discount of the price I thought was cheap.

This is very early stages and so I don't know all the facts but would consider purchasing it myself if I thought the problem of the title deeds could be sorted out. This is not a land issue regarding Turkish Northern Cyprus however I am aware that Cyprus has become known for having problems with developers retaining land titles and the registry office being incredibly slow. Is this just a formality which can be sorted out with competent legal assistance or is this just one of those things too good to be true?

I will know a few more facts in a couple of days.


If the development has a certificate of completion and is waiting for title deeds to be issued by the land registry (ktimatologion) then you might be fine. this is common practice out here.

However what usually happens is that the developer re-mortgages the land that the development sits on and therefore buyers cannot split the plot into individual properties to get their title deeds.

how much he is asking for this villa, location, age, etc ?
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#11 pmcx9

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Posted 06 September 2011 - 02:19 PM

It was a very simple problem with the land registry office simply being inefficient which has now been sorted.

The original purchaser is now proceding at agreed price so I have bowed out.

#12 Peter Hun

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Posted 09 September 2011 - 11:53 AM

no deeds ? ..bet it is a turkish issue


If it is, remember that the EU has ruled that full compensation for the total asset value has to be paid to the Northern title holder, charged against any EU assets you may own, such a house in the UK..

So if you buy a house worth 100k for 20k, you will own the N. Cyprus owner 100K.




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