Cyprus Need to Resolve the Issue Surrounding Title Deeds
The legal complexity and complications of the problem concerning title deeds is the reason why there has not yet been a successful solution.
The power conferred to the Director of Land and Surveys Department, to exempt, eliminate, transfer and cancel mortgages where certain conditions were met, upon the application of the buyer, was ruled as unconstitutional. This was done in support of the Bank’s argument that such actions disregarded the obligations that the developer owed to the bank and that title deeds cannot be issued unless the property receives a final approval from the relevant authorities.
A new bill aimed at regulating this area has been prepared by the current government and, upon completion of the scrutiny by the legal service, will be submitted to Parliament for approval.