Agreement Reached For Trapped Home Buyers Without Title Deeds
Banks and the legislature seem to have initiated a gentlemen’s agreement which will solve the issue of home buyers without title deeds.
In return for the approval of bills which would make it easier for banks to collect their dues, the bank association agreed not to issue any objections over the matter of buyers trapped without title deeds. This is as long as the transaction was carried out in good faith.
A government bill was passed back in 2015 in an attempt to sort out the alleged trapped property buyers mess. The bill granted the head of the land registry the authority to exempt, eliminate, cancel and transfer mortgages and or other burdens, depending on the situation and under certain conditions.
The law aimed to resolve the problems created by the failure to issue title deeds to people who had paid for their property, either because the property was mortgaged by the developer or the island could not proceed with the transfer because of outstanding taxes.