Cyprus property buyers may have legal answer to title deeds issue

April 15, 2009 by OPPE News

Cyprus credit NASA Investors concerned about the notorious Cyprus property title deeds issue could find some comfort in advice delivered at a recent action seminar.

The island has attracted thousands of overseas homes buyers over the last five years, although the market has slumped in recent months.

This has led to developers slashing the prices of many new and off plan homes, but buyer confidence has taken a knock after some owners found developers were hanging on to title deeds for their property.

Last month the Cyprus Property Action Group held a seminar in Paphos on the issue, where legal experts gave tips to buyers.

Cyprus Property Magazine reports there could be an “avenue of hope” thanks to a potential legal remedy.

According to the site, Tasos Coucounis of law firm Andreas Coucounis & Co, said those denied deeds could file an action in court.

Cyprus Property Magazine said Mr Coucounis advised if vendors still failed to issue a deed after a successful action, buyers can “ask for Specific Performance of his sale contract from the court, in which case a Court Order for Specific Performance can be issued fast and presented at the Land Registry for transfer of the Title Deed without the vendor’s signature or participation”.

The Cyprus Property Action Group is a collection of British nationals who have bought homes on the island and are campaigning for better protection for foreign property owners.

[Photo courtesy of NASA]