Government of Cyprus is trying to advance a resolution to the title deeds issue. Many people found themselves unable to obtain titles to their property since their properties are located on the land that was earlier mortgaged by the developer to the bank
The government tries to advance a bill to resolve the issue in regards to the title deeds. Interior Minister Constantinos Petrides stated that the legal part of the issue is particularly complicated and requires a careful inquiry. Earlier efforts have been made to settle the matter. In 2015, for example, the parliament passed a government bill that allowed the head of the land registry to exempt, eliminate, transfer and cancel mortgages and or other encumbrances in certain instances.
People who bought property found themselves unable to get title deeds due to the negligent actions of developers. In most instances, the developers mortgaged the land to the bank or had an outstanding amount of unpaid taxes on the land. Since the bank has a legal right to the land, it claimed its right to the property that had been purchased by people.
After endless legal proceedings, the land registry deferred the trials. The attorney-general advised the Land Registry to proceed with the law while the appeals were being filed at the Supreme Court. The Supreme Court is the court of last resort and its decision is final.
Nevertheless, the banks won some of the cases by arguing that the buyer’s claim on the land is a breach of contract between the bank and the developer. However, in September, the Larnaca district court endorsed the 2015 law, permitting confined property buyers to acquire their title deeds notwithstanding the developers’ dealings with the banks.
Regrettably, the issue had not been resolved and the ministry prepared to refer the bill to the Legal Service last October. The consensus is challenging to reach due to different decisions that different district courts decided to uphold. The issue is complex and in need of a greater attention as it was previously stated. Petrides indicated that the bill would proceed firstly to the state lawyers and the cabinet, and after, it would be submitted to the parliament for voting. Petrides assured that the title deeds issue was a priority for the Interior Ministry and all the efforts were being made to resolve the issue as soon as possible.